Pitch The PM

Doug Garber, a former Citadel analyst and now CIO of Westport Alpha Group, shares insights from his experiences at two top hedge fund platforms. He contrasts Citadel's structured, feedback-rich environment with Millennium's entrepreneurial, decentralized pods. Topics include the importance of grit over pedigree, how sell-side training prepares analysts, and the fundamentals of long/short equity investing. Garber also reveals what traits make a great analyst, the management of pressure and emotional intensity, and his personal journey towards work-life balance.

In this discussion, Doug speaks with Sinan Xin, managing partner at Amber Road and a seasoned technology investor with a focus on emerging markets. Sinan reveals the investment thesis behind Nebius, a forgotten player in AI infrastructure, spun out from Russia's Yandex. He highlights its significant 28% stake in ClickHouse and details how Nebius offers faster, scalable solutions compared to hyperscalers. Sinan believes the stock could soar to $200 as the market underappreciates its potential and global customer demand.

In this episode of Pitch the PM, Doug Garber sits down with Jeff Geygan, CEO of Rocky Mountain Chocolate Factory (RMCF), and Carrie Cass, the company’s CFO, to discuss how they’re rebuilding one of America’s most recognizable confectionery brands.The conversation goes far beyond chocolate — it’s a candid look at what real operational transformation looks like inside a small-cap public company.They cover:The steps taken to stabilize operations and rebuild cultureWhy data, ERP, and POS systems were the foundation for changePlans to expand east of the Mississippi and revitalize store growthManaging costs, margins, and franchisee relationships in a higher-rate environmentLessons from taking a “Wall Street to Main Street” approach to leadershipDoug also explores the investment lens — from the company’s long history and competitive set (including Kilwins) to the balancing act between leverage, growth, and execution risk.“This has been more than a turnaround. It’s a transformation. We’re big enough to execute — small enough to move fast.” — Jeff, CEO, RMCF🎧 Listen if you’re interested in:Turnarounds and small-cap operating playbooksHow management teams rebuild trust and cultureFranchise economics and capital disciplineThe realities of running a consumer business through a transformationChapters:(0:00) — Intro: Betting on chocolate(2:35) — RMCF’s footprint and business model(7:01) — Operational reset: from ERP to culture(10:35) — Rebuilding the franchise network(15:47) — Store economics and ROI targets(16:49) — Comparing RMCF and Kilwins valuations(21:41) — Product mix, margins, and brand positioning(29:50) — Managing cocoa price volatility(38:02) — Balance sheet and deleveraging priorities(42:57) — Leadership lessons: culture, curiosity, and execution(48:26) — Closing thoughts: “10x or zero”🔗 LinksThis episode is sponsored by AlphaSense. Use the link here for Complimentary access — https://www.alpha-sense.com/Pitch/📩 Subscribe to our newsletter for research updates and new high-conviction episodes from top PMs & Analysts: https://pitchthepm.beehiiv.com/subscribeDoug Garber on LinkedIn: https://www.linkedin.com/in/doug-garber-42aa508 🛑 DisclaimerThis conversation is for educational purposes only and does not constitute investment advice. The participants may have positions in securities mentioned and are under no obligation to update their views. Please consult a financial advisor before making investment decisions.

Jonathan Kasen spent over a decade as a portfolio manager at Fidelity, analyzing industrial and energy companies through the lens of four key elements: organic growth, operating leverage, free cash flow conversion, and reinvestment opportunities. Today, he’s applying those same principles to his latest venture: chocolate.In this episode of Pitch The PM, Jonathan joins Doug Garber to talk about his journey from Wall Street to small business ownership. They dive deep into what makes a great compounder—public or private—and how Buffett’s See’s Candies investment and a shaky car ride with the Oracle himself helped shape Kasen’s thinking. Choosing a great industry like chocolate is a good start and then management execution is the key to compounding. Kasen’s blueprint at Hillard’s is similar to See’s Candies regional strategy decades ago. 💡 A big thank you to StreetAccount by FactSet for sponsoring this episode. Stay plugged in to key news from your entire watch list all in one place with StreetAccount. 📩 Subscribe to our newsletter for research updates and new high-conviction episodes from top PMs & Analysts: https://pitchthepm.beehiiv.com/subscribeDoug Garber on LinkedIn: https://www.linkedin.com/in/doug-garber-42aa508 Not Investment Advice.

