Pernas Research @pernasresearch Twitter profile

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Pernas Research

6 months

We hate rigid rules in our portfolio except for one that we have servile-like adherence to: if a position we hold is down 50% or more since initiation, we MUST either sell out entirely or add to the position. “Holding” is off table and unacceptable. (This assumes we have some

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Pernas Research

@pernasresearch

1 year

Subscribe to a free newsletter with actionable stock recommendations from people who use their human brains. For professional investors only. Recent Stock Picks $YELL +300% $DFIN +481% $META +70% SES-imagotag: +228% $PTON +77% subscribe here:

Home - Pernas Research

Actionable stock research for professional investors and RIAs Atypical insights in a stereotypical world Research Vault Our Beliefs Performance Add your email to receive our research Industry...

pernasresearch.com

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Pernas Research

@pernasresearch

1 year

What we wrote about $yell on 4/12/2023. We are holding our position and think there is greater upside from these levels.

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Pernas Research

@pernasresearch

10 months

Our Q3 investment letter. We discuss... 1. Our performance: YTD 34.9% / QTD 9.5% / ITD 25% 2. What we view as a no-brainer trade 3. Why yields have risen in the face of rapid disinflation 4. Our biggest loser on the year 5. Tactical screens we are running given the "higher

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Pernas Research

@pernasresearch

1 month

We are long Xometry $XMTR The leading disruptor in digital manufacturing and is in the ~second inning of a large secular growth story. Business background & Thesis below 🧵

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Pernas Research

@pernasresearch

3 months

We just finishing trialing Tegus and AlphaSense. If this gets enough likes I will post our thoughts regarding pros vs cons along with our final decision.

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Pernas Research

@pernasresearch

7 months

This is NOT a Berkshire Hathaway hit piece, but some might thinks so. $BRK We do not believe bulls ( @ChrisBloomstran ) are taking Berkshire’s vulnerabilities seriously. Our thesis & prescription: 🧵👇

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Pernas Research

@pernasresearch

1 month

@david_katunaric Even worse when you consider most “active” managers are just closet indexers

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Pernas Research

@pernasresearch

4 months

We wrote an industry essay on the evolution of #datacenters . (link at the bottom) We discuss: 1. How data centers are evolving due to #AI workloads and new hardware requirements 2. The trends that will be occurring due to this evolution from compute to chiplet architecture 3.

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Pernas Research

@pernasresearch

5 months

If “edge” in public markets was clearly definable then it would be easily competed away. If you do have an edge, it is most likely the sum of a myriad of things you do well, both at the conscious and subconscious level.

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Pernas Research

@pernasresearch

1 month

We added to $BRBY New CEO Joshua Schulman will focus on entry-market customers and cost-cutting. BRBY's previous strategy proved too aggressive- their core customer was squeezed by both deteriorating financial conditions and higher prices. Fashion's unpredictability and macro

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Pernas Research

@pernasresearch

4 months

Position sizing is like the opening move in a chess game. It either harms or helps the potential of futures moves. Good position sizing helps preserve rationality (in either case of the stock moving against you or running up)

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Pernas Research

@pernasresearch

7 months

Latest holding $BRBY write up: There are only a few luxury brands globally recognized for their enduring appeal: Burberry is one of these select few, having existed for over 168 years. The current valuation presents an attractive entry point and the

(LSE:BRBY) Burberry: The Dark Knight | Pernas Research

There are only a few luxury brands globally recognized for their enduring appeal: Burberry is one of these select few, having existed for over 168 years. Instances where such brands trade at a...

pernasresearch.com

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Pernas Research

@pernasresearch

3 months

As promised - Results from Our Tegus vs. AlphaSense Trial and Our Final Decision. Over the past twelve months, we've conducted solid due diligence on roughly 300 names. (~80% U.S. & ~20% Europe, 60% small cap & 40% mid/large) . We inputted each ticker into both Tegus and

Pernas Research

@pernasresearch

3 months

We just finishing trialing Tegus and AlphaSense. If this gets enough likes I will post our thoughts regarding pros vs cons along with our final decision.

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Pernas Research

@pernasresearch

7 months

Pernas Research seven-year track posted. Performance is independently calculated and verified by an unaffiliated third party. Q4 letter forthcoming.

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Pernas Research

@pernasresearch

7 months

@borrowed_ideas @borrowed_ideas we ran this, out of the current ~5300 companies trading on NYSE & NASDAQ that have had 50 consecutive periods of double digit quarterly revenue growth are: Workday, Palo Alto Networks, Salesforce, Fortinet, Costar & Sps Commerce. Hope this helps.

