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idgaf about $HIMS

so uh when do I take profits on $TSSI 📈

1H '25 Portfolio Update / performance published on the orange app now... Link: komodocapital.substack.com/p/h1-2025-port…

Sold the last half of my $TSSI at $28.50… great run but think there’s better at-bats today. Good luck to shareholders.

Added 57 new stock write-ups to the site (pt 2): Accrued Interest - $UBER (update) Nugget Capital Partners (NCP) (holding updates) - $ERE-UN.TO, $BCE.TO, $TLT, $SCR.TO, $NXR-UN.TO, $DRR-U.TO Komodo Cap (holding updates) - $FTAI, $JXN, $FOA, $ASPI, $IREN Clark Square Capital - $GPP.WA

After seeing Frank talk about $GLNG, I finally dug into the story… And I don’t see how this doesn’t end with a buyout from PE / major at a nice premium.

New thesis on one of my most bullish positions, $DAVE will release tomorrow on the orange app

Added 57 new stock write-ups to the site (pt 1): Komodo Cap - $DAVE Uzo - $XPOF Liquidation Stocks (liquidation overviews) - $EPE.JO, $BPT, $SCPT-A.V, $CHN, $BAT.JO, $NXS.AX, $RMH.JO, $NBDX.L, $KCR.L, $FJV.L TopSecretStocks 🤫 - $GRAB (deep dive) SpruceHill Capital - $ANGL.ST

$DAVE has been chopping around and will probably do that until the next earnings report. I personally think it's still extremely undervalued here and is up there with one of the most misunderstood/underappreciated businesses out there.

For those that liked the $DAVE pitch and wanted a -20% pullback… wish granted :)

Started some work on $GLBE Trading ~26x ‘25 FCF, likely ~16x ‘26 FCF, growing top-line 25%+.. not bad. I see a fairly confident path to 30%+ FCF / share growth in the next 2 years.

Pounding the table on $FTAI This is quickly inflecting to be a more capital light, FCF generative dominant market share player, with long runway for both this SCI and future ones. $FTAI is my largest position and the most mis-priced, high quality biz in markets today.

Even after the run-up, $ADYEY is still not expensive. $58B USD Mkt cap, $46B USD EV Did $1.8-1.9B USD in '24 FCF Trailing EV/FCF of: ~25x Very high op. leverage could carry them to 30%+ FCF growth, w/ minimal dilution. Fwd EV/FCF could be: ~17-19x... pretty cheap.

Moved out of my position in $JXN last week to get even more overweight $FTAI and $DAVE (two largest positions) I believe the IRR's in the next 24-36 mo's are some of the best I'm seeing in markets today.

Cliff is a special cat. Likely will never be a turnaround as abrupt as $CVNA youtu.be/laBi8as1FrE?si…

Again, regarding the build out of AI capex vs previous overbuilds. Railroads do not get faster as they scale. Fiber did not have the technology at the time to get better as it scaled. AI gets better in line with how much is installed and scaled out.