The AI Capex Super-Cycle is well underway. We dive deep with Doug O'Laughlin, the President of SemiAnalysis - the leading field level industry experts and Michelle Brophy, the TMT DoR at AlphaSense. Watch the webinar now: https://lnkd.in/eUat9NyuIn this AlphaSense sponsored webinar we dive into all the key debates and which companies and products are winning across the entire AI Capex ecosystem. The SemiAnalysis team goes to 85 industry level conferences a year to get the inside scoop. From Hypersaclers, Neoclouds, Semi's, to E&C's and Industrial Manufacturers anything downstream of AI capex is what is working. And the capital markets are WIDE OPEN on the DCM, ECM and the largest customers, the hyperscalers, are continuing to revise capex higher each quarter to win this race.In the webinar we dive into:- What will $NVDA's market share be in a few years? - What is the real differentiator of the CUDA system?- Why $CRWV is winning? - Is $GOOG the next IBM?- What is the opportunity for the TPU and other chips?- We build on our Hydra Host episode with Aaron Ginn to discuss how the U.S. wins vs China in the AI race.- What is the rate (and thus economic life) of a GPU after a few years?- How the shift to inference from training is impacting companies?- And even dig into the benefits of using copper in the chips. Disclosures:*Not Investment Advice. **I have evened out my AI exposure to META vs NVDA. (Thesis is not a call on timing the AI cycle, but a relative value way to play the company that is able to improve their ecosystem returns and customer experience vs a company that is currently generating most of the industry rent that has a history of being cyclical)

Welcome to Pitch The PM, where host Doug Garber is joined by Aaron Ginn, CEO and Co-founder at Hydra Host.— — — —In this episode, Doug Garber and Aaron Ginn to unpack the forces reshaping the global AI infrastructure stack. They dive deep into Nvidia’s growing dominance and explore how CEO Jensen Huang is building an ecosystem designed to sideline the hyperscalers, financing their destruction while capturing more of the value chain.Aaron breaks down the shift from public cloud to bare metal, the margin squeeze facing Amazon, Microsoft, and Google, and why GPU infrastructure, not models or software, is now the real bottleneck. The episode also explores the emerging spot market for compute, the evolving ROI math for data centers, and why neoclouds are gaining ground as hyperscaler credibility erodes.From regionalization and reshoring to export controls and geopolitical leverage, this conversation goes beyond semis and into the future of economic power in the AI era.See below for episode disclosures.— — — —Aaron Ginn is the Co-Founder and CEO of Hydra Host, a fast-growing infrastructure company building the largest GPU management platform in the world. Hydra provides a fully automated, API-driven system for monetizing GPU and CPU infrastructure, streamlining bare metal deployment at scale. Before founding Hydra, Aaron co-founded the Lincoln Network (now Foundation for American Innovation) and Fabius Labs, with a focus on bridging technology, policy, and product design. He has over a decade of experience in tech, spanning product, engineering, and digital growth. His work has been featured in outlets including The Wall Street Journal, TechCrunch, and Wired.— — — —📩 Subscribe to our newsletter for research updates and new high-conviction episodes from top PMs & Analysts. ⁠https://lnkd.in/ekkxjp6z⁠Episode partner: AlphaSenseKeep our content free, and please consider supporting our sponsors. They are essential in helping us do our deep-dive research.💡 This episode is powered by AlphaSense. Use our link here for Complimentary access: https://www.alpha-sense.com/Pitch/— — — —Chapters:[00:00] – Intro & Hydrahost’s Origin Story[03:07] – The Evolution of