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Pernas Research

@pernasresearch

9 months

HUGE news for Yellow Corporation shareholders. Auction results came in 400mm above stalking horse bid. By our calculations, shareholder recovery should be around 600mm, indicating more than 500% upside. $yellq (either we totally missed something or the pop on open will be

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Pernas Research

@pernasresearch

6 months

New write-up on $DOCS (Doc Martens). We see significant potential upside. I will be discussing tomorrow on Woodstock III with host @evfcfaddict along with @augustusville , @Symmetry_Invest , @SharogradskyM , @diegobmilano , @ToffCap

Dr. Martens' Timeless Appeal | Pernas Research

The operational and inventory challenges are now fixed, and it is more likely than not that the footwear category will improve within the next 12 to 24 months.

pernasresearch.com

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Pernas Research

@pernasresearch

5 months

Pernas Research Q1 performance posted Q1 letter forthcoming…

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Pernas Research

@pernasresearch

2 months

We wrote an industry essay on Generative #AI . (link at the bottom) We discuss: 1. Generative AI primer and how LLMs work 2. The #LLM Ecosystem 3. Gen AI drawbacks and headwinds 4. Gen AI 1st and 2nd order effects 5. Industry participants that will benefit 1/N

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Pernas Research

@pernasresearch

7 months

Pernas Research Q4 Letter Posted We discuss: -How our investment outlook changed in 2023 -Our expectations for 2024 -Company characteristics we now favor

Pernas Research 2023 Q4 Investment Letter

It’s nice to periodically glance at the scoreboard, but lengthy victory laps have a way of dissolving the deposits of paranoia necessary for optimal decision-making. We are perpetually “risk on”...

pernasresearch.com

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Pernas Research

@pernasresearch

15 days

$NRP earnings today. Even with significant pricing pressure on soda ash and metallurgical coal, it still threw off about $60mm in FCF. With NRP an investor gets a well aligned management team whose primary objective is to maximize the royalties for common unit holder, ~20%

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Pernas Research

@pernasresearch

14 days

$XMTR beat beat, +42% on earnings -Q2 market place rev growth 25% YoY -Big adj. EBITDA improvement to ~3mm -# Accounts with >50k spend increases 24%

Pernas Research

@pernasresearch

1 month

We are long Xometry $XMTR The leading disruptor in digital manufacturing and is in the ~second inning of a large secular growth story. Business background & Thesis below 🧵

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Pernas Research

@pernasresearch

6 months

Which stocks do you own that fit this criteria: The market believes they are weakening/declining but in reality they are getting stronger….(developed countries only ex Japan)

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Pernas Research

@pernasresearch

6 months

In public markets, it’s a terrible idea to invest in a shrinking business - even one shrinking very slowly - if that business doesn’t kick off large dividends. There is no valuation that would tempt us into buying in this case.

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Pernas Research

@pernasresearch

4 months

$DOCS.L stock price getting hammered. Not a lot of bulls left in the rodeo. We have added to our position. We believe the challenges DOCS faces are category challenges that are compounded by operational issues that are temporary in nature. Challenges are primarily wholesale

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Pernas Research

@pernasresearch

5 months

$ARQ now up 230% since purchase. We sourced the idea from @24Fox614 Give him a follow. One of the few small cap warriors hell-bent on doing his own work + has a highly differentiated process.

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Pernas Research

@pernasresearch

3 months

I highly encourage any experienced investors following us to consider $RELY for their portfolio. We believe the valuation is currently very attractive. We have added multiple times since this initiation report (the price has continued to move against us for what we believe are

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Pernas Research

@pernasresearch

4 months

Pernas Research Q1 Investment Letter posted. We discuss: -Performance & market backdrop -Where we are searching for opportunities (AI, UK, Small Caps)

Q1 2024 Quarterly Investment Letter | Pernas Research

The Pernas Portfolio achieved a return of 4.9% in the first quarter, compared to market averages ranging from 5.1% to 10.6%. The main detractors from our performance included Burberry, smaller-cap...

pernasresearch.com

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Pernas Research

@pernasresearch

9 months

@LukeWolgram Yes my friend, not full proof but very helpful: Step 1: pull quarterized capex data from cash flow statement Step 2: plot it on a time series Step 3: you will be able to visually see the seasonality in the data. The midpoint line through this seasonality will be a good

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Pernas Research

@pernasresearch

2 months

Just screened all ~5300 NYSE/NASDAQ companies. We're looking for firms with recent negative net income but had 15 years of consecutive profitability pre-COVID. 96 names made the list. higher than we expected. if you would like the names and sectors DM me your email and I'll

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Pernas Research

@pernasresearch

5 months

$REX up 30% on another great earnings as they capitalized on high crush spreads. They are also making good headway on their carbon sequestration facility and expect it to be done in Q2 2024. Surprising how underfollowed this company was. Disclosure: We are long.

