PassiveBubble

~20 years L/S hedge fund career, emphasis on the S.

All things stocks, themes and macro.

Hoping the pod and passive bubble keeps creating inefficiencies

[PassiveBubble @MultiMismanaged]

The CFO of $BXP unloading $1.75M of stock into the highest RSI the stock has every had.

BXP US Equity
Michael E Labelle, Executive Vice President and CFO, on June 09, 2026, sold 26,113 shares in BXP (BXP) for $1,732,532. Following the Form 4 filing with the SEC, Labelle has control over a total of 5,839 common shares of the company, with 5,839 shares held directly.

[PassiveBubble @MultiMismanaged]

Right on queue: $BXP
BXP Insider transaction: BXP, Inc. EVP and CFO Michael Labelle discloses sale of 26.1K shares - Form 4

[PassiveBubble @MultiMismanaged]

$VNO $SLG $BXP Office reits have literally never been this overbought...with white collar jobs dropping off, I know where I am betting.

[PassiveBubble @MultiMismanaged]

$rddt

[Jonah Lupton @JonahLupton]

$RDDT up 4-5% premarket on positive notes from Piper Sandler and Cleveland Research

At @FirstWaveFund we pay for several alt data sources... each of them looks good for $RDDT on Q2 numbers... significantly higher than the current sell side estimates.

Here are my recent posts about it... https://t.co/UiJ1UqapLq and https://t.co/66OvwaoZO2

Sell side is looking for 46% YoY revenue growth yet all of the alt data sources are suggesting something between 54-58% YoY for Q2.

Sell side estimates for Q2 are $729M revenues... we still have a few weeks to go but I'm thinking Q2 revenues might come in at $770-780M

[PassiveBubble @MultiMismanaged]

The way I see it, you may get less clicks on $RDDT from search traffic, but the number of eyeballs seeing $RDDT content is going to explode. You still have a large portion of the most active users going directly to the platform through desktop and mobile. I think you will ultimately see more user sign-ups, traffic and then add a significant new revenue stream from the LLM deals that get renegotiated.

[PassiveBubble @MultiMismanaged]

$RDDT bear case on google search algorithm changes is completely backwards. Right now licensing from LLMs is a very small portion of $RDDT revenue. It is about to explode exponentially higher in the next couple years. The number of impressions for $RDDT content is going to explode higher, which will lead to more people being exposed to the platform, and drive more user growth and content creation. I predict these two items will significantly offset any decline in user traffic because of users getting content from google search vs reddit directly.

Long story short, $RDDT is a massive AI winner and not an AI loser. As the market figures this out, the stock may have a sharp rise.

Ironically, $GOOG itself was in the same position a year ago, where investors perceived it as an AI loser, and is now poised to be the most valuable company in the world as reality set in.

[PassiveBubble @MultiMismanaged]

$RDDT

[Five Points Capital @fivepointscap]

$RDDT is still down 32% YTD despite just minting their 7th consecutive quarter of 60%+ revenue growth.

The company can drive significant ARPU growth through increased ad loads, and AI driven improvements in ad targeting and conversion rates.

Operating margin is now 27.6% in Q1, up from 1% the previous year and will continue expanding into the 40-50% range.

Net dilution over the trailing twelve months is now just 0.62%

The business is extremely capital light, with just $1M (yes, million) of capex in Q1.

The forward P/E multiple is 29.9x and that’s based on a sandbagged EPS figure. True forward P/E is probably around 25x, for again, 7 straight quarters of 60% revenue growth, huge margin expansion, and extremely low capital intensity.

Not to mention, a durable moat that has been tested several times over the past twenty years. $RDDT may be new to the public market but reddit is NOT a new platform. They’ve been building their moat for over two decades and it’s extremely strong.

Add in S&P 500 inclusion which is only a matter of time, and $RDDT is set to explode higher.

