Core Thesis - On Holding AG (ONON) is positioned as a rapidly growing premium sportswear company with a strong focus on innovation and sustainability, projected to achieve approximately $3.3 billion in revenue by 2025, reflecting a 29% year-over-year growth [2] Company Overview - Founded by Olivier Bernhard, Caspar Coppetti, and David Allemann, On Holding AG specializes in performance and lifestyle footwear, leveraging proprietary technologies like CloudTec® cushioning and Speedboard® propulsion [2] - The company operates under a dual-CEO model, providing operational and strategic balance, with founder control ensuring long-term alignment with shareholders [3] Financial Performance - ONON's trailing and forward P/E ratios are 58.52 and 30.49 respectively, indicating a premium valuation in the market [1] - The company has achieved EBITDA margins near 18% and is expected to generate free cash flow exceeding $140 million in 2025, with a net cash position of over $750 million [5] Business Model and Growth Strategy - On's hybrid business model consists of 59% wholesale and 41% direct-to-consumer (DTC) sales, with a strategic shift towards higher-margin DTC, driving gross margins above 61% [4] - The company invests 7% of revenue in R&D and 12% in marketing, focusing on innovation and community engagement rather than traditional advertising [4] Market Position and Brand Strategy - Partnerships with high-profile athletes like Roger Federer and grassroots initiatives through the On Athletics Club enhance brand authenticity and consumer engagement [5] - The company is experiencing rapid expansion in the Asia-Pacific region, with sales growth of 85% year-over-year, reinforcing its scalability in the premium sportswear market [4]

Core Insights - Mane Global Capital Management LP fully exited its position in Shake Shack during the third quarter, selling 570,507 shares for a net change of $80.21 million [1][2][9] Company Overview - Shake Shack Inc. operates as a leading fast-casual restaurant with a multi-channel growth strategy, combining company-owned and licensed locations to expand globally [6] - The company has over 12,800 employees and operates restaurants in the U.S. and internationally [6] - Shake Shack's revenue primarily comes from hamburgers, chicken sandwiches, hot dogs, fries, shakes, frozen custard, and beverages [8] Financial Metrics - As of November 25, 2025, Shake Shack's share price was $86.99, down 33% over the past year [3][4] - The company's market capitalization is $3.5 billion, with a trailing twelve months (TTM) revenue of $1.37 billion and a net income of $42.60 million [4] Performance Analysis - Shake Shack's share price has been volatile, fluctuating between $75 and $140 in the past year, with a nearly 40% decline since its 52-week high in August [9][10] - The company has grown its same-store sales for 19 consecutive quarters and increased its store count by 14% to 630 locations in the last quarter [10][11] - Management believes it can quadruple the number of company-owned stores over the long term [11] Investment Perspective - Shake Shack is trading at 18 times cash from operations, which could rise to 22 to 25 times free cash flow if it ceased expansion plans [11][12] - The company has achieved annual sales growth of 17% over the last five years and 15% this year, indicating potential as a growth stock at current prices [12]

Core Insights - Coeptis Therapeutics is implementing a dual-track model to foster innovation while minimizing reliance on dilutive funding [1][2] - The company is generating revenue alongside its research efforts, demonstrating a sustainable business model in the biotech sector [3][10] Financial Performance - In Q2 2025, Coeptis reported revenue of $200,681 while advancing its GEAR Cell Therapy Platform [3] - The cash position increased from $532,885 at the end of 2024 to $1,996,726 by June 30, 2025, indicating revenue growth rather than dilution [4] - Operating expenses rose to $4.67 million in Q2 2025 from $2.83 million a year earlier, attributed to repositioning costs [9] Market Position - The global cell therapy market is expected to grow from $5.88 billion in 2024 to $44.39 billion by 2034, presenting opportunities for companies with innovative technologies [5] - Coeptis secured exclusive worldwide rights to the GEAR Cell Therapy Platform from Karolinska Institutet, enhancing its NK cell research capabilities [6] Investment Appeal - Hybrid business models are attractive to investors as they reduce dilution risk while maintaining upside potential [7] - Coeptis successfully completed a $10 million Series A preferred stock offering in February 2025, followed by a private placement targeting $2.5–$5 million in July [7] Strategic Operations - The company is managing the complexity of dual-track operations through strategic restructuring, including a pending merger with Z Squared [8] - This merger will allow Coeptis to focus on biotechnology operations while retaining technology assets, enhancing management efficiency [8]