Clark Square Capital

145 special situations tracked this week — activists, tender offers, spin-offs, strategic reviews across 20+ markets. The full sortable Excel, free for 14 days.

Issue #13 of the Special Situations Digest is out — 161 situations across 13 categories. Here are a few quick highlights: LULU — founder Chip Wilson back at it, pushing for changes DT — Starboard takes a major activist stake at Dynatrace SOLV — Trian (Peltz) urges $2B tender + health-info spinoff DRVN — ADW Capital lobs $3B unsolicited bid at $18/share WEX — Impactive in proxy fight; Glass Lewis backed activists GRPN — Pale Fire amends 13D at Groupon MATW — Matthews International strategic review continues FLS — Starboard active at Flowserve on margin expansion International: Daikin (JP) — Elliott takes 3% activist stake Nippon Express (JP) — Elliott discloses 5% stake Rohto (JP) — AVI Japan + LONGCHAMP push shareholder proposals Toyota (JP) — completes ¥3.7T tender-offer buyback Vedanta (IN) — 5-way demerger goes effective Haier (HK) — 30% D-share buyback offer Impax Environmental (UK) — Saba Capital activist position

@ChairliftCap Jk. You won't make any money there either

@ChairliftCap There's always Substack bro

One of the more depressing conversations a person can have is public markets investors talking about their career outlook

@atelicinvest still the marketplace goat. best place to sell anything

Kinda nuts ebay rev up 19% 22 billion of gmv for a dead site nobody uses

@MikeFritzell @Wexboy_Value Thanks for including me!

The Top Finance Newsletters of 2026: - Citrini - thematic investing (⭐) - East Asia Econ - macro commentary on China/Taiwan/Korea/Japan (⭐) - The Transcript - earnings call transcript analysis (⭐) - Capital Employed - interviews, links to stock ideas (⭐) - Latticework - John Mihaljevic’s Substack (⭐) - Sunday’s Idea Brunch - interviews with great investors (⭐) - Astutex - trend-scanning through alt-data (⭐) - HFI Research - oil & gas (⭐) - Net Interest - Marc Rubinstein’s blog (⭐) - Healthy Stock Picks - global healthcare sector specialist (⭐) - DMT Capital - Young investor with a talent for short-selling (⭐) - Byron Street Research - small-cap ideas from a pro (⭐) - KEDM - event-driven ideas from Harris Kupperman’s team (⭐) - ToffCap - High-quality special sits ideas (⭐) - Yet Another Value Blog - Andrew Walker’s Substack (⭐) - Bireme - Poker player Evan Tindell’s fund that also invests in Japan (⭐) - Clark Square Capital - stock ideas from around the world (⭐) - Cluseau Research - US-based investor with a tilt towards financials (⭐) - Floebertus - opportunistic investing globally (⭐) - Gezzogero - German investor investing global small caps (⭐) - Halvio Capital - a talented global hedge fund (⭐) - Sector Stories - ex-buyside analyst turned sailor and blogger (⭐) - Sweet Stocks - Alex Sweet’s stock ideas (⭐) - The Mikro Kap - micro-caps from David Katunarić (⭐) - Undervalued Shares - Swen Lorenz’s newsletter (⭐) - A Value Fund - Tim McElvaine’s fund (⭐) - Alluvial Capital - Dave Waters’ fund (⭐) - Base Hit Investing - John Huber’s blog (⭐) - Bonhoeffer Capital Management - Keith Smith’s global value hedge fund (⭐) - Kerrisdale - US long/short fund occasionally writes about Asian equities (⭐) - Speedwell Research - high-quality deep dives (⭐) - The Science of Hitting - Alex Morris’s blog (⭐) - Ian’s Insider Corner - LatAm/North American stock ideas from Ian Bezek (⭐) - Value and opportunity - Germany-based blogger (⭐) - Asian Century Stocks - Asian value stocks (⭐) - Collyer Bridge - Singapore-based Substack covering exciting new themes (⭐) - East Asia Stock Insights - Value stocks in East Asia (⭐) - Made in Japan - growth stocks in Japan (⭐) - Offpiste Investing - great curation of Asia-related links (⭐) - One Foot Hurdle - Taiwanese and Hong Kong equities (⭐) - Smartkarma - a research platform for institutional investors (⭐) - Bronte Capital - John Hempton’s Sydney-based long/short fund (⭐) - East72 Dynasty Trust - Andrew Brown’s fund focusing on global equities (⭐) Do NOT take this list too seriously. It's based on what I've read - what I can personally vouch for. If your publication is not included, it's probably because I haven't read enough of it. Maybe next year. Michael

Stanford Business updated its primer on Search Funds. Here is the 2026 edition: gsb.stanford.edu/gsb-box/route-…

@MikeFritzell Not this year

@ClarkSquareCap Will you be around the BRK AGM?

Boston-based fund manager tells me I should charge $250/year max. Wealthy guy. Is $250 really that much of a psychological hurdle?

PDF feature launched! All issues now have a PDF, and will have one going forward as well. Check out Digest #9 as a sample: specialsitsdigest.com/content/files/…

@HatfieldCapital thank you! saw the results. it was a bit hard to square bkng flat, expe up lsd, and tzoo down 12% lol. although tzoo could just be pulling back. i think they are more insulated from ME disruption since it's more us/europe and it's deal driven

$TZOO with a solid Q1 report (margins up to ~14%). Stock up 45% today

@little_caesar77 @JPSInvestments You can divide the change in sub revenue from QoQ by 10 usd (or 1/4 the yearly price)

@JPSInvestments How did you come up with +50K members?

$TZOO - Management executing no differently as they've been guiding...stock up 50% today (+108% from my initial flag). • Cutback sales & marketing, dropping CAC significantly ($27 CAC against $50 membership), added another +50K members • Pace of member adds stable despite price increase • Advertising & Commerce revenues stable (~5% decrease YoY) • Repurchased 500K shares in Q1 • Still cheap...trades 8x annualized Q1 earnings with 12M net cash position with ~20% sequential growth in membership revenue x.com/JPSInvestments…

@insiderfed thank you! claude code. but with lots of input from me

@ClarkSquareCap this is beautiful. what is the stack that creates such beautiful pdfs?

@kingdomcapadv @CVCResearch Opening bid. They will have to bump it

@CVCResearch 20% premium after years of being a value trap is wild

Parent company DoubleU Games offering to buy out minority shares of $DDI. The offer price seems way too low, and hopefully DoubleU will be forced to increase it I wrote up a $DDI long in February valueinvestorsclub.com/idea/DOUBLEDOW… "DoubleU offers $11.25 a share to buy out $DDI investors"

@kingdomcapadv Maybe $GRVY is next? lol

@ClarkSquareCap See $DDI

Maybe one day... $GRVY

@insiderfed i just tell it, make 5 different mockups, and then i pick one and keep refining.

@ClarkSquareCap 😂 frontend design from ai is a nightmare. i ask it to screenshot and then improve on it. i mean it misses a lot even then but any measure

Claude was not getting the design right for a project I'm working on, so I had it read Tufte's The Visual Display of Quantitative Information 😂 Worked like a charm.