SHRUG

@TheStockerMan Well written!

$HIMS is down 8% because investors saw the convertible note offering and immediately worried about dilution. But I think this needs a little more context… $HIMS announced a $300M convertible senior notes offering due 2032, with an option for another 45M. So max size = 345M. At roughly a $5.3B market cap, that is around 6–7% of the company’s value. But this is not the same as them dumping 6–7% new shares into the market tomorrow. It is debt that can convert later, and part of the proceeds are being used for capped calls, which are meant to reduce dilution risk if the stock moves higher. The real issue is not the note itself. The real issue is timing… $HIMS just had a messy Q1. Revenue was $608M, up only 4% YoY. Subscribers grew to nearly 2.6M, up 9% YoY. Gross margin dropped to 65% from 73% last year. They reported a $92M net loss vs $49M net income last year. That is why the market is sensitive right now… The compounded GLP-1 boom faded, $HIMS pivoted toward branded GLP-1s through the $NVO partnership, and now investors are worried about profitability. Demand is not the problem. $HIMS guided 2026 revenue to $2.8B–$3.0B and still reiterated long-term 2030 targets of at least $6.5B in revenue and $1.3B in adjusted EBITDA. The problem is the market does not want just revenue growth anymore… It wants proof that the new GLP-1 model can produce strong contribution margins, retention, cross-sell, and operating leverage. That is why the stock is down. Not because $300M of capital destroys the company. It is down because investors are already nervous about margins, and then $HIMS added another dilution/debt headline on top of it. Personally, I think the move is an overreaction if you believe the 2030 platform thesis. $HIMS is using capital to fund: - Eucalyptus acquisition - International expansion - AI infrastructure - Fulfillment infrastructure - Better cost structure over time - More financial flexibility That is exactly what you would expect from a company trying to become the global consumer-facing front door for healthcare. But now they have to execute. The next few quarters need to show that the $NVO partnership can turn GLP-1 demand into profitable recurring growth, that international expansion can scale, and that AI/fulfillment investments actually improve margins. The bear case is: dilution, lower GLP-1 margins and slower growth = multiple compression. The bull case is: this is a temporary reset year, $HIMS uses the capital to expand globally, branded GLP-1 becomes a lower-risk long-term channel, and the market eventually re-prices the company back toward the 2030 story. I still think the selloff is more emotional than fundamental… But $HIMS has to prove it now.

@WisemanCap Pff, Will you continue holding?

$TTD you can’t keep missing guidance

@De_belegger @VanBroeckhuysen Damn krijg je t dan echt niet heet onder de voetjes?

@VanBroeckhuysen Yep

$AMD

@Thijsbuitenhuis Ik heb je een dm’tje gestuurd 🙏🏻

$SPG $SPG.DE Springer Nature 1Q26 results are very solid. 6.2% organic growth, strong underlying operating profit growth (8%) and >€200m in FCF in 1Q26 alone. This should not be a double-digit fcf yield stock

@De_belegger Rip, zitten we met de gebakken peren. Overweeg jij om te stemmen op puur alleen een partij die tegen het box 3-voorstel heeft gestemd? Voor mijn gevoel komt dan eigenlijk alleen JA21 nog in aanmerking... Of is het meer dat de VVD vooral wordt uitgesloten?

@MrShrugging Klopt maar gister kwamen ze met hetzelfde voorstel als eerder. Twee wijzigingen: 1. Een jaar verlies terugrekenen 2. Uitzondering bij grote levensgebeurtenissen (wat dat ook moge betekenen)

Voor het eerst sinds ik mag stemmen: géén VVD. Laat ze maar voelen wat er landelijk aan komt en vertel het aan iedereen die je kent! Box 3 vergadering gisteren in de eerste kamer was een kleine verbetering maar zeer teleurstellend.

@Thijsbuitenhuis Interessant weer!

…940402.fs1.hubspotusercontent-eu1.net/hubfs/14394040… for the letter youtube: youtube.com/watch?v=HjBzoM…

February was a tough month for us (+0.1% vs index +2.2%) . See below for our podcast and monthly update. We discuss ao $OCI, $ZEG.LN $ZEG and $IMCD / $AZE

@Jaime21129601 Also can’t find anything quickly

@Thijsbuitenhuis Dit is top!!

open.spotify.com/episode/05vlee… youtube.com/watch?v=Qj3NdU…

Our fund (@NorburyCapital) started the year with +1.6% in January, behind the EU small-cap index (+3.6%). You can read about this in our newsletter, or - since this month - watch our podcast (link in comments). We discuss ao @Zegona_Comms $OCI, $PDX @PdxInteractive and $CER.LN @cerillion

@RicoRokka Anything they say/do will be criticized. If they’re not a fraud it was never their intention to let the stock fall 50+%. Obv the situation changed and at these prices the least they could do to assure the holders is this imo. But yh they still fked up a ton, so hard to win trust

$int $int.st Saga continues. board trusts the process and starts buyback of up to 250MSEK with 350MSEK in cash position following dramatic shareprice fall. Also expects that 500MSEK comes in soon so could focus on buybacks and operational business. Opinions?

@SleepWellTrung Also wondering what the downside is from here. With the complete capitulation of yesterday (which is well deserved) i feel like the fraud thesis is largely being priced in, now thinking what if its just no a fraud lol, whats the upisde. I feel like were the last ones holding oof

$INT.ST $INT well done!