Pernas Research

@pernasresearch

9 months

Our latest holding is $REX. We believe it has significant upside from these levels. REX is an ethanol producer with about 3% market share in the USA. REX is run by sound operators, having never lost money in the last decade despite volatile commodity cycles. REX stands out due

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Pernas Research

@pernasresearch

7 months

Curious if anyone primarily focused on multi-baggers (~3-year horizon let’s say) has outperformed the market long-term. I guess it’s possible, but there will be many big misses. To make it work, you must let your winners grow 3x, 4x, 5x, even 10x without trimming, which is

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Pernas Research

@pernasresearch

9 months

@PhysInHistory That science is the answer to all things

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Pernas Research

@pernasresearch

1 year

We wrote about some of the points raised in the SES imagotag short report. Disclosure: we are long

SES Imagotag ::UPDATE:: ADD | Pernas Research

There was a short report issued on SES imagotag on June 22nd, causing the share price to plummet 60%. We think this presents a good buying opportunity and are long SES imagotag.

pernasresearch.com

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Pernas Research

@pernasresearch

9 months

@RammerCapital Do good work and allocate time to interfacing with clients (outside world) and opportunity will present itself. Gone are the days where you can bury your head in analysis and expect to advance.

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Pernas Research

@pernasresearch

6 months

Quite possibly, the most valuable thing I learned in my career is that people who are in sales do not have analytical abilities, and people who are analysts do not have sales abilities. If you can do both well, you are breathing rarefied air and will go far.

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Pernas Research

@pernasresearch

5 months

Video call with an IR person earlier this year: Me - "Hi, how are you?" IR - "Doing great, just a little antsy on some news that is breaking soon" 15 minutes later.....stock is up 35% on the sale of one of their divisions

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Pernas Research

@pernasresearch

1 month

Pernas Research Q2 letter posted

Quarterly Letters | Pernas Research

The Quarterly Investment Letters provide information to the investors with the latest market updates and contain in-depth market commentaries and insights.

pernasresearch.com

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Pernas Research

@pernasresearch

9 months

I looked back at my notes from Munger's book, Poor Charlie’s Almanack. I have done my best to write down my favorite pull quotes from the book. If this gets enough likes I will post a part 2+. 🧵👇

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Pernas Research

@pernasresearch

7 months

We are posting a small write-up tomorrow on why we believe Berkshire is at risk of underperforming. $BRK Hope bulls can chime in to tell us what we might be missing.

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Pernas Research

@pernasresearch

4 months

We posted our Card Factory analysis $CARD.L also encourage anyone to check out previous CARD write-ups from these fine analysts: @IggyOnInvesting & @david_katunaric

Capital Employed

@capitalemployed

4 months

Card Factory: Unwrapping the Potential Nice write-up on $CARD.L from @pernasresearch 👇

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Pernas Research

@pernasresearch

6 months

It’s never been easier to gain a qualitative understanding of company’s brand strength. Spend a few hours synthesizing hundreds of social media comments across several platforms. After doing this you are 90%+ of the way there. The truth lives in the comments.

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Pernas Research

@pernasresearch

8 months

I have a dream that one day I will hear a CEO say this: “While we consider our stock to be currently undervalued, we approach buybacks in a more counter-cyclical manner compared to our competitors. The return on investment from buybacks is amplified during market downturns.

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Pernas Research

@pernasresearch

6 months

If you haven’t already, take a second to follow @evfcfaddict , one of the most gracious and influential accounts on fintwit. Let’s get him over 10k 💪

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Pernas Research

@pernasresearch

10 months

@TheTranscript_ Any company that sells products that depend on debt financing will have headwinds for a while

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Pernas Research

@pernasresearch

30 days

Brett Blundy has announced an 8.17% stake in $CARD.L...unsure if this was done off-exchange with Teleious...if anyone knows more about UK reporting requirements here do tell

Pernas Research

@pernasresearch

1 month

$CARD.L Card Factory enjoying a nice pop after news Teleious has fully divested their 9.9% stake - this was an overhang for many investors.

