To The Moon

1.8% dividend yield.Secular tailwind from municipal underspending and defense rearmament.Revenue forecasted to grow 10.8% in 2024, driven by increased demand in the vocational segment.Expanding access business into Europe, trying to get ahead of tariffs.Investment Thesis $Oshkosh(OSK)$ is an American manufacturer of heavy equipment, primarily targeting municipal and military customers. Despite the loss of the JLTV contract (Joint Light Tactical Vehicle), OSK has a strong backlog originating from a major win from the USPS (US Postal Service), renewed municipal spending, and expansion into Europe.Oshkosh has a 1.8% dividend yield and a growing free cash profile which we expect to accelerate as startup costs from major contracts roll off going into la

Largest producer of Cannabis in California, with approximately 1.5 million square feet of space for Cannabis and Hemp, producing over 500k lbs per year.Owns 5.5 million square feet of cultivation facilities, ready to hyper-sale once federal legalization or rescheduling occurs.Moving Cannabis across state lines could soon be legal with the DEA announcing its intention to potentially reschedule Cannabis from I to III, with an expected date in 2025.Some of the lowest production costs in the US, with ~$130/lb in cost expected for the full year 2024 with 50% gross margin.Improving competitive conditions in California as less efficient competitors withdraw form the market; both wholesale and retail markets are shrinking.Investment Thesis $Glass House Brand

2.0% Yield.Strong secular volume tailwind from aging population, with Medicare Advantage holders having a higher average revenue-per-test.AI (Artificial Intelligence) in pathology testing should drive high margin  growth.Tailwind from more bespoke testing, with genetic testing seeing a market-wide spending growth of 8% and 5% volume growth according to Avalon.Increasing leverage to 2.5-3.0x debt to EBITDA to enable more freedom in aggressive acquisitions.Strong M&A profile, purchasing Canadian provider LifeLabs for $1 billion, which will generate $710 million in additional annual revenues by 2025.Investment Thesis $Quest Diagnostics(DGX)$ is a provider of medical diagnostic services to markets across the world. Operations are focused on No

2.84% Yield.Industry-leading 90% of revenue comes from working timberland rather than leasing it for harvesting rights (stumpage)Largest timberland holdings in North America with more than 10.5 million acres.Long-term tailwinds from historic pent-up demand and lows in new housing.Timber assets generally appreciate with inflation and tree growth.Investment Thesis $Weyerhaeuser(WY)$ is the largest timberland REIT in North America. It owns 10.5 million acres in the US, and licenses 14 million acres in Canada for logging. Additionally, it operates 35 mills with the capacity of 6 billion board feet per year in finished lumber and 4.1 billion square feet of flat and engineered lumber.AssetAsset Value (Per Share)% of totalTimberland$39.3589.6%Other$0.681.5

5.0% Yield.Offering services to enhance margin including more small-business mix and specialized medical logistics services.Consolidating 200 sorting centers, with the new automated counterparts offering a reported 30% efficiency improvement.Expects to generate $5.8 billion in free cash in 2024, adding to its already massive $6.3 billion cash position.Industry-leading capital efficiency, with a return on invested capital median of 27% for the last 3 years.Investment Thesis $United Parcel Service Inc(UPS)$ is an American delivery company that processes more than 20 million packages per day across its fleet of 115,000 ground vehicles and 500 aircraft. UPS is repositioning to target more SMB (Small Medium Business) customers and more specialized logis

Economic and Market Review September 2024• Equity markets have strong year-to-date returns, with the $S&P 500(.SPX)$ having its first positive September in 5 years.• $Gold - main 2412(GCmain)$ and $Silver - main 2412(SImain)$ surge amid continued economic uncertainty and global conflict fears.OverviewThe Fed cut rates by 50bps. The market rallied on the news but flattened out as the month progressed, with the S&P ending the month up 2.8%. However, the last time the Fed cut rates by 50bps with markets at all time highs was in October 2007 – what followed in 2008 came to be known as the ‘great recession’.As a refences, at the time Debt to GDP

2.2% Yield.LW holds #1 market share in North America, and #2 for the rest of the world for frozen-potato products.Dominance in the frozen-potato product market, being the provider for French-fries for customers such as McDonalds, Chic Fil A, Arby’s and Sonic.Transitioning to a volume-focused growth strategy rather than pricing-focused.Expects headwinds in restaurant traffic to begin to alleviate in the middle of 2025.Investment Thesis $Lamb Weston Holdings, Inc.(LW)$ is a consumer-staples company specializing in the production of frozen-potato products. Across 27 factories and in more than 100 countries, LW holds #1 market share in North America, and #2 for the rest of the world.As consumer finances have become strained, we believe that consumers wi

2.7% Yield.Kroger agreed to purchase Albertsons for $24.6 billion in October 2022.If approved, Albertsons shareholders will receive $27.25 per share, a 48.3% premium to the current stock price.Albertsons holds 6.4% of total grocery market share in 2023, while Kroger holds 10.1%.$600 million claw back provision to be paid to Albertsons if the merger does not go through, recouping its costs.Investment Thesis $Albertsons Companies, Inc.(ACI)$ is a US grocery chain that operates 2,269 stores across 20 banner brands including Safeway, Albertsons, Acme, and Shaw’s, and 3 private label brands that earn more than $1 billion each.Same store sales increased by 1.4% year over year in the quarter ended June 2024, with a minor expansion of gross margins to 28.4

2.94% Yield.Expanding margins despite sales slump, increasing gross margin by 160bps.Deleveraged balance sheet down to 1.8x net debt to EBITDA, down substantially from 2022 highs.Approaching holiday season will buoy results until rate cuts begin to impact consumer spending habits back toward discretionary goods.Resumed share buybacks, authorized outstanding buybacks are 13.6% of outstanding shares.Stock is a hold post August 21st earnings release as the stock has popped 22.5% since its August 5th lows.Investment Thesis $Target(TGT)$ is an American retailer that operates department stores. Despite resilient sales and expanding margins, Target has lagged peers like Walmart in capital appreciation. We feel this is due to economic uncertainty and

$DJIA(.DJI)$ $S&P 500(.SPX)$ $NASDAQ(.IXIC)$ $Gold - main 2412(GCmain)$ $WTI Crude Oil - main 2410(CLmain)$ OverviewStocks have largely recovered from the almost 10% correction seen early in August, which was the worst start to a month since 2002. However, in just 11 trading days the market had recovered and even came near its record July highs.While the Fed has begun to telegraph it will likely cut before the year is out, the market may be jumping the gun, pricing in an aggressive 100bps cut by the end of the year. For September, 63% expect a 25bps cut, and 37% exp