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Latest episodes
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$TPB: can Turning Point Brands be the third player in nicotine pouches? | Saberpoint Capital
October 1, 2026 · 1 hr 19 minNicotine pouches might be the best new consumer category in decades: cheap to make, high margin, and sticky once someone gets hooked, the same traits that made Philip Morris a 16.5% a year compounder for close to a century. George Baxter…
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September 2026 Random Ramblings
September 25, 2026 · 31 minThe 10 year has gone from 4.2% at the start of the year to 4.6% in late August to 5.1% today, and the S&P is still basically touching all time highs. Interest rates are financial gravity, but I wonder if gravity works on a lag. Consumers…
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$FOUR: Shift4 at 6.5x EBITDA. Is the organic growth real? | Emeth Value Capital
September 22, 2026 · 1 hr 7 minShift4 trades around six and a half times EBITDA while the company tells you organic growth is 11%. The stock was $120 eighteen months ago and it is $42 today. Andrew Carreon of Emeth Value Capital argues you are paying for zero growth or…
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$NTDOY: is Nintendo's flywheel actually there? | Accrued Interest
September 18, 2026 · 1 hr 7 minNintendo's flywheel is not there. That is Simeon McMillan's call, and it is the one that has media longs emailing me. His case: Switch 2 is the best console launch in history and the attach rate still came in well below Switch 1, the Mario…
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Ian Cassel on Stock Picker, the book that blew me away | MicroCapClub
September 15, 2026 · 55 minIan Cassel has been picking microcaps for twenty years, and his argument in Stock Picker is that the edge everyone assumes has been arbitraged away is actually coming back. Not the spreadsheet edge. The one that comes from getting on a…
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UK stocks are dirt cheap. Why won't the boards act? $ZIG $CRW | Undervalued-Shares
September 11, 2026 · 57 minA quarter of the companies on the London Stock Exchange's main board have disappeared in four years. Private equity keeps paying 50 and 60 percent premiums and still walking away with a bargain, because the starting valuations are broken…
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Zack Buckley on $PRTH's take private
September 10, 2026 · 39 minIn November 2025 Priority Technology's (PRTH, disclosure: long) chairman and CEO offered to take the company private at $6.00 to $6.15 a share, two days after a bad print knocked the stock from seven to five. Zack Buckley wrote a public…
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$TBBB: Tiendas 3B is Mexico's Aldi. Is it too late to buy? | Fruit Tree Capital
September 7, 2026 · 49 minTiendas 3B has more than 3,700 stores in central Mexico, opens roughly 150 more every quarter, and earns its money back on a new store in about two years. It is the Aldi model, built by a founder who saw BIM work in Turkey, moved to a…