The following report outlines our long thesis on CWH as well as the feedback from our latest survey of independent RV dealers across the country.
READ MORE >The “Minsky moment” has finally arrived for EXPI, as the company’s agent count declined for the first time in history. Never forget, for EXPI’s AGENTS it’s always...
READ MORE >“The truth is, for 2023 the only metric that matters for CWH and the RV industry at large is INVENTORY. Appropriate inventory channel management preserves economics for everyone in the space and positions the industry for growth once again...
READ MORE >“Again, we covered a lot and provided more color and guidance than we usually do. In that spirit, I want to remind you that we are here today to discuss our financial results and the progress we made integrating Bed Bath & Beyond. We appreciate...
READ MORE >In our view there are four issues that are paramount for CWH shares and that will dictate how the stock trades over the short term 1.How much will demand pull forward in 2020-1H22 impact sales of RVs going forward? The RV...
READ MORE >“I was at eXp for 3 years, made ICON Agent every year, but the opportunity to build a big downline at eXp is long gone. I went to LPT Realty and have grown from 30 agents to almost 300 in one year. Best thing I could of...
READ MORE >Perhaps sell-side analysts and investors still don’t understand the true nature of EXPI’s business. There’s a reason this company has missed EBITDA expectations SEVEN out of the...
READ MORE >“And so we feel like the channel is very, very clean right now…. And there's been tremendous discipline. But we're encouraged and optimistic as it relates to really the cleanliness of the inventories and the weeks...
READ MORE >Amidst all of the gibberish about “net promoter score”, Bain consulting books, and nonsense technological assertions, there are some core realities related to EXPI that probably should be...
READ MORE >“We said on retail 370,000 to 390,000 is our expectation. Wholesale 325,000 to 350,000.” Brian Michael Hall, CFO, LCI Industries. 2/14/23. 4Q22 Earnings Conf. Call “The one thing that I'm noticing that is different than any other soft period...
READ MORE >Here are some fun facts: EXPI missed consensus EBITDA expectations in four of the past five quarters 12-months ago the consensus estimate for EXPI’s FY22 EPS was $0.78. We now estimate...
READ MORE >For the past two years, we have listened to criticism after criticism of Marcus Lemonis and Camping World. Skeptics typically bring up the following issues when criticizing Marcus, his...
READ MORE >Our latest RV dealer checks suggest industry demand remains solid while inventory levels have started to normalize. More importantly we think we are moving into an environment were the merits of CWH's strategic growth initiatives introduced over the past 2-3 years should start to shine. ...
READ MORE >Over the past 5-years, Marcus Lemonis and his team at CWH achieved a number of accomplishments including: Increased company revenues by more than 50% Expanded CWH’s leadership at the top of RV...
READ MORE >“On June 1, 2021, the Company received a subpoena issued by the staff of the Division of Enforcement of the Securities and Exchange Commission (the “SEC Staff”) requesting certain documentation and information...
READ MORE >Camping World investors remain overly obsessed with new RV sales at a time when the company's growth prospects are increasingly tethered to high margin revenue sources such as service, rentals, camping...
READ MORE >“For the Indians, one run on, let’s see, one hit? That’s all we got? One g—damn hit?” Harry Doyle....
READ MORE >For those who think they’re really good at playing this game, we present you the following question: A year ago consensus estimates for FY21 EBITDA for CWH were $293MM. By tomorrow, we expect consensus EBITDA estimates for CWH for...
READ MORE >Well that was quite the round trip. No one rings the bell when valuation compression starts, or for that matter when it stops. EXPI shareholders and their agents (one in the same in this case),...
READ MORE >For the past 6-9 months, every single one of our conversations around CWH revolved around a single question: When will demand collapse? Put this in the category of “every general fights the last war”. Even after crushing...
READ MORE >Following a quarter in which EXPI added more than 4,700 agents, generated more than $23.6B in transaction volume, and of course increased the share count by 3MM, there’s really only one...
READ MORE >Eighty-one cents?! That’s all CWH gained yesterday following a quarter during which the generated 26.9% same store sales growth, delivered 740 bps of gross profit margin expansion, efficiently managed G&A costs, and beat...
READ MORE >We sent the attached slide deck along with individual letters to Warren Buffett and Charlie Munger. This is the second time we have sent a letter to Warren Buffett. Eleven years ago, we sent a letter to Mr. Buffett to illuminate some of the...
READ MORE >The stock market has been extraordinarily kind to “fake it until you make it” stories that operate in large total addressable markets (TAM). If you run a long/short book in any...
READ MORE >“As we think about the possibilities of it, it wouldn't surprise me if we -- it wouldn't surprise me if we stayed away from the rental business, but we looked at alternative technology...
READ MORE >“So we have 2 goals going forward; grow our total file size [customers] profitably, by the way; and grow the average spend per member. That is our business model, and it always has been. We did...
READ MORE >“I am on the hunt for new and bigger ideas that can change our company and even the industry. I know we have to keep thinking bigger given the industry dynamics and our need to create more shareholder...
READ MORE >“I've got depth of perception in my text y'all I get props at my mention 'cause I vex y'all So what'cha...
READ MORE >LONG
$70
SELL/SHORT
$4
SELL
$50
SELL/SHORT
$45
SHORT
$18
SELL/SHORT
$5
SELL/SHORT
$42
LONG
$75
SELL/SHORT
$50
SELL/SHORT
$50
LONG
$5.50
SHORT
$50
SHORT
$28
LONG
$65
LONG
$37
PAIR TRADE
$10
PAIR TRADE
$30
LONG
$35
SHORT
$35
SELL/SHORT
$10
SHORT
$101
SHORT
$15
SHORT
$0
SHORT
$9
SHORT
$0
PAIR - LONG BGG/SHORT TTC
25%
PAIR - LONG BGG/SHORT TTC
25%
SHORT
$14.00
SHORT
$22
SHORT
$15
SHORT
$20
SHORT
$31
SHORT
$35
SHORT
$30
PAIR - LONG KNL/SHORT MLHR
25%
SHORT
$100
LONG
$8
LONG
$20
SHORT
$22
PAIR - LONG CSGP/SHORT LOOP
40%
LONG
$35
SHORT
$275
SHORT
$0