What 13F filers would you add to (or subtract from) this list? Abrams Capital Management L.P. ADW Capital Management LLC Akre Capital Management LLC Altarock Partners LLC Ampfield Management L.P. Bares Capital Management Inc. Barton Investment Management Baupost Group LLC

Our Q2 letter is out. Includes updates on $PRKS, $ECN CN, $CLBT, $PHIN, $ARE CN, and $GENI..with new position disclosure on $FIVN. static1.squarespace.com/static/601ae5e…

Nice to see $GPRE flirt with $11, after the bell, on its asset sale. I took a big drawdown, from $9.50 to the low $3s, but did aggressively add in the mid $3s...and this has become a big winner. It has been a tricky year, but there is still a place for conviction in small caps ;

Is $PAR dead? Like I must have missed a memo? did anyone listen to the earnings call? 2H25 margins should inflect, as incremental EBITDA margins are >40% we have a chance to win three contracts worth multiples more than BK (~20-25M) 100M pipeline (assume 50% win rate) +

New favorite sellside chart…

How can you not love Mark Leonard. What other CEO would say this. $CSU.to

New bull case for $PAR: GTA 6 on Wendy’s loyalty app

For the $PAR people on X Did anyone listen to the Goldman call for $PAR and feel uneasy about the 3 mega tier 1 deals? Just trying to get a sense if people are worried about delaying TASK just not to win these deals? Anyone know the likely hood of PAR winning BK international