Also, #SUP management has said that they are making progress on negotiations with their preferred stock investors. If they exchange those prefs for common, some warrants, and maybe a little junior debt, the story gets a lot cleaner and the stock can re-rate aggressively.

It seems like my 1st impression about the impact of tariffs on #SUP was wrong. It might actually help them, since tariffs on China and EU tires will make them relatively more expensive than tires from Mexico, even with tariffs imposed on that country. #SUP has spare capacity & is looking to use it.

One month in and the earnings reports were weak for #XPOF, and #EWCZ, and strong for #CELH. In line for #AIOT. No change in thesis for any of them, but I sure wish I timed the buy on #XPOF and #EWCZ better. Thankfully, I almost bottom ticked #CELH.

The portfolio is climbing back now and hopefully I'll hit a new high water mark soon.

Survive + pay down debt slowly, and #LESL is a multi-bagger from here.

Company just needs to manage inventory better, get gross margins and EBITDA margins back up and they'll generate plenty of cash. The stock is priced like they're going under, but they sell consumables, they're #1 in their market, and they can defer capex as needed. Hard to sink a company like this.

EBITDA will approach $300m at #RYAM later this year or next year. The market cap, currently $500m, has to rise by a lot for the EV/EBITDA multiple to be steady at any kind of reasonable number.

I've been buying #RYAM aggressively in the last few months. Pricing is going up, new supply takes years to build and none is in the pipeline, prices are rising, and so is cash flow. Leverage is now below 3.0x, so the balance sheet is quite healthy.

Operating leverage and seasoning of their membership base is finally starting to reach down to the EPS line. If things keep going well, they might earn €2.00 per share in a couple of years.

Waiting for this stock to move is like watching grass grow. And yet, management has done everything they said they would, and they have a wildly differentiated product in Edreams Prime. There's no reason that they can't have tens of millions of subs in the future.

The company has the financial strength to do just fine during this down cycle. The company continues to buy back stock -- DSO down from 94m to 75 since 2020 -- so EPS in the next normal (non COVID) cycle will be much higher than in the last one.

I'm not adding to the position because I want to see how they manage the balance sheet during the MaxSAF build out process, but I do think this has been de-risked quite a bit.