- The author is short GLOO, arguing its $285mm equity value cannot absorb upcoming cash needs, dilution and insider-linked share supply—even if the company survives.
- GLOO’s $39.3mm cash balance lasts into spring 2027 at the Q2 burn rate; a $40–60mm raise at a 20% discount would create roughly 17–26% dilution.
- Beck, his wife and Pearl Street Trust face about $84.5mm of personal put obligations, with $71.6mm intrinsic value at $3.12; funding them could convert Class B shares into selling pressure.
- The thesis weakens if put holders forbear, insiders provide financing, seasonal advertising beats, or a strategic buyer emerges; meanwhile, eight acquisitions contributed $56.3mm revenue but an aggregate $8.6mm loss.
Investment pitches
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90 83 - The author’s two-to-three-year “parking” list is AMZN, UBER and TLN: cash-generating businesses whose stocks reflect spending fears, robotaxi disruption and power politics.
- AMZN’s 28% cloud share and retail, advertising and subscription diversification justify a premium, but $200B of 2026 capex drives negative FCF; recovery to $55.6B in 2028 is pivotal.
- UBER’s 208M monthly users, 50M Uber One members and $3.5B first-half buyback support the network-effect thesis; the FT-reported Waymo departure risk in 2028 is the key watchpoint.
- TLN trades at about 8.3x management’s $40/share 2028 adjusted FCF outlook, or under 7x with buybacks; power-price regulation, the PPL-PJM spread and interest rates could erode that margin of safety.