Long-form write-ups on select portfolio holdings. These notes explain the business, the thesis, the risks, and what has to go right. Intended for accredited investors.
By opening any thesis below you certify that you meet the requirements of an accredited investor. Theses reflect the views of the portfolio manager at the time of writing, are updated as positions evolve, and are not a recommendation to buy or sell any security.
Sanara is a potential multi-bagger — a surgical and advanced wound-care company growing rapidly with a widening moat in chronic wound management. Our work here centers on the quality of management's capital allocation and governance.
Rapid Micro automates microbial contamination testing for pharma manufacturers — a slow, manual process where adoption compounds as customers install more instruments per site. Improving unit economics and a lengthening installed base underpin the thesis.
Despite solid results as a public company, Portillo's stock has been a disaster. We think the market is mispricing the unit-economics story — iconic brand, strong average unit volumes, and a long runway to expand beyond its Midwestern core.
While many pet-sector companies over-earned during Covid lockdowns, PetIQ benefits from a pet's continued existence long after the bubble pops. A value-oriented franchise in consumer pet health with room to grow as mass-channel distribution expands.
Our commentary archive contains dozens of earlier ad-hoc theses — including pieces on Snyder's-Lance, Silver Spring Networks, Envision Healthcare, Integrated Device Technology, Amazon, and Chipotle — and post-mortems on positions that were subsequently acquired. Browse the full archive →
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