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SubscribeWe think the Street narrative on WRBY's impact from tariffs is completely overblown... We walk through our supporting math below.
Please join us for a call with microplastics expert Dr. Tracey Woodruff as we explore the potential liability and blowback for exposed companies this Thursday, May 1st at 4 PM EST!
Ryder remains a top short idea; despite underperforming year-to-date, we continue to see significant downside. The latest earnings release raises fresh concerns heading into a very difficult period for freight volumes and used tractor/truck values. A key problem is the repetition of this being a “different” company from the 2018 peak meets some difficult non-accrual accounting realities. The impact of tariffs on freight volumes, the likely withdrawal of EPA 2027, and the dependence of the Ryder long thesis on an accounting fiction staying above the used truck market despite a business that is supposed to not be dependent on a used truck market suggest longs are in a dubious situation. We still see the risk-reward heavily skewed to the downside.
Please join us for a deep dive on gold investing with McAlvany Precious Metals CEO, David McAlvany today at 2pm EST! Gold continues to notch nominal all-time highs in a rally that, until recently, was driven largely by persistent, inelastic central bank demand. A weakening dollar, escalating geopolitical tensions, rising retail interest, and the prospect of rate cuts have presumably supported that momentum. Global confidence in U.S. dollar assets has apparently eroded, allowing gold – the ultimate flight to safety – greater prominence in the international financial system.
Key Conclusions and Call Details for our 12:30pm ET Call Tomorrow
How will tariffs impact key Materials sector end-markets like autos, construction, and manufacturing? We’ll look at where we see the best opportunities, catalysts, and dislocations in this chaotic market set-up. We’ll explore these issues, and more, in our 2Q25 Materials Themes call this Tuesday, April 15th, at 2PM ET!
Please join us for a review of the siding market with Building Science expert Dr. Joseph Lstiburek today at 2pm EST! With growth, trade, and policy uncertainty soaring, focusing on a specific industry that sidesteps much of the chaos—and may benefit from the lower rate fallout—is a plausible alpha strategy. In our 1Q25 Themes update, we added building products names like OC and LPX, both of which we find compelling for structural and idiosyncratic thesis points in an industry quite far from a ‘peak’.
Please join us for our 2Q25 Industrials Themes call today at 2pm EST! Investors entered the second quarter with volatility and uncertainty on a broad set of policy initiatives. While tariffs and trade have the most immediate effect, the funding and implementation of various legislative and regulatory items has also become far less clear. From the IRA to emissions regulations to tax policy, the anticipated post-election clarity has not emerged. Responses to US policies by trading partners and ex-US companies add a further layer of complexity to the investment landscape.
Please join us for a review of the siding market with Building Science expert Dr. Joseph Lstiburek this Friday, April 11th at 2pm EST!
Please join us for a Flash Call on our latest Tesla survey, deliveries, and estimate revisions today at 11 AM EST!