tacos

A crispy taco for a buck at 600 spots around the country trading at $250 million or about half a million an outlet, one third the value of fire-grilled citrus-marinated chicken.

chicken

Fire-grilled citrus-marinated chicken at 483 spots.

The business model trades at 675 million, about 1.5 million a location, on 34 million shares of which 17 float with 3 million shorts. The numbers reported were better than expected

Enjoy

house party

The management was downright ebullient. 

The numbers were up.  EBITDA a record of $150 million on $550 million of revenue for the quarter which was better than the professional soothsayers expected but heartening to insiders having bought with reckless abandon. Employees returned to work and stores are to be opened. 

The business model trades for $550 million on $2 billion of revenue with 64 million shares outstanding, 47 million floating, and10 million bet against

The price is a quad away from one times revenue

Enjoy

nanos, micros, and moves

the journey from nano to microcap in math is a multiple. the combustion is in the volume notwithstanding the source or the reason. the truth is in the data series. enjoy

love is in the air

23 million customers, one billion in cash on the balance sheet, fifteen million in negative cash flow for the quarter, a 20% share of the structured jewelry market place, and the forecast of love being in the air coming out of quarantine with virtual weddings in the customer base.

A business model valued at two-thirds of the cash position, $660 million, and 32% of the float are shorts betting against

What is not to love ?

confession, absolution, repentance

The friendly skies had little to do with a $15 billion reduction capital expenditure, 41,000 employees taking early retirement, and 150 planes looking for overnight parking. 

Income statements were not dressed for the cotillion, unsavory accounting not converted from expense to capital expenditure nor, perish the thought, were interest rate hedges market to a model of consciousness from yoga class.

No, just the absolute and outright collapse of global aggregate demand for which management could claim only to be the deer in what was behind the headlights. The daily burn is $30 million down from $100 million, the fewer planes in the air were 42% loaded, and revenue was better than expected at $1.62 billion.

The fancy math is that the business model trades at $6.25 billion against annualized revenue of about the same number or one times revenue that is 80% lower than the year before. Shorts have a 34% bet on the zero bound that traded at a $20 billion market cap in March.

So the sellers are in. The numbers can be handicapped through financial statements. And the Central bank of Robin Hood loves a story that has been banned from theaters in Nebraska because it is so far down it looks like up.

zorro

Roger Altman created a quadratic equation of ratios in financial statements past, a quarter delayed, that was considered prologue for the future of business models led by capable management.

It was a simpler time when interest rates reflected inflation and excess borrowing by governments crowded out funding for industry. The hubris of management could not confess and receive the absolution of central banks underwriting their mistakes at 100 cents on the dollar or a Federal Reserve that would print money with impunity.  

Mr Altman believes that adding debt to cure the destruction of global aggregate demand is a bad idea and probably is if the requirement is to service the debt and actually pay it back, which it is not. 

Today the allocator of capital, intelligent or otherwise, handicaps the pre-revenue promise of science or the judgment of an entitled hedge fund manager deciding which business model deserves reservation in a blank check billion-dollar fund, special acquisition amoeba, that holds nothing but money and a public listing.

The jungle has changed.

To wit a run through the promise of science in the cradle

building blocks

market cap 2.28 rev 2.19. shorts 24 %. steel and surplus iron ore after AK steel merger. Any infra announcement and back to March levels is a double

old school. rv's market cap 2.69 rev 4.85 shorts at 25%. hunker down and move at will

eyes and energy

mcap 154 mm conjuncivitis

mcap 35 mm clean energy software

terra firma

mcap 235 billion self driven electric cars reliant on a Chinese rare earth supply chain

space for 3 billion and the Virgin 

interesting spread trade, sell Chinese supply chains buy Space

the money the goods

the money 630 million mcap

the goods 225 million mcap

the money is buying 30% of the goods for 100 million thinking the value is higher

airball

market cap 1.31 billion rev .741 shorts 20%. big clean ships w samsung

market cap 256 rev 820 shorts 45%. in flight broadband. general aviation tracking

market cap 146. one seater electric cars. wkhs quad last week. target 4x

market cap 835 rev 4.5 billion shorts 24 % itc patent ruling in favor

a legend

a legend. market cap 286 million, trailing revenue $1.6 billion, shorts at 16%. historically trades at 1.25 times revenue. halfway back is a triple