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SHOWING MATERIALS RESEARCH
FMC, CF, DE, CTVA, NTR | Ag Chems & Ferts Black Book Learn More
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We see unusual dispersion among Ag-related equities in pesticide, fertilizers, and equipment. Valuations, estimates, and performance have diverged in a number of promising...

SCL / Stepan Co | Bubbly Bear Case Learn More
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Consumer purchases of soaps and disinfectants surged during the pandemic, and a normalization of sanitizing product demand may pressure pricing...

IFF Rotten, N & B Faddish? Learn More
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We were surprised by the evident weakness in IFF’s quarter-end positioning. Incremental data and field work have increased our confidence in the bear...

EXP, MHK, OC, MAS, CBPX | Building Materials Black Book Call Learn More
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We think building products and construction materials names are one of the few interesting longs in the sector. To buy cyclicals ‘cheap’ means buying into weak results. With residential construction spending down high...

OC, EXP, VMC | Next Course! Appetite For Construction, Part Deux Learn More
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We have waited for an opportunity to add OC shares back, particularly since we took...

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