Commodity Business
Tagged analyses
LUVSouthwest is dismantling its identity to chase legacy economics at a price the math cannot defend.
Avoid · 2026-05-04
DALDelta is the best airline, but airlines remain a mediocre business at fair value.
Hold · 2026-05-03
PSXA commodity refiner with negative intrinsic value at $176 — a classic Too Hard pile.
Too Hard · 2026-05-04
WDCDecent business at an indecent price; the math says no.
Avoid · 2026-05-05
EXELargest US gas producer is a price-taker; pass.
Too Hard · 2026-05-04
UALAirlines are the archetypal too-hard pile; cheap is not enough.
Too Hard · 2026-05-04
NUEBest-in-class commodity steelmaker at a cyclical mid-cycle price; wait for blood.
Hold · 2026-05-04
VTRREIT trading at 12x base intrinsic value with zero ten-year ROIC.
Avoid · 2026-05-05
LYBCyclical commodity petchem priced like a compounder; pass.
Avoid · 2026-05-04