Performance Review The following is my active portfolio as of close on 5/8/2026: Here is my portfolio underperformance at market close on 5/8/2026: And alpha by active position at market close on 5/8/2026: Trades I made a couple changes to the portfolio since my last writing. I scaled down the Morningstar position to be 2% weight instead of 10% weight. I turned the Deckers naked long into a pair trade with shorts on Asics Corp, ONON, BIRK, and NKE. I have felt frustrated gett

Performance Review The following is my active portfolio as of close on 4/2/2026: Here is my portfolio underperformance at market close on 4/2/2026: And alpha by active position at market close on 4/2/2026: It was a terrible month for me and my stocks, most of which can be attributed to GLBE and PZZA. GLBE went from 0.77pps of alpha to -3.25pps of alpha. PZZA was closed shortly after my last writing as a -2.26pp detractor in alpha terms. A really unfortunate development, and i

The following are copies of materials for my research on Papa John's: The TLDR of the PZZA short is that they're going to miss on NNU guidance and SSSG will continue to face headwinds over the next 12-18 months. Their 4Q report was incremental evidence supporting my thesis. Frankly, I don't know very many people that eat at Papa John's and I think the K-shaped economy has left them in no mans land. Domino's dominates on convenience and price sensitive consumers have traded do

The following is my active portfolio as of market close 3/6/2026: Here is my portfolio outperformance at market close on 3/6/2026: And alpha by active position at market close on 3/6/2026: The continuation of earnings season was very kind to me. While I can't numerically confirm this, I'm almost positive that this was the best month for my portfolio in its history. The BNPL pair trade, GLBE, Gold, MORN, a new short position in PZZA, and PAY all contributed positively to alpha