Once more we’re forced by Coinbase to do another sale, but the exchange has added support for another high-conviction idea, which we are glad to add to the portfolio in the process.
It’s time for our semiannual Review Issue featuring a formal re-recommendation from the Canada-facing side of the scorecard, as well as a review of prior recommendations now past their two-year service anniversary.
A strong rebound from the post-COVID slump is impressive, but the micro-cap’s thin margins and niche market don’t justify its premium valuation. The good news is fully priced in.
A sharp slowdown in growth and mounting credit concerns have shattered the hypergrowth narrative. When an AI lending company voluntarily tightens underwriting, it’s a clear signal that the credit cycle has turned.
Despite strong operational performance, slowing growth and a strategic pivot into riskier credit markets have caused the market to lose faith. The hypergrowth story is no more.
The direct-to-consumer wine boom has turned into a bust. With revenue in structural decline and the large cohort of pandemic-era customers churning out, the original growth thesis is definitively disproven.