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Mario Cibelli Profile picture
@mario_cibelli
Sep 23, 2020 • 4 tweets • 1 min read • Read on X
I think this is 5 trades for 1-800 Contacts since leaving the public markets. Earnings have to be up materially since going private.
It’s going to take some time for me to add to my story of this rule breaker but mixed into all this is a fascinating case study of public vs private professional ownership.
1-800 captured much more value for its owners as a private entity than a public one and at some level that is unfortunate
Diversified ownership versus concentrated ownership of the same stake can make all the difference in the world as to how decisions are made at a company. This nuance played a large role in 1-800's fate of going at it as a private entity

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More from @mario_cibelli

Mario Cibelli Profile picture
Jan 4
A small cap sleeper that looks interesting for 2026 is Cohen & Steers - a public money manager specializing in REITs. Insider buys, a trough valuation at a possible cycle turn & an embedded hedge against AI/big tech rolling over make the 2025 decline look overdone. $CNS (1/x)
The business is simple - managing other people’s money for a fee - mutual funds, CEFs & separate accounts for retail and institutional investors. AUM flows can be cyclical but given its specialization, it does not suffer from the same leaky bucket that other fund families do.
For starters, in November, for the first time ever that I can see, the co-founders purchased shares in the open market - together they acquired ~$17 million of shares at prices ranging from $60 to $70. They own ~41% of the company already with the current CEO owning another 3%.
Read 20 tweets
Mario Cibelli Profile picture
Mar 30, 2025
Here's something you don't see everyday: A PE firm going upside down on a price locked-in portion of a strategic investment with the proceeds being used to retire an offsetting amount of shares well below the contracted price. $HSIC (1/x)
In January dental distributor Henry Schein & KKR struck a deal for board representation which among other things includes $250 million of newly issued shares at a locked-in price of $76.10 which was the prior day's close.
The market's initial take was to send shares of $HSIC much higher netting a nice start to KKR's investment in the company. That premium has more than burned off with the shares currently sitting in the $68 to $69 range.
Read 8 tweets
Mario Cibelli Profile picture
Mar 16, 2025
Xometry is making progress on a difficult task - turning its marketplace into the go to place for industrial part buyers. The past few quarters have shown great strides even as recession fears + the unwind of factor trades have brought the shares back to earth. $XMTR (1/x)
A few things may have gone unnoticed by investors recently such as the scale of their int'l business, including fast growing German operations, the US segment showing significant contribution margin and the potential for big growth just from *existing* enterprise customers.
For starters, Xometry is an OpenTable/Resy of sorts for job/machine tool shops. It helps industrial parts buyers at companies such as Apple & Tesla pinpoint excess capacity and areas of manufacturing expertise within a very fractured base of job/machine tool shops.
Read 15 tweets
Mario Cibelli Profile picture
Dec 15, 2024
My instinct is that the narrative of $UBER as a big loser as AV tech develops has probably gone too far in the near term. I don’t have a high conviction opinion at this point but am increasingly skeptical that recent price action in perceived winners & losers is fully rational.
The futurists have certainly won the perception battle since the election but it is still very early innings in the ride hailing business and Uber’s scale, expertise and unrivaled data should keep them very much in the hunt for AV nirvana in ride share.
A few things I’m thinking about recently:

Can AV utilization rates be maintained outside of narrow core urban geos?

Who is best suited to own taxi AV fleets in a larger, broader rollout? Who is best suited to funnel demand to the owners of these vehicles?
Read 9 tweets
Mario Cibelli Profile picture
Aug 11, 2024
Mixing it up a bit with an old school/fintwit 1.0 thread on a small cap challenger co that I believe has some real potential. This is an incomplete thread but here’s the punchline: Remitly has a shot at being the booking .com of the digital remittance space $RELY (1/x)
Upfront I will say that my interest in Remitly is based on what the company may be able to achieve over the long-term. I don’t have a strong opinion of where the shares may trade in the near-term. Small cap growth equities are risky by nature.
Seattle-based Remitly is a fast growing, app-based version of Western Union’s ubiquitous money transfer service. It allows customers, mainly hard-working immigrants, to send money overseas to loved ones quickly and efficiently with a swipe of their phone.
Read 36 tweets
Mario Cibelli Profile picture
Mar 18, 2023
Most of big tech isn't pushing as hard as Meta for real efficiency gains and a faster pace of innovation as of yet. Arguably, PayPal is one that is and given all the changes it’s undergoing, now is the perfect time for the company to upgrade some of the metrics it reports. $PYPL
It's time to break out core consumer check-out services from other services. The overarching goal should be to share separate results for branded check-out services and Braintree (BT) with a high level of clarity - revenue and operating profit pre-shared corporate overhead.
There would be some nuance and assumptions required to break out the business units results but it’s worth the effort. Giving a clearer picture of how the underlying units are performing - especially BT - can only lead to better outcomes for shareholders.
Read 9 tweets

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