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@ACapitalLP Ok, please add me. Thank you

@skewangles Need to follow me to be added

Starting a special sits chat - ping me with your best idea to get added.

To make the current price fair, below must be true: Core FCFE collapses/ guide proves unsustainable. Bad M&A, debt, poor deployment of DOMS optionality on the horizon. FILA remains a holding-company discount problem stapled to a stationery name, but valuation looks too punitive.

Market may not be pricing DOMS as a "monetizable" asset but it still is a quality one: FY26 revenue of ₹2,326.4 crore, EBITDA of ₹402.6 crore, and PAT of ₹239.6 crore. Plus, a US-India trade agreement, under which tariffs would fall from 50% to 18%, is “strategically positive”

$FILA.MI - market may not be pricing a Q2 catch-up. Management explicitly says Q1 weakness reflected order shifts into Q2 in North America and Europe, not pure lost demand. That can be spin, of course, but it is testable very soon.

11/ The best news is that the irresponsible cousin, Raízen, is finally told to solve his own problems. The stock is paying you to believe management has stopped worshipping size and started worshipping survival. In Brazil, that counts as a religious conversion. $CSAN3 🔚

10/ built too many wings, borrowed against the whole compound, and now has to sell the guest house before the bank gets interested in the main residence. The good news is the guest house found a buyer. The better news is the management still owns the residence.

Cosan is a levered Brazilian holdco w/ good assets, and Raízen contagion. At R$4.3, the stock is pricing Cosan is a broken, open-ended liability stub. But markets tend to over-discount situations when they confuse a broken distribution model with a broken asset base. $CSAN 🧵

@CParyse86296 The mgmt has said things like "expects to distribute a significant portion of the excess cash", "further invest, both organically and inorganically, in developing next generation tech". Are shareholders really entitled to assume “$7.50+” in your view?

Getting back into $VISN. At $11.33 you are creating Aurora at 3x pro forma for the sale of Ruckus. Upside is still $14-$15 at 6x, so you can make 70-100% on the stub. The Ruckus deal and special dividend of $7.50+ should happen in H2.

8/ If a sale of a major "Controlled" entity (NSG, or a specialty finance sub) is executed near the carrying value, the "Level 3 Voodoo" narrative will die fast. Validated NAV will lower perceived credit risk, forcing the value per share up. $PFX 🔚

7/ In 2025, it sold a large position in First Brands Group for 95.5% of par value. And they are actively cleaning house, realizing small losses where needed, recycling cash into share buybacks. But for the thesis to work, there needs to be a monetization event.

PhenixFIN $PFX used to be Medley Capital, which was a trainwrec. It suffered massive losses, the management seemed entirely disconnected from the concept of fiduciary duty, and shareholders got taken out back and beaten. Since then, the name got changed, so did its structure. 🧵