Hans Stege

Buy-side equity analyst and portfolio manager in Chicago. Still a Packers fan though. Not investment advice.

[Hans Stege @HansStege]

@typesfast Looks slick! Why go for Ocado over AutoStore for your cube, just curious? Who was your integrator?

[Hans Stege @HansStege]

@danprimack I mean, Anthropic is like ~$930/sh now, Anthropic is ~$845/sh, and SpaceX is like ~$160/sh, so if you’re offering 1,000 shares, I think the answer is pretty clear?

[Hans Stege @HansStege]

Wasn't the rate ~$150/hr for this type of "train your replacement AI" work? Is @HelloSurgeAI underpaying or is the gig training market softening? Or am I just flagged as a mid candidate...?

[Hans Stege @HansStege]

@thaAdamLittle Hi Adam, good subject for a report! Curious to see what it shows.

[Hans Stege @HansStege]

I mean… nothing wrong with talking your own book as long as the agent disclosed any conflicts of interest while hyping its portfolio.

[Dylan Patel @dylan522p]

I'm hiring 2 full time folks in Chicago in office.
Accounting
Operations
The amount of diff ops our 120 person company has is incredible
The amount of diff work we see
The opportunity to work with an incredibly fast moving and talented organization. If anyone knows anyone pls lmk

[In Practise @_inpractise]

We're hiring Research Analysts at In Practise.

The role

You'd cover a handful of public companies in depth and spend most of your time on the phone with former executives, customers, distributors and suppliers of those businesses. Map the value chain and the unit economics, then curate the work into research we publish.

Four mandates: Generalist / IP References, Semiconductors, Life Sciences, Energy. Detail in the images.

Requirements

• Minimum 3 years buyside or sell side
• Sector experience for the specialist mandates
• Judgement about which questions matter to an investment case

Terms

• Remote and full-time, offices in London and Madrid
• Cash + equity compensation

How to apply

Send three things to [email protected], subject "In Practise - Research Analyst":
1. Cover letter
2. CV + LinkedIn
3. An investment thesis on a company of your choice, minimum five pages

The thesis is read first and weighed most heavily. Applications missing any of the three won't be reviewed.

[Hans Stege @HansStege]

Whoa ok.

[Amir Efrati @amir]

https://t.co/ifpwqqKcyT

[Hans Stege @HansStege]

@GavinSBaker Yeah the reacceleration from Stripe is a big point. And that they finally have enough consistent FCF to reach on a major acquisition. But curious what you mean by “neutral payments infrastructure layer” here… as opposed to a captive one? Isn’t Adyen etc neutral?

[Hans Stege @HansStege]

@ImpactForward Soloway cafe with an excellent breakfast sandwich, just outside the circle.

[Hans Stege @HansStege]

@BrendanFoody How do you define ARR for your business?

[Hans Stege @HansStege]

How is Gemini and $GOOG fumbling this...

[Hans Stege @HansStege]

The joy on her face when 2027e FCF yield comes out to 6.7%… just makes it all worth it.

[Hans Stege @HansStege]

@FourVork Many such cases.

[VEO @vrexec]

I knew a guy about 10 years ago — roommate of a friend in Manhattan.

He’d apply to these executive level jobs online even though he was 25 years old... he looked much older... he'd tailor his resume exactly to the job description, and totally fabricate his experience in the interview.

The man was a master bullshit artist. Truly elite. Never seen anything like it since.

Last I remember, he landed a Senior Strategist gig at a consulting firm pulling in over $300K.

Kept a low profile. Probably intentional.

Each new role gave him the experience he had just finished faking.

Just looked him up on LinkedIn.

He's now the CEO of some company I’ve never heard of.

Absolutely unreal.

[Hans Stege @HansStege]

It’s Symbotic $sym 🤖 📦

[Hans Stege @HansStege]

You'll never guess this is an "AI" play that trades at ~60x consensus 2028e EV/EBITDA even while assuming ~1100 bps of margin expansion by then. And they just disclosed their second straight year of an "adverse opinion" by their auditor due to lax revenue recognition controls.

[Hans Stege @HansStege]

https://t.co/qimLFosNjl

[Hans Stege @HansStege]

Big day for consumer beverage space with $CELH down 25% and the whole complex seeing weakness.

[Hans Stege @HansStege]

I fleshed out my thinking and dug more into some of the $PRMB news today: https://t.co/48kJTLHk3K

[Hans Stege @HansStege]

Primo $PRMB cuts full-year guide again with today's 3Q report and switches CEO (with a $25.1 mn severance plan), as comp sales fall -1.6% y/y. See my post-earnings thread from last quarter below.

[Hans Stege @HansStege]

Here's my full updated write-up on the quarter and management change: https://t.co/48kJTLHk3K

[Hans Stege @HansStege]

Primo $PRMB cuts full-year guide again with today's 3Q report and switches CEO (with a $25.1 mn severance plan), as comp sales fall -1.6% y/y. See my post-earnings thread from last quarter below.

[Hans Stege @HansStege]

Primo cuts full-year guide this morning, dropping adjusted EBITDA guidance at midpoint by 7.6%. Shares trading off ~10% pre-market.

[Hans Stege @HansStege]

Eric Foss steps in. Former CEO of Aramark, left as activists came in amid internal rumbling from employees upset with bonus practices. https://t.co/crOoBOZ7cZ