@Spike_1567 @SimeonResearch_ Why is it stupid ?

@SimeonResearch_ thats crazy. This is similar to one of my big issues with Vitalhub is their stupid dilution. They have such a amazing balance sheet that I find it sketchy they need to dilute shareholders and their growth is insane

$INT.ST - Q3 2025 📉 After reading the report I was indeed shocked 😳 > For some reason the buybacks aren’t happening and will be another vote? > 83% of the revenue came from the a billing that is supposed to be fully paid in two years, what???? Incredibly shady > CFO stepping down after a 2 month tenure for ‘’other roles’’ and the COO becoming the new CFO ??? > EKN & tangible assets reclassified where used to boost op CF without those factors its very negative > Apparently devices are bought for 5-10k and resold for 40-50k, why isn’s Moveomed buying directly from suppliers? What kind or arbitrage is that > Dosimeters sales were very low for the quarter, not mention of why (timing?) Personally I cannot overlook over those issues! Congratulations to everyone that played the downside move, and called it, really well done! 👏 I fully exited my stake at today at 71 SEK, I had trimmed 30% the position near 110 SEK and another 30% the day before the results (thank God). Even with some smaller trims I did near 200’s this trade was an overall loss. I really do not mind it loss given the big winners this year BUT I am VERY annoyed as was incorrectly lenient with questionable management decisions. When I opened the page I promised to show good & bad trades unlike most here and this was not a good choice on my part. Only things to learn from this experience. 🫡 Onto to the next play my lovely people. 🤝 For shareholders that are still in, I wish you luck and hope this isn’t a fraud hard to argue anymore after this mess.

@stock_logging @oystein_barmen dayum lol

@oystein_barmen Where's your statement on the false information you spread last week? $INT $INT.ST x.com/oystein_barmen…

$int $int.st «Nasdaq has requested that the Company issue this correction and inform the market that Nasdaq has submitted additional questions concerning, among other things, the Likang agreement. The Company will cooperate fully with Nasdaq and looks forward to all outstanding matters being clarified.» If Intellego's agreements are legitimate, obtaining confirmation from their counterparties and clients should be straightforward

@fedex774 Interesting, my lesson is: when twitter experts are relentlessy shitting on a company mainly based on assumptions, heavy negative unsolicited opinions, without actual proof or confirmations, there might be an opportunity in disguise if you're able to look through the noise.

9 lessons I learned from the Intellego debacle 🧵 Intellego is collapsing — and for good reason. Many investors are starting to fear that $INT might not be as transparent as it seemed… some even whisper the word fraud. Here’s what I’ve learned from this mess👇

@fedex774 @soderhigh @oystein_barmen Thanks G, management comments have been horrendous and some outings are debatable, but twitter peeps at this point are just blaming anything without solid proof trying to add oil on the fire. If its not a fraud, of which the chances are higher imo, the upside is defo there

@MrShrugging @soderhigh @oystein_barmen good luck

Intellego $INT has to issue a clarification every time they post a report. Do you guys understand this is not normal? But this is not the worst part, as noticed by @oystein_barmen MoveoMed a company with an equity of €200K made an order to Yuvio for €22 million. Bro what??!!

@sonylbb im w you, management comments have been horrendous but twitter peeps at this point are just blaming anything without solid proof trying to add oil on the fire. If its not a fraud, of which the chances are higher imo, the upside is defo there

A lot of noise here. Big money or big loss? I bet on the first one. If I'm wrong I could do x0, but what if I'm right ? x5, x10? $int.st $int

@fedex774 @soderhigh @oystein_barmen I lowkey kinda bought lol

@soderhigh @oystein_barmen Bro just go all in on Intellego, if your conviction is so high you have an unreal opportunity here

@HarryHelt @SleepWellTrung he literally commented that its bs lol

$INT.ST $INT on revenue recognition

@Thijsbuitenhuis @NorburyCapital Goed stuk!

Another good month for the @NorburyCapital fund. We're now up +24.4% for the year, well ahead of the small-cap index ( at +12.9%). Top performer: $PHLL and $MEDCL. we discuss Azelis $AZE and why we think r/r is interesting here.

@PronkDaniel If I could have invested in your succes somehow, I would have done it when I found you channel years ago 🤙🏽

I went to a wedding about a month ago and saw someone that I haven't seen in roughly 10 years. This person has always doubted me, and was very vocal about how I wasn't ever going to become successful. He came up to me at the wedding and said "I never thought you were smart enough to make it. I'm surprised you did." He even introduced me to people and said this to others. My response was: "We usually project how we view ourselves and our own limitations onto others, so no hard feelings." This was my first experience seeing someone from a past life after becoming who I am today. It was really strange, but also humbling. I feel like the days slip away and I get caught up in the grind. I'm always focused on the next task, or fire that I need to put out, which can prevent me from taking a step back, and appreciating how far I've come. Moments like the wedding really put that into perspective. Also, don't ever let someone else's limitations influence your own. I always knew I'd be successful. I never doubted it. I didn't know how I'd do it or get there, but I felt deep inside that it was my destiny. I'm honored and grateful for it, and the ability to ignore the doubts of others. Just remember that when people doubt or place limits on you, it's more a reflection of how they view themselves then how they view you, so try not to take offence to it. I'm not sure why I'm writing this, but it was on my mind and I felt like sharing.