[PassiveBubble @MultiMismanaged]

$PESI announced a going concern opinion on their recent earnings call and now they're issuing equity at a low share price. In addition insiders never buy stock, and they have shown an inability to execute or hit expections for many years. I want to like this, but management / the business have some deeper issues.

[Darius @risk2rise]

$BLND volume approaching 5x today. nice to see Haveli add another 2 million shares the last few days, wouldnt be surprised to see them adding more again today (big intraday move, was down -16% at one pt).

as rates come down later this year this will rip

[PassiveBubble @MultiMismanaged]

$BLND

[CEO Watcher @CEOStockWatcher]

Director (Haveli Investments, L.P.) at Blend Labs, Inc. $BLND purchased $2.79M (7th largest purchase, out of 11).

This increased their listed holdings by 17%.

Dip Buy: the stock was down -53% in the previous 6 months.

[PassiveBubble @MultiMismanaged]

Haveli, a PE firm with board seats, just bought more $BLND for the first time this year, as soon as the window opened up. This seems like a fairly bullish signal. The stock being down on the open today feels like a great opportunity to add.

[PassiveBubble @MultiMismanaged]

@1OOOgrams That’s my point

[PassiveBubble @MultiMismanaged]

$RDDT is valued at 22x forward EPS and just grew revenue 69% yoy last quarter.

Seems like one of the most mispriced stocks in the market these days.

I have been looking to own companies that are bucketed as AI losers but are actually likely AI winners, and I believe $RDDT fits into this camp.

[PassiveBubble @MultiMismanaged]

@TheWiseIC I was using adjusted EPS, not GAAP. Roughly agree with you if you're using GAAP

[Serenity @aleabitoreddit]

I still think $RDDT is one of the few non-AI names that is extremely compelling.

Just by how fast they’re growing + true profitability post-earnings.

Honestly still not sure why they’re underperforming the market…

[PassiveBubble @MultiMismanaged]

$MCEM just released a monster Q1. Partially explains the recent share price run-up.

[PassiveBubble @MultiMismanaged]

I agree that this is a big positive for $RDDT not a negative as the market seems to be saying today.

They have valuable data, and this data is going to be increasingly monetized as LLMs seek better real-time data.

[Marc Lehman @markflowchatter]

Def a big positive For $RDDT

looks like GOOG is making some positive changes to AIO and AI Mode.

crushes the bear thesis on $RDDT

- #1) more direct links embedded inside AI answers, #2) Explore suggestions puses users to external sites, and #3) previews of community content to help connect back to the OG author.
https://t.co/06SIkHjrKg

[PassiveBubble @MultiMismanaged]

“We had chosen to favor retail allocations” bwahahah @BillAckman I didn’t know you were a comedian.

[Bill Ackman @BillAckman]

I did not blame retail investors for PSUS’ and PS’ price drop. I did explain to the media that we had chosen to favor retail allocations over institutional orders by giving retail investors 100% allocations and cutting back institutions. In most deals, retail investors receive a smaller percentage of their orders than favored institutions.

Because the stocks opened late in the day at 1:55pm, investors who received more shares than they wanted were forced to sell in the last two hours of the trading day in order to have the cash to settle their orders the following day. This likely led to dumping of the shares of both PSUS and PS before the market closed.

I was not blaming retail investors. I was simply explaining what we believe had occurred. We just did not appreciate this dynamic in making our allocation decisions.

[PassiveBubble @MultiMismanaged]

@EzzineDe @DataDInvesting @J36776017 Yeah, he really schooled me. Stock down 50% now

[PassiveBubble @MultiMismanaged]

I’ll repeat that $SOFI is going to hurt a lot of retail investors soon. We’re worried about college grads and recent college grad employment. So the company sitting with $30B+ of high ticket personal loans to this cohort is exactly where I would not want to hide out.

Layered in the absurd 8x+ tangible book value multiple, and the fact that book value would be a lot lower if they followed CECL accounting on their loans instead of phony market to model accounting, the risks are really continuing to mount.