OC Family Office

[OC Family Office @thrivecap]

@gnoble79 @ExpectedValues You are an idiot

[OC Family Office @thrivecap]

@Flowryyy_ 14

[OC Family Office @thrivecap]

@JerryCap 😂 are you short?

[OC Family Office @thrivecap]

@jaysyoon @PrivacySetting1 @floppednutss Dumb question, is the opposition from activists premised on any real scientific evidence that grouting is meaningfully inferior (riskier or dangerous) to vitrification? Do these longer Class 3 submissions being asked of DOE raise risk that disclosures surface any of these risks?

[OC Family Office @thrivecap]

@ElixirReserve @jaysyoon Jay, I appreciate the thoughts. But the way public market investors are judging the “credit markets” ignores a variety of maneuvers available to them, in private markets + customers themselves or investors like NVDIA. This is healthy for the sector. Will impose discipline.

[OC Family Office @thrivecap]

@vrotjan @DOMOCAPITAL Bigger question, at least for me, is whether the path to grouting volumes taking away from the glass treatment is as straightforward as some of the bulls here make it out to be. But I am long for sure

[OC Family Office @thrivecap]

@vrotjan @DOMOCAPITAL Even if there is another raise, it would likely be marginal — a small bridge to a significantly derisked outlook … essentially a path to ramp to secured volumes. I would also presume they have more options on financing and structuring any transaction in the least dilutive way

[OC Family Office @thrivecap]

@Wayne311 @DrRoto Yes

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@Veekay0606 @Downtown Was never a high conviction long. More of a trade. Sold after the strong run. Then decided to take a small short based on expectations getting ahead of themselves. Covered. Now on sidelines. Good luck

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@Veekay0606 @Downtown Actually sold, and shorted

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@MikeFritzell Could set Samsonite up as a natural consolidator. BÉIS may be an early example: buy the winners, bring DTC/digital talent in-house, then leverage Samsonite’s sourcing, distribution and global scale. May take a few years, but I think the setup is increasingly interesting.

[OC Family Office @thrivecap]

@MikeFritzell Absolutely. Interesting to me that post-Covid we saw a proliferation of DTC luggage upstarts and a much more fragmented category. Suspect a number ultimately struggle as growth normalizes and customer acquisition gets harder.

[OC Family Office @thrivecap]

@MikeFritzell Also thought the BÉIS acquisition looked better than the initial reaction suggested. ~$210m of sales, still growing DD, acquired at ~1x sales with margins already similar to Samsonite. Sell side sees 6–7% to sales/EBITDA in ’27, plus potentially meaningful international upside

[OC Family Office @thrivecap]

@MikeFritzell Separately, curious if you still own Samsonite down here near ATLs? 2Q was pretty ugly, particularly NA, but wondering if you think expectations/valuation have finally washed out enough to make it interesting again

[OC Family Office @thrivecap]

@MikeFritzell Potentially a modest NAV catalyst for FIH. Does that seem like the right way to think about it?

[OC Family Office @thrivecap]

@MikeFritzell Curious on ur take on “forced” CSB divestiture as Fairfax parent pursues the IDBI acq. FIH initially reacted favorably to news. My read - embedded value in the 40% CSB stake that isn’t reflected in the carrying value, but could be realized in a control transaction.

[OC Family Office @thrivecap]

@farman4x 98

[OC Family Office @thrivecap]

@PepRoy10 Is FIH up because of the implied CSB divestiture or because market is cheering IDBI transaction? Isn’t the $5 billion+ transaction being looked at by Fairfax Financial rather than FIH, or maybe both with FIH minority position? Scary to think they could issue equity at a discount