Some highlights from this weekend’s Event Driven Monitor
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The Event of the Week
Two months back, we were at a family wedding, and ran into some uncles, cousins and other assorted relatives that we haven’t seen in a few years. As the resident ‘financial guru’ they came up to us to seek ‘advice.’ Except, this time, they didn’t ask any questions.
Instead, they bragged about the 3x levered products they owned, that were up huuuge. Many of them were up triple digits on the year, and flush. They were out buying cars, boats, and vacation homes. It was surreal as they laughed at our meagre returns (KEDM’s having an OK year sitting in a ton of cash).
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Kuppy’s Tweet of the Week
Chart and Kliff Note of the Week
Cluster Insider Buy Monitor: The CEO and a couple of directors at Sportsman’s Warehouse (SPWH) purchased $400k total last week. The CEO’s only been in the seat since November 2023 and has prior experience from Cabela’s and HTZ. He might be turning the ship here given the price action.
13D & Activist Monitor: Chip is back at LULU. The founder took a full page out in WSJ saying his culture and product got infected by the Patagonia vest/MBAs. Yoga pants traded for Excel spreadsheets. The result, he says, is a company that “still looks good on paper but is losing its soul,” having sacrificed brand power and innovation for short-term growth. Wilson calls for a reset: put product and brand back at the center, bring entrepreneurial voices back to the board, and stop chasing Wall Street at the expense of customers.
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Kuppy’s Event Driven Monitor scans over 20 corporate events for market moving information and distills them into our propietary “Kliff Notes.” One profitable trade should more than cover an annual subscription and access to the Event Driven chatroom!