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Jun 28
Omfg I reeeeaaaaallllllyyyyyyyyy want this my male cops...... It's like a fantasy of me being young 😜😜😜😜😜😜
@SurreyRCMP @surreyps @LangleyRCMP @ChrisPentecos @Nncim15 @LangleyResident @BarbaraDoduk @RegretlessBee @Cdnwatcher @Istandtoreason @facepalmchris @trustednerd @felixcruggins @CultureGuard @WaxMyBallsShow @FranLa9 @kfurneaux23 @VernThurston @JonYaniv @villainy_scum @Hevel11
@SurreyRCMP @surreyps @LangleyRCMP @ChrisPentecos @Nncim15 @LangleyResident @BarbaraDoduk @RegretlessBee @Cdnwatcher @Istandtoreason @facepalmchris @trustednerd @felixcruggins @CultureGuard @WaxMyBallsShow @FranLa9 @kfurneaux23 @VernThurston @JonYaniv @villainy_scum @Hevel11 @threadreaderapp unroll @xdownloaderbot
Read 3 tweets
Jun 28
PART 1— Why FitEasy is our largest position 1/2

Ticker: $212A.T $212A #212A
Have you ever seen a company trading at roughly 11x EV/EBIT, growing earnings by around 60% YoY, expected to continue compounding at roughly 30% annually over the coming years, consistently beating guidance, operating in an underpenetrated market, while still being almost completely uncovered by analysts?

We have. It is currently the largest core position in our portfolio.
And despite the stock appreciating after the latest results and guidance increase, we continue to hold our full position and even added meaningfully before the latest earnings release. Here’s why.

Before we dive in, one quick announcement.
This will likely be the first and last time we publish one of our full investment deep dives here on X.
Going forward, we’re planning to publish our detailed research, complete valuation models, portfolio updates, new positions, channel checks and multi-thousand-word investment theses on our Substack. If you enjoy deep fundamental research on global small caps, compounders and special situations, we’d love to have you join us there.
👉 substack.com/@arboratorcapi…

We increased our position before earnings

A few weeks before the latest results we decided to significantly increase our position, cca 14 % of our portfolio on the cost basis.
This wasn’t because we expected a “good quarter.”It was because we believed the market was dramatically underestimating what management would have to do with guidance.
Unlike many companies, FitEasy publishes monthly membership data. That gives investors a real-time picture of demand.
By the end of May, the company had already reached roughly 274,000 members, while management’s full-year target was 300,000 members with approximately five months still remaining in the fiscal year.
In May alone, FitEasy added roughly 15,000 new members.
When we looked at those numbers, it became increasingly difficult to construct a realistic scenario in which management would not raise guidance. Even if monthly member additions slowed materially, the company would still likely exceed its original targets.
That was one of the main reasons we increased our position before earnings.
The company subsequently did exactly what we expected:
•raised guidance,
•increased dividend,
•increased payout ratio,
•raised profit expectations by more than revenue expectations.
In our opinion, that last point is actually the most important.
It supports what has been the core of our investment thesis from the very beginning:
FitEasy’s earnings should grow faster than revenue.

Yet the stock is actually cheaper today

One thing surprised us after the earnings release.
Although the stock initially reacted positively, the subsequent pullback means the company is now trading at an even lower multiple than before the guidance increase.
In other words:
the business became more valuable…
yet the valuation became cheaper.
We rarely see situations where:
•fundamentals improve,
•management raises guidance,
•dividend increases,
•earnings expectations increase,
while valuation simultaneously compresses.
That combination is exactly what attracts us as long-term investors.
PART 1— Why FitEasy is our largest position 2/2
 
Why we believe the market still misunderstands the company
Most investors currently view FitEasy as simply another gym operator. We think that’s the wrong framework.
In our opinion, FitEasy should increasingly be viewed as an asset-light franchise platform with multiple embedded growth engines rather than a traditional fitness chain.
Even more importantly, we believe the market is focusing on today’s reported margins instead of understanding how the revenue mix is likely to evolve over the next several years.
That distinction changes everything.
Today, lower-margin equipment and development revenue represents a significant portion of sales because the company is opening new locations at an extraordinary pace. Many investors therefore conclude that margins are unlikely to improve significantly.
We believe exactly the opposite.
As the installed franchise base grows, recurring franchise royalties should represent an increasingly larger share of revenue. Those revenues carry dramatically higher margins. That means operating profit should compound materially faster than revenue.
Interestingly, the latest guidance revision already points in exactly that direction.

