Investments

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…

We are short shares of D-Wave, a $2 billion quantum annealing company whose stock has surged more than 600% since investors began chasing anything remotely associated with next-gen computing last year. While the broader market looks…

We are short shares of IonQ, a $5 billion quantum computing company whose stock has tripled in recent months as retail investors, chasing the “next AI” trade, piled into an industry that has long been plagued by overpromises and…

We are long shares of ACM Research (NASDAQ: ACMR), an emerging, high-growth semiconductor wafer fabrication equipment (WFE) company. ACMR, domiciled in the U.S. but with its main operations in Shanghai, is the leading Chinese supplier of wafer cleaning tools. The company….