Jack Patrick

$SNAP is the junkiest of Junk, user base doesn’t use it for traditional social media (it’s difficult to even refer to it as a social media, because it’s not really), 50% of the time people use it to do shit they probably shouldn’t do, the other 50% it’s basically just messaging app. All it takes is one group of kids disliking it for the user base to go to near zero. I nor Pelican Way have any position.

this is gross. if you raised someone willing to fight and die for our country, and are not a criminal, in my book you deserve expedited citizenship. especially right now actually, forget gross. truly repulsive

@BagholderIQ @ericjackson The stocks low because it’s a god awful business either way

@ericjackson So you have moved on from $OPEN now? Nobody can afford Peloton at the moment that’s why the stock is so low Appa will replace it

I’m long Peloton at $4. $345M in free cash flow. $1.18B in cash (67% of market cap). 7 insiders bought in the last 90 days. I read every earnings call. Here’s what I found.

@CodfishJohnny @YoungJustin

I'll keep going with both the whistleblower work and advising and representing short activists, something that keeps the lights on and keeps the engine of finance, relatively, honest. Government has given up on fighting fraud in the markets. It's up to you: Muddy, Grizzly, Blue Orca, Fuzzy Panda, Morpheus, Callisto, Jehoshaphat, Culper, and all of the others - including the one man shops. But what the fuck am I even doing as a whistleblower lawyer? For some of my cases, I have to tell clients the Trump administration simply doesn't care. For others I have to tell them they'll never see an award because the SEC no longer does corporate fines. For still others I have to tell them the SEC's Claims Review Board will fuck them in the ass when it comes time to get paid. For still others, I have to explain that the CFTC might as well not exist and that the DoJ has never taken its own program seriously. And for a few I have to explain that Presidential pardons mean all of the time, effort, and personal risk have been wiped away by the swipe of a corrupt pen. Fraud - the widespread theft and misallocation of capital - hurts us all. It destroys faith in the rule of law and in capitalism itself. Want AOC or Bernie as President? Then you should love this administration because its gross corruption makes that much more likely.

@WaterworldCapi1 If the systematic idiots could read they’d be very angry

Not at all surprised to see the rug pull at $HGRAF $HG.CN . Textbook pump & dump with shady cast of characters. Don't be surprised when shares are worth pennies

The deteriorating quality of Bar taco in Westport is actually crazy. #makebartacogreatagain

@GlassH_Research @herbgreenberg One of the greatest screens, look at the @JonahLupton long holdings, plenty of shorts in there

@herbgreenberg $AVAV always coming across my screens

This is an example of what happens when overly promotional management over-hypes a deal that never made sense in the first place. $AVAV herbgreenberg.com/p/mini-case-st…

Issue #6 of the Special Situations Digest is out. 139 special situations this week, global coverage. Sortable Excel included. If you follow activists, M&A, or event-driven setups, this is worth your time. What situations are you watching this week?

@AuditTheHerd @CedarStResearch He is indeed legendary

Got to hang out with the legend @CedarStResearch yesterday. He is building something very cool👀

Well timed $HGRAF short by Pelican Down about 30% since their call

We are short $BW, a stock up ~75% as of this morning on a PR claiming it has a $2.4b deal, but the devil is in the details, or in this case, Santa Monica at the HQ of our old friends $RILY… keep reading because this is every bit the shit show you expect from $RILY… First off, $BW’s counterparty is not $APLD but Base Electron. Base Electron’s address is the EXACT same as $RILY’s, and look who is a director…. Bryant Riley. Base Electron was formed in December 2025…after $BW announced a limited notice to proceed for a supposed $APLD project in November.

$HGRAF is, in our opinion, one of the most obscene promotions of recent, its been written up very well by @CapybaraShort and @FuzzyPandaShort, we have decided to initiate a short position based on their research and our own confirmation of the diligence.

If it wasn’t already a banger it certainly is now

@ericmass_ @Pelicanwayre Yes.

@Pelicanwayre Are they still a prospectless company? 🤔

1/4: The YouTube channel that interviewed the CEO of $HOVR decided to attempt a rebuttal of our report. We watched the video and found it laughably filled with inaccuracies and omissions of certain sections of our report. They ask for our “human analysis.” Well, here’s an unedited line: New Horizon is by far one of the Worst and one of the most prospectless companies I have seen in my career. The executives continue to try and screw shareholders by taking massive compensation packages bordering on absurd. They are selling shareholders dreams that, in our opinion, are blatantly misrepresented; they are preying on the unsophisticated investor to fund their science project. It is my belief that this company will no longer be around within 10 years. The diligence conducted was significant and thorough, which I 100% believe, throughout this video, they chose to attack me and my company personally. In a very simple answer, if I’m wrong, I’m answerable to my bank account.

@Pray4Equity This does indeed intrigue me

Here’s an interesting short idea of a very uncertain but eventual time horizon: $STCK Stack Capital is a listed private investment holding company with about 9% downside to pro-forma NAV, though these historically trade at discounts of 20% to NAV on average. I say the timeline is uncertain because I am certain this will once again trade at a discount, but it is impossible to know when. 29% of their portfolio is in SpaceX, now valued at $1Tn after the xAI merger. Based on profitability last year and 2026 estimates, that is 83x 2026 EBITDA. SpaceX likely pays very slim taxes but depreciation is at least 10% of sales by my estimates so a real earnings multiple would be even higher. That multiple is on a VERY capital intensive business that is seeing increased competition in both of its main segments (launch + satellite internet). Either way I think it is very overvalued and $STCK is with it. That said I think it would be dumb to short STCK… here. I think there may be money to be made waiting for SpaceX to IPO, then selling the news… maybe. No position as of yet.

Disclaimer: currently have no positions in any of these

We’re going international: $3905 $BCUCY $DRO $STNE $BOSS $BRBY $MONC $3692

Japan is a very fertile ground for short targets if anyone’s interested, barrier is obv language.

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