Category: Research

Loungers (LGRS) is an operator of café/ bar/ restaurants across England and Wales under two distinct but complementary brands, Lounge and Cosy Club. It is the only growing all-day operator of scale in the UK, with a strong reputation for value for money and sites that offer something for everyone regardless of age, demographic, or…

“My lesson from Soros is to start every meeting at my boutique by convincing everyone that we are a bunch of idiots who know nothing and are mistake-prone, but happen to be endowed with the rare privilege of knowing it.” ~ Nassim Taleb Good morning!In this week’s Dirty Dozen [CHART PACK] we go through the…

I know you want to buy RBLX shares. Everyone does. Your five-year-old nephew who got approved for Level 3 options trading with Robinhood wants some RBLX. Parents who pay thousands a year for RBLX in-app purchases want RBLX shares to hedge their child’s expensive gaming habit.Roblox enables user-generated content from a community of developers and…

“The object of skilled investment should be to defeat the dark forces of time and ignorance which envelop our future. The actual, private object of the most skilled investment today is ‘to beat the gun’, as the Americans so well express it, to outwit the crowd, to pass the bad, or depreciating half-crown to the…

The Gym Group (GYM) is the second-largest low-cost gym operator in the UK. It has 184 locations and ~578K members as of January 2021. The company was one of the hardest-hit by the COVID pandemic. Despite those headwinds, GYM is the best-positioned company to take advantage of the UK reopening.There are three reasons we love…

“In the United States problems of economic understanding have been compounded by the effect of economic prosperity. The Japanese in World War II spoke ruefully of shoribyo or ‘victory disease.’ The Greeks called it hubris, and thought that it always ended in the intervention of the goddess Nemesis. That lady makes her appearance when wave-riders…

Moonpig (MOON) is a leading online greeting card and gifting business, comprising the Moonpig brand in the UK and the Greetz brand in the Netherlands. In both markets, MOON is the online market leader in cards, holding a 60% market share in the UK among online card specialists in 2019 and a 65% market share…

“A trader’s job is to take losses. A losing trade doesn’t imply you did anything wrong. The hard part about trading is that you can do the right thing and still lose money. There is not a direct feedback loop that tells you, ‘good job.’ I only have control over the orders I place. I…

It was just one year ago today that we flattened our equity book and went 200% long bonds… Good times…Anywho… We’ve been seeing some chatter from the Perma bears (you know the type) who are saying things like “there are a number of parallels between now and then, except this time it’s going to be…

Manolete Partners (MANO) is UK’s leading third-party insolvency litigation finance (TPF) company. They command ~67% of the TPF market. MANO plays a crucial role in returning funds to creditors, particularly the HMRC. The company buys 80%+ of their claims, giving them full control of the outcome. The average case settles in 11.5 months, with MANO…