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Pernas Research

@pernasresearch

4 months

A 35% drop later, we took a small position in $AWE.L - Has leading SerDes (communication) tech and is levered to the chiplet and AI industry. Although it has some hair on it, management and the tech is there.

Pernas Research

@pernasresearch

5 months

Our latest report is on Alphawave Semi ($AWE.L) Currently, we maintain a neutral rating, however, this may evolve should we observe indicators of successful execution. We believe two factors are driving the #AI megatrend: Higher computation and higher networking needs. AI

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Pernas Research

@pernasresearch

6 months

This makes sense with micro cap companies but the larger the company the less your conviction should be predicated on how much you trust management. The horse > jockey.

Ian Cassel

@iancassel

6 months

My largest positions are the management teams I trust the most.

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Pernas Research

@pernasresearch

2 months

Dropbox $DBX, Zoom $ZM, DocuSign $DOCU … all struggling. Legitimate question: Is 'first mover advantage' still considered a valid concept?

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Pernas Research

@pernasresearch

4 months

Agree entirely, patience is perhaps the most important investor trait and shouldn’t be confused with passivity…it is an active inaction

Return on Cap

@returnoncap

4 months

Patience isn’t passive waiting; it's active endurance

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Pernas Research

@pernasresearch

5 months

Thanks @joinyellowbrick !!! (Portfolio returns obviously substantially lower given weightings, trimming etc)

Yellowbrick Investing

@joinyellowbrick

5 months

Pernas Research ( @pernasresearch ) averages 80%+ 1y returns on their bullish stock pitches. Their best pitch (so far) was for $LEU in November 2020. It shot up over 800% in the following year. I'm sending out an interview with them on Sunday in my free newsletter (link in bio).

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Pernas Research

@pernasresearch

9 months

I often wonder how much better people’s stock decisions would be if charting was made illegal.

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Pernas Research

@pernasresearch

3 months

My actual expression when I see a negative Adjusted EBITDA company announce a buyback

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Pernas Research

@pernasresearch

2 years

$PTON write-up. We think it has more than 100% upside from today's levels.

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Pernas Research

@pernasresearch

3 months

The amount of times I hear investors say “it might get acquired” versus an actual acquisition event is probably 1000-to-1.

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Pernas Research

@pernasresearch

3 years

Newest position: Paysign We see about one hundred percent upside from today's levels. $PAYS

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Pernas Research

@pernasresearch

9 months

For those that like succinct stock ideas, follow @StockCompil ....they do a great job reading fund letters and extracting ideas. I am long the account at 345 followers. I give it ~2 months before they have more followers than us lol.

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Pernas Research

@pernasresearch

5 months

Unpopular opinion: Market prices do not adjust in magnitude quickly enough to news (that is 𝐦𝐚𝐭𝐞𝐫𝐢𝐚𝐥) in the short term. Example: If bad news (that is 𝐦𝐚𝐭𝐞𝐫𝐢𝐚𝐥) drops on Sunday for Stock XYZ the stock price reaction on Monday is generally an underreaction.

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Pernas Research

@pernasresearch

8 months

We've been yelling this but are quickly drowned out by the sound of unconditional applause from investors cheering on any buybacks....Good mgmt teams have thoughtful price metrics when coordinating 10b5-1 schedules with brokers. Most don't. Research paper posted in comments.

Clark Square Capital

@ClarkSquareCap

8 months

Most share repurchases tend to be a waste of capital because they're done at too high prices or during the wrong part of the cycle. Unless it's a company with a deep moat and clear terminal value, you're likely better off with dividends.

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Pernas Research

@pernasresearch

3 months

$DOCS.L Dr. Martens releases FY 24 results Largely as expected, revenue declined yoy by 12.3% (this was actually slightly better than we anticipated). EBITDA down ~20% due to deleveraging effects. The below chart beautifully explains the revenue decline. Wholesale, primarily

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Pernas Research

@pernasresearch

4 months

@atelicinvest for us at least it's most useful when diving into an industry and looking for certain industry participants that are exposed to a certain trend. for example "which power companies produce dry type transformers". Just helps with casting a wider net and not letting companies fall

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Pernas Research

@pernasresearch

3 months

Never on earth would I participate in this $GME frenzy but it doesn’t appear to me roaring kitty is doing anything legally wrong. Nor is anything he is doing unethical. It’s just rank speculation. He is speculating on a reaction to his cryptic posts and posts of his positions.