We believe management continues to guide conservatively

One observation we’ve made over the past several years is that management appears consistently conservative when setting expectations.
This year wasn’t the first example.
Last year management also raised guidance during the fiscal year after originally setting fairly conservative expectations. The pattern repeated again. That doesn’t necessarily mean management intentionally underpromises.
It simply means the market may be relying too heavily on official guidance instead of independently modeling what the business could actually earn.
This is particularly important because FitEasy has very limited analyst coverage. Effectively, management guidance becomes market consensus.
If management starts from conservative assumptions, consensus starts from conservative assumptions as well. That creates opportunities.

Why this is our largest core holding

Our investment philosophy is fairly simple.
We look for businesses where:
•the underlying company compounds for many years,
•valuation remains attractive,
•and the market misunderstands one or more structural drivers.
FitEasy checks every box.
Today the company trades at roughly 11x EV/EBIT, despite growing substantially faster than most listed fitness companies globally.
Even more importantly, we believe several structural drivers have not yet begun contributing meaningfully to earnings.
Those drivers include:
•expanding franchise royalties,
•increasing monetization of existing members,
•AI-enabled services,
•higher-margin ancillary services,
•operating leverage,
•and a rapidly expanding ecosystem.
The market is mostly looking at today’s gym business.
We are trying to understand what this company could look like three to five years from now. That difference in perspective is why FitEasy remains our largest position.
In the next part we’ll explain why Japan may currently be one of the most attractive fitness markets globally, why penetration still remains dramatically below Western countries, and why we believe the industry’s runway is much longer than investors currently appreciate.
PART 2 — Why Japan? One of the most overlooked fitness markets in the world 1/2

One of the biggest reasons we invested in FitEasy has very little to do with FitEasy itself. It has everything to do with Japan.
When investors think about Japanese demographics, they usually think about an aging population, slow GDP growth and a shrinking workforce.
Ironically, many of those same trends create an extremely attractive environment for FitEasy.

The market is still dramatically underpenetrated

One statistic immediately caught our attention. Only a few years ago, gym penetration in Japan was roughly 3% of the population.
Today that figure has approximately doubled to around 6%, but it still remains dramatically below developed Western markets.
For comparison:
•United States: roughly 20%
•Western Europe: roughly 15–20%
•Japan: approximately 6%
Even after the recent acceleration, Japan remains one of the least penetrated developed fitness markets globally. That matters because FitEasy doesn’t need to take significant market share from competitors in order to grow.
The market itself is expanding rapidly.This is one of our favorite types of investments: A company operating in a market where the pie itself is getting much larger every year.

Why is Japan changing?

Historically, gyms simply weren’t part of everyday Japanese culture in the same way they are in North America.
That has changed dramatically over the last several years.Several structural trends are now moving in the same direction.
1. Health awareness
Japan has one of the oldest populations in the world. Maintaining mobility, strength and overall health is becoming increasingly important.
Fitness is gradually shifting from being viewed as a hobby to becoming part of preventive healthcare. That creates an enormous long-term tailwind.
2. Digitalization
Japan is rapidly adopting fully automated 24/7 gyms.
Many locations now operate with:
•facial recognition,
•automated access,
•cashless payments,
•minimal staffing.
This dramatically reduces labor costs while improving convenience. Members can visit literally any time of day.
That flexibility is particularly valuable in Japan, where working hours tend to be longer than in many Western countries.
3. Labor shortages
Japan faces one of the tightest labor markets globally. Businesses that require fewer employees gain an important structural advantage.
FitEasy’s operating model is designed exactly for that environment. Automation allows the company to scale without proportionally increasing operating costs. That is another reason we expect margins to continue expanding.
4. Changing lifestyle and sports preferences
Another important trend is the shift in how younger generations approach sports. Traditionally, activities like judo, karate or baseball were far more popular than commercial gyms.
Today, people increasingly prefer flexible 24/7 fitness clubs that fit around busy schedules without requiring coaches or fixed class times. We believe this cultural shift is another structural tailwind supporting the long-term growth of fitness memberships in Japan.Image
Read 11 tweets
Jun 28
1/ President Alexander Lukashenko's unscheduled two-day meeting with Vladimir Putin is attracting interest and speculation from Russian commentators. Unusually, there has been no official comment about what was discussed, nor even a photo of the two leaders meeting. ⬇️ Lukashenko and Putin meeting on 1 August 2025
2/ Alexey Zhivov notes:

"No information about the meeting between the two presidents has been released to the press. Not a single comment or photo.
3/ "Obviously, the negotiations were urgent, went poorly, and the final decisions will be made after Lukashenko consults with Xi Jinping.

