Negative Working Capital

L/S

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2025 L/S Ideas

Longs: SE, AMZN, HLT, CP, UBER

Shorts: VEEV, PATH, AMRK, CHH, DOCU

[Negative Working Capital @negworkingcap]

@BubbleBeta @lanaar2 dm’ed

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2025 L/S Ideas

Longs: SE, AMZN, HLT, CP, UBER

Shorts: VEEV, PATH, AMRK, CHH, DOCU

[Negative Working Capital @negworkingcap]

@SleepwellCap would love to join music & serial acquirer ones pls. thanks sleepwell!

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@PythiaR not just harvard. look at yale, stanford, MIT etc. all going to have a v serious liquidity crunch next 1-2yrs

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@mustang_cap23 @ChairliftCap @DanielSLoeb1 picking your LPs carefully also important!

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@TMTBreakout L $SE, S $HIMS

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great idea and highly needed. thanks for making this happen @XanderXanXan

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@lanaar2 yea they are screwed

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@SaiParepally yeah pretty much everything - business product mgmt. sort of crazy this is worth $7.5b as a services biz when it is almost definitely a LT zero and pretty much just running on fumes of legacy SW to support it

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@ComebackCap the only redeeming qualities are 1) its objectively sort of cheap on a pure multiples basis 2) the business model is innately pretty good so hard to completely f*ck up

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@ComebackCap Pat is an idiot and is completely fixated on hitting the quarter. meanwhile pipeline is flat / negative (they keep changing definitions and moving stuff around) and HLT / MAR midscale conversion becoming a material % headwind to units. checks on franchisees are awful

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@ComebackCap long book pretty consensus lol

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Longs equal-weight perf: 51.0%
Shorts equal-weight perf: (8.6%)
L/S Spread: 42.4%*
(*Beta-adjusted: 34.4%)

[Negative Working Capital @negworkingcap]

2024 L/S Ideas

Longs: GOOG, SE, PCOR, TEAM, HCP

Shorts: IOT, NET, DUOL, SYM, DPZ

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@eveleigh_cap if they were smart they would not do that. sadly they are not very smart and investors will pressure them so they probably will.

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@WaterworldCapi1 As a short?

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Repvue claims they have 5-15% of reps participating at companies in their coverage. Is this even remotely true / is there any way to validate this?

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Anyone know hotels well and can DM? Thx

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@viggy_krishnan 4) bulls prev negligent - believed CRM can't/wont build "real" product/ compete...but now clear they are serious + further along than most ppl thought 5) while val'n more palatable, risk is margins killed if above happens b/c they will have much worse negotiating dynamic w top 20

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@viggy_krishnan think its a mix. slate of issues currently are 1) R&D decel'ing 2) commercial growth is a ? bc add-on modules havent worked, pushing needle too far on price, issues ex-CRM bc pharma reps in decline 3) lost key talent to CRM who is ahead in AI & likely better relationship wrt IQV