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Pernas Research

@pernasresearch

1 month

Write up

Burberry ::UPDATE:: ADD - Pernas Research

We added to our Burberry position (LSE:BRBY). Burberry is down roughly 45% since our initiation report in February, with today marking a 16% drawdown on the news that the CEO is stepping down on the...

pernasresearch.com

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Pernas Research

@pernasresearch

3 months

How to know when you are the 'patsy at the poker table' by Buffett: If the stock price goes down and it is upsetting- then you are the patsy.

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Pernas Research

@pernasresearch

5 months

Our latest report is on Alphawave Semi ($AWE.L) Currently, we maintain a neutral rating, however, this may evolve should we observe indicators of successful execution. We believe two factors are driving the #AI megatrend: Higher computation and higher networking needs. AI

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Pernas Research

@pernasresearch

7 months

The prospect of entrusting a $380 billion concentrated equity portfolio to a two-person team and hoping for a favorable outcome presents a significant and unaddressed risk. The need to address this has become even more pressing since the passing of Charlie Munger.

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Pernas Research

@pernasresearch

5 months

Took this pic today from the local McDonalds. You have to look hard to find the value…

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Pernas Research

@pernasresearch

5 months

$META has a long way to go if they want to compete with $AAPL on packaging

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Pernas Research

@pernasresearch

7 months

I was walking into Sprouts today and a homeless guy stopped me to ask for some food. I told him I didn’t have any cash on me but I could buy him a sandwich. He then said that he would actually like me to buy him a $20 Visa gift card instead….Economy is doing just fine folks.

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Pernas Research

@pernasresearch

1 month

Pernas Research Q2 letter forthcoming...

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Pernas Research

@pernasresearch

1 month

$CARD.L Card Factory enjoying a nice pop after news Teleious has fully divested their 9.9% stake - this was an overhang for many investors.

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Pernas Research

@pernasresearch

8 months

Finally got my hands on some data that Chess fans should find interesting. I had suspected there would be a drop off in demand but.....nope.

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Pernas Research

@pernasresearch

2 months

Research piece dropping Monday on $XMTR How is this for a bullish title?....."Xometry: The Future Digital Manufacturing Leviathan"

Pernas Research

@pernasresearch

2 months

Very deep into digital manufacturing research rn. $PRLB $XMTR & private co Fictiv. Could be some interesting opportunities in the space.

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Pernas Research

@pernasresearch

5 months

We wrote some lengthy papers on the Fed a while ago that maybe ~3 people were interested in....The topic is supremely important but if we boiled it down to just one takeaway, it would be the below image.

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Pernas Research

@pernasresearch

3 months

We discuss: -broader market -Remitly $rely -why there might be opportunity with some 2021 IPO vintage cos

Yahoo Finance

@YahooFinance

3 months

"Volatility is still quite low, and the market is actually... quite complacent," Pernas Research co-founder Deiya Pernas says, adding: "At the index level, there's been a complete departure of recessionary fears..."

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Pernas Research

@pernasresearch

5 months

@F_Compounders Ty! Buffett will only invest in something where he has confidence in their staying power over very long time horizons. 10+ years. It might be much different if his capital was mobile

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Pernas Research

@pernasresearch

7 months

$DOCS.LON (Doc Martens) - Sentiment was exceedingly pessimistic to the extent that even after a ~20% rev decline the stock rallies. Wholesale segment has struggled but destocking looks to be in final innings. The category overall remains very challenged but we expect this name to

Stock Analysis Compilation

@StockCompil

7 months

Pernas Research on Dr Martens $DOCS: (extract from their weekly report)

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Pernas Research

@pernasresearch

6 months

$NRP earnings highlights Management continuing to pay down costly preferreds and warrants. Redeemed $178mm of preferreds and only .32mm warrants out of the original 4mm remain ( in 2024) If coal prices stay at current levels, NRP could be completely debt free by end of 2024

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Pernas Research

@pernasresearch

3 months

On occasion, some of the stocks we own have been clued in on as a result of something we saw on X or someone's newsletter. (Overwhelmingly, the ideas we publish research on are driven from regular screens we run, alerts we have in place or other sourcing methods) In the event

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Pernas Research

@pernasresearch

11 days

Who says there isn’t big business in prototyping $XMTR $PRLB

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Pernas Research

@pernasresearch

4 months

Think many investors conflate economies of scale and operating leverage. Economies of scale is primarily gross margin expansion whereas operating leverage is a mechanical product of fixed cost dilution. Another way to think about it is economies of scale is linked to variable

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Pernas Research

@pernasresearch

6 months

Anybody bullish on Japanese equities concerned that the median age in the country is ~49?

