Subprime Capital Partners

Your IRR is my opportunity
Not Selling Anything
Not Investment Advice
Do Your Own Due Diligence

[Subprime Capital Partners @SubprimeCap]

$SIRI

Deep dive on #SiriusXM. An interesting company with a legacy cash cow business and emerging growth story.

https://t.co/vUEMXvvDza

[Subprime Capital Partners @SubprimeCap]

@VladBastion @mjmauboussin @grok what was WMT’s operating profit growth over this period?

[Subprime Capital Partners @SubprimeCap]

@TMTLongShort What would the benefit of this be from your perspective?

[Subprime Capital Partners @SubprimeCap]

@WestHam_Central Not fussed…can focus on promotion

[The Babylon Bee @TheBabylonBee]

Trump Pledges That If Voters Defeat Socialism In November, They Will Each Get An Equal Redistribution Of Wealth From The Government https://t.co/qe16k9ucsf

[Subprime Capital Partners @SubprimeCap]

@Jason I hope this is on the agenda for the pod…

[Subprime Capital Partners @SubprimeCap]

Does anyone know if the $FICO score securitization spread compression to Vantage is accounting for commingled loan pools (both FICO and Vantage)?

[Subprime Capital Partners @SubprimeCap]

@ErnestWongBWM Has this changed your thoughts on the underwrite?

[Subprime Capital Partners @SubprimeCap]

My man is going out at the top of his lungs

[Evan @StockMKTNewz]

CNBC'S RICK SANTELLI TO RETIRE

[Subprime Capital Partners @SubprimeCap]

@VJNCapital This assumes earnings grow consistently from today vs any stagnation or decline due to market share loss.

[Subprime Capital Partners @SubprimeCap]

@DoucheBagInvest

[Subprime Capital Partners @SubprimeCap]

@Jason would love to hear Chamath's views given his connection to both countries.

[Subprime Capital Partners @SubprimeCap]

I think that’s a bit of a different example as munger is stating that it was a race to zero as everyone in the textile industry could buy the same equipment and compete away the benefit. The thesis around PDD would be that it benefits from a scale economies shared model coined by Nick Sleep. The question in my mind would be whether an Alibaba, JD or Amazon can match the cost structure over the long term. If product quality improves and prices / merchant fees remain structurally lower this should create a flywheel for the platform which compounds value over time.

[Subprime Capital Partners @SubprimeCap]

@WalksWallstreet now compare income in NYC and Montreal :)

[Subprime Capital Partners @SubprimeCap]

@teechongyen They’ve told us that right now a massive reinvestment wave is underway to essentially build out their equivalent line of “Amazon Basics” and shore up their supply chain to compete more effectively in the west (given focus on reducing cheap imports)

[Subprime Capital Partners @SubprimeCap]

This is going to be terrible for so many small businesses…many of which won’t survive. I’m not sure there is anything that we could have not accepted at this moment in time. The Canadian market is weak and we need access to the US consumer during this interim period where we figure out the long term. Hope they can figure this out over the weekend…China is not going to bail us out and neither will Europe…

[Mark Carney @MarkJCarney]

My statement on Canada-U.S. trade negotiations:

[Subprime Capital Partners @SubprimeCap]

@ContrarianCurse @signulll Toronto condos in the 2010s :)

[Subprime Capital Partners @SubprimeCap]

@DoucheBagInvest It’s a magical place

[Subprime Capital Partners @SubprimeCap]

@real_MikeBarnes Agree. They probably raise guidance again this year. Management is ultra conservative and we saw this through 2025. I also don’t think the market is appropriately valuing the off market advertising business…poor research coverage from my perspective.

[Subprime Capital Partners @SubprimeCap]

I recommend everyone watch the Li Lu Columbia lecture. Unlike a lot of interviews with top investors, it has real case studies where he walks through prior investments.

One of those is Timberland Co which produced the shoe sharing that name. It’s incredibly inspiring the level of rigor in his diligence but it shows you what it takes to generate a real edge. Funny enough he made this investment which increased something like 7x in the middle of the dot com boom (analogous to today). While everyone else was chasing stocks of companies on the forefront of technology, Li Lu was uncovering hidden gems in forgotten industries. Suggest taking a look at the simple value line sheet below which originally caught his eye on the opportunity. He’s made a similar bet on $CROX recently which is up 50% this year.