Investments

We are long Regal Rexnord, a $15 billion market capitalization leader in industrial power transmission and motion control solutions. Five years ago, Regal Beloit was largely a low-growth, HVAC-heavy, low-margin company prone to cyclicality. However, two major acquisitions have given Regal an extreme makeover. With the acquisitions of Rexnord’s Process & Motion Control business ($3.7B, 2021) and Altra Industrial Motion ($5.1B, 2023), Regal laid the foundation for a remarkable business transformation….

We are short shares of Everspin Technologies, a $900 million niche industrial memory chipmaker whose stock has soared 300% in a matter of weeks as speculative investors who seemingly can’t tell the difference between MRAM, DRAM, or a Dodge Ram pile into anything remotely associated with “memory” and AI. In reality….

We are long MTU Aero Engines (MTX GR), a €19 billion aerospace engine specialist trading as if a temporary disruption has permanently impaired a business that is already through the worst of it. For years, MTU and its French peer Safran traded in lockstep across every meaningful valuation metric, reflecting fundamentally similar business models and exposure to the same long-duration, compounding aftermarket economics. That relationship…

We are short shares of Affirm Holdings (AFRM), a $25 billion “Buy Now, Pay Later” lender built on the same subprime playbook that has undone monoline consumer finance companies for decades. Since 2022, Affirm’s GMV has grown at a 33% CAGR and its stock has risen nearly eightfold from the lows. But this is scale without quality and growth without durability. Expansion has been driven by aggressive credit extension to…

We are long Telecom and Data Systems (TDS), a $4.8 billion telecom holding company that spent most of the last decade stuck in a narrative so convoluted that investors largely stopped trying to unravel it. A shrinking regional wireless carrier consumed capital and oxygen, the wireless business inched toward a fiber future…

We are long Aixtron (Frankfurt:AIXA), a $1.8 billion market capitalization semiconductor capital equipment company. Despite its low profile, Aixtron may be one of the most strategically important companies in the industry. Aixtron is the dominant supplier of metal-organic chemical vapor deposition (MOCVD) equipment required to produce compound semiconductors, and its 70-90% market share across most of its product portfolio might even make ASML blush…

We are long shares of Buzzi SpA (Milan: BZU), an €8.9 billion market capitalization cement company headquartered in Italy. Buzzi is the best managed cement company in the world. Over the past 30 years, the company has grown EPS at a CAGR of 15%, transforming a….

We are short shares of BitMine Immersion (BMNR), an $18 billion Ethereum-focused digital-asset treasury (DAT) chasing a model that is on its way to extinction. The playbook is lifted straight from Strategy (MSTR) and copied by dozens of DAT wannabes: sell stock at a premium to…

We are short shares of CoreWeave, a so-called neocloud that has rallied 30% in just the past week and trades nearly 200% above its IPO price five months ago. It is the poster child of the AI infrastructure bubble. In three years…

We are short shares of Pure Storage (PSTG), a $27 billion market cap enterprise storage company. After riding the all-flash array adoption wave in the enterprise market, Pure finds itself with a plummeting growth rate, declining competitive differentiation, and a product portfolio poorly positioned to…

We are short shares of Aurora Innovation, an autonomous trucking company we expect will never become a viable commercial operation. Aurora projects a vision of an autonomous utopia in which….

We are long shares of Seagate Technology Holdings, a leading supplier of hard disk drives (HDDs). HDDs hold almost 90% of the data residing in large-scale data centers, and as a result over 80% of Seagate’s revenue is derived…