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Pernas Research

@pernasresearch

7 months

@PhysInHistory 1. Must possess deep knowledge 2. The ability to separate your knowledge base from that of the student 2. Ability to stoke curiosity

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Pernas Research

@pernasresearch

8 months

New california regulation approving recycling of wastewater will see increased demand for activated carbon. $ades

California Approves Wastewater Recycling Rules

The complex set of regulations will ensure recycled water makes it to taps safely.

www.planetizen.com

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Pernas Research

@pernasresearch

4 months

Link:

The Evolution of Data Centers - Pernas Research

Traditionally, Data Centers have gone unnoticed, humming in the global background powering things such as Google's searches and Netflix streaming videos. However recently, data centers have taken the...

pernasresearch.com

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Pernas Research

@pernasresearch

2 months

Company XYZ presentation: “we use AI to predict…” What my brain translates: so they use some basic linear regression probably…

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Pernas Research

@pernasresearch

7 months

What deeply cynical people don't realize is that there are perceptive people who intentionally (and silently) avoid doing nice/kind things for them because they realize it will be taken in the wrong light. cynicism is self-reinforcing. cynicism breeds isolation, and isolation,

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Pernas Research

@pernasresearch

1 month

We trimmed $TSSI after a large run up. Matryoshka doll shoutout: thanks to @joinyellowbrick newsletter where we originally found @Mike10947310 ’s work on the name. 🫡

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Pernas Research

@pernasresearch

4 months

Does anyone seriously expect him to throw his successors under the bus?

Asif Suria

@AsifSuria

4 months

Buffett: Paramount was completely his decision to get in and out and Berkshire lost money. Nothing to do with Todd or Ted. $PARA $PARAA

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Pernas Research

@pernasresearch

2 months

Any company you own where their product or service still provides great value for the customer? Meaning there is still loads of consumer surplus even after all the price increases.

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Pernas Research

@pernasresearch

30 days

@capitalemployed $RRGB Red Robin. Not without its risks but risk/reward skew is very attractive. Challenged category but management is taking the right steps and there is small evidence they are starting to comp positive.

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Pernas Research

@pernasresearch

7 months

Here is a link to the short write-up:

Berkshire Hathaway: Why Shareholders Could be Vulnerable - Pernas Research

Berkshire Hathaway, under the leadership of Warren Buffett since 1965, has traditionally relied on two primary value drivers: a substantial investment portfolio (now ~380 billion in size) known for...

pernasresearch.com

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Pernas Research

@pernasresearch

10 months

I am hoping to clear up some misconceptions on a random Remitly $RELY & $WISE thread with @SleepwellCap @LuisVSanchez777 The core of the discussion was that $WISE has more of a moat and is cheaper so Remitly faces a tough competitor. Why this comparison is wrong: There are

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Pernas Research

@pernasresearch

10 months

I had a Zoom call with a 700mm company last week and the IR person had on a backwards cap! The quality of the company seemed to match the quality of his attire. PASS

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Pernas Research

@pernasresearch

7 months

Thanks Andy 🫡 Excited for Woodstock III!

Andy

@evfcfaddict

7 months

Proudly announce that @pernasresearch will be our final speaker on Woodstock III. Give him a follow…26,5% 7y cagr after fees - what a track record 😱 @ToffCap @SharogradskyM @pernasresearch @Symmetry_Invest @diegobmilano What a band for March 4 🔥🔥🔥

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Pernas Research

@pernasresearch

7 months

I wanted to share my experience with the CFA. Addressing: Does it help make a good investor? Does it help with a finance career? Is it worth it? 🧵👇

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Pernas Research

@pernasresearch

5 months

Yet another sad example of a co that has repurchased its way into financial trouble. $BIG with close to ~$700mm of buybacks in the last several years Pour one out for all those LT shareholders that were excited buybacks were “returning capital”

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Pernas Research

@pernasresearch

4 months

@borrowed_ideas @variance_swap We wrote about some uranium plays in our data center essay. Link at bottom. Summary: Training an LLM like Chat GPT-4 with 1.7 trillion parameters cost about $100 million and used about 60 GWhrs of energy; equivalent to the total energy usage of 70k homes for one month. By

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