It's likely that China plays a much greater role in the Ukrainian conflict than it appears from the outside. What is that role?
Read 25 tweets
Jun 28
Get a life 🤦‍♀️🤦‍♀️🤦‍♀️🤦‍♀️
@ChrisPentecos @Nncim15 @LangleyResident @BarbaraDoduk @RegretlessBee @Cdnwatcher @Istandtoreason @facepalmchris @trustednerd @felixcruggins @CultureGuard @WaxMyBallsShow @FranLa9 @kfurneaux23 @VernThurston @JonYaniv @BCPublicWatch @villainy_scum @Hevel11 Image
Image
@ChrisPentecos @Nncim15 @LangleyResident @BarbaraDoduk @RegretlessBee @Cdnwatcher @Istandtoreason @facepalmchris @trustednerd @felixcruggins @CultureGuard @WaxMyBallsShow @FranLa9 @kfurneaux23 @VernThurston @JonYaniv @BCPublicWatch @villainy_scum @Hevel11 @threadreaderapp unroll
Read 3 tweets
Jun 28
The worst thing you can ever do is take a long break from the gym.

Not because you lose muscle.
You can rebuild that pretty easily.

It's worse than that:
You lose momentum.

Once that's gone, everything becomes a decision again.

That's why getting back in feels ten times harder than just continuing.

So don't rely on motivation.
Use these 3 simple hacks instead:
1. Lower your entry cost to zero.

Tell yourself you're only going to show up, not finish a full workout.

Your brain resists big tasks, not small ones.

Once you're there, you'll do more anyway.
Read 9 tweets
Jun 28
Allah opens doors of success instantly when you read this dua
This is a powerful dua for anyone seeking success in studies, career, life decisions, and rizq.

It can be read when you feel:
• exam pressure
• lack of focus
• career confusion
• desire for growth
• need for clarity
• financial stress and need for rizq
اللَّهُمَّ إِنِّي أَسْأَلُكَ عِلْمًا نَافِعًا وَرِزْقًا طَيِّبًا وَعَمَلًا مُتَقَبَّلًا

Allahumma inni as’aluka ‘ilman nafi‘an wa rizqan tayyiban wa ‘amalan mutaqabbalan

“O Allah, I ask You for beneficial knowledge, good and lawful provision, and deeds that are accepted.” (Ibn Majah)
Read 4 tweets
Jun 28
Good morning Alberta.

Yesterday, we went over the cybersecurity crisis our government has been ignoring for years.

Today?

The machine that keeps it all running.

It's a long one, but fret not; for it shall be rolled for you at end.

Still with me?

🧵 #abpoli #Alberta
dani smith doesn't just have a political operation.

She has three distinct amplification layers working in her favour simultaneously.

She maintains plausible deniability on every single one.

Let's name them.

Shall we?
LAYER 1:

Paid foreign amplification.

A source with direct technical knowledge confirms -

Texas-based social media operators were hired to amplify Smith's voice and agenda on X.

Pseudo-hackers.

Cheap media ops.

Dirt cheap for UCP.

Effective enough for their goals.
Read 18 tweets
Jun 28
If you use Gmail, check this setting today.

Google's AI is reading your emails, attachments, receipts, travel plans, and documents right now.

You never turned it on. It was on when you signed up.

Here are 5 settings worth checking right now 👇 Image
1/ What’s actually happening?

Google introduced AI-powered features across Gmail, Chat, Meet, and Workspace.

These features can analyze:

• Emails
• Attachments
• Documents
• Conversations

to provide:

• Smart summaries
• Writing assistance
• Suggested replies
• AI-powered search

Google says Gmail content is not used to train Gemini models for everyone.

But many users still prefer to limit inbox analysis wherever possible.
2/ Turn off Gmail Smart Features.

On desktop:

⚙️ Gmail Settings
→ See all settings
→ General

Find:

“Smart features and personalization”

Turn OFF:

✅ Smart features in Gmail, Chat, and Meet

Save changes.

This is the setting most people find.

But it isn’t the only one.
Read 9 tweets
Jun 28
Today's Dave's Car ID Service pays homage to the wild body graphics of the Muscle Car Era, starting with the GOAT - the Pontiac Firebird Trans Am Screaming Chicken.

Coincidentally enough, today is also the 60th birthday of the Firebird. In a way. On June 28, 1966, Chevy's Pete Estes held a press conference announcing a new car line to battle the Ford Mustang, code name XP-836, and its name would be "Camaro." Pontiac was the only other GM division that would get the platform, with slightly different styling and powered by a Pontiac engine, under the the Firebird name.

From 1967-68 the Firebird sort of languished in the shadow of its Camaro cousin, but it did have some success in Trans Am road racing by privateers. "Trans Am" is short for Trans America, a series for sub 5 liter (302 cubic inch) stock cars.

Anyhoo to mark that success Pontiac rolled out the Trans Am option package for Firebird in 1969. At first it was fairly restrained; Cunningham-style blue hood stripes over white. But designer Bill Porter, inspired by an abstract design on a Tiffany vase, sketched out what he thought would be a cool graphic cue for the next gen Firebird, which was honed by Norm Inouye.

Porter taped the graphic to the hood of the styling studio clay model to gauge the reaction of GM's head styling honcho Bill Mitchell. It did not go well, as Mitchell allegedly let loose with a string of profanities. But it did appear on the 1970-72 Trans Ams, albeit as a very small decal on the nose.

In 1971 a persistent GM designer named John Schinella decided to re-present the idea to Mitchell. He noted that Mitchell rode a custom Yamaha bike painted black and gold in graphics like the John Player Special F1 car. Schinella applied an enormous Screaming Chicken decal on a black Firebird, parked it next to Mitchell's custom Yamaha.

This time Mitchell relented, and the idea was approved. The first 3 "hood birds" are in top secret August 1971 photo (1). They were offered for sale in September 1972 with the rollout of the 1973 model year. Not all Trans Ams had them, it was optional graphics package code WW7. But the buying public clamored for them.

And why not? It's exactly the kind of statement that the kind of person who wanted a Trans Am wanted to make. Loud, brash, unapologetic, a 10 minute Free Bird guitar solo on wheels. U-S-A! U-S-A! U-S-A!Image
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Pontiac wasn't unique, or first, in offering bold decal graphics. Chrysler built branding around the "Scat Pack" concept, like the 1968 Dodge Super Bee and little brother Dodge Dart Swinger. By 1970 the was an entire panoply of bold decal options for Dodges and Plymouths; AAR stripes (2), "billboard stripes" (3), and "hockey sticks" (4).Image
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Mopar's branding success begat imitators, like Ford's Boss and Mach 1 Mustang packages for 1969. AMC offered an entire line of bold patriotic paint schemes for 1969, including the AMX Super Stock, the Rebel, and Hurst SC/Rambler (2). Even the Trans Am's GM stablemate Chevy Camaro got a freak flag hood decal in 1974.

By the end of the 1970s it sort of went from the sublime to the ridiculous. Witness the rebadged Mitsubishi Plymouth Fire Arrow for 1979.

The Trans Am Screaming Chicken soldiered on into the 90s, but for the most part those kinds of bold graphics faded away in the wake of OPEC oil shortages and performance-throttling emission controls. Just as fashion tamed down, so did the wild paint and decals.

Why? Among street racers, there is deep respect for "sleepers" - cars that look unsuspectingly mild and frumpy but underneath are incredibly powerful and fast. By the mid 1970s these graphic package cars were the opposite - loudly proclaiming power and speed, but underneath a scant 120 wimpy catalytic converted horsepower. All hat / no cattle as it were.

Oh but it was a giddy time, even if the graphics were ironic.Image
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Read 15 tweets
Jun 28
In today’s Vatnik Soup and our “Degenerate Russia” series, we’ll discuss what kind of lowlifes sink low enough to support Russia’s invasion of Ukraine, lie on Russia’s behalf, promote Russian BS, and even gather in Moscow or St. Petersburg to help the Kremlin wage its war.

1/21 Image
For over a decade now and as part of their “firehose of falsehood” propaganda strategy, Russia has been spreading false narratives targeting right-wing/conservative audiences, portraying Russia as a bastion of Christian, traditional, family values.

Of course, it’s all BS.

2/21
Russia is also normalizing relations with the Taliban, doesn’t recognize Hamas or Hezbollah as terrorist groups, and deepens its military partnership with the Islamic Republic of Iran, the regime that legalized pedophilia through child marriage.

3/21
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Read 21 tweets
Jun 28
🤏Many small donations change things.
📜A White List of trusted fundraisers below.👇
🔂💬🪙Support what speaks to you. 💙💛 Image
💛A permanent collection for for ambulances, medical supplies and trauma care💙
💛A Collection for batteries for the 5th Slobozhanska Brigade.💙
Read 4 tweets
Jun 28
#StupidHindus
Hindus are among the stupidest people in the whole world.

They are a majority in India.

In Kashmir they are a very miniscule minority now, in the few thousands.

In 1990, there was a wave of Hinduphobic killings and threats to Hindus to convert to Islam, flee from Kashmir or be killed.

400000 Hindus left their hearths & homes, where their ancestors had lived for several thousand years, driven away by the Muslim Majority in Kashmir.
Till today, 36 years later, the Muslim Majority in Kashmir keep out Hindus from settling, thru selective threats & murders.

THE FACT OF INDIA BEING A HINDU MAJORITY STATE IS OF NO USE AGAINST A MUSLIM POPULACE WHICH IS VIRULENTLY ANTI-HINDU, PRO-JIHADI & PRO-ISLAM.
Read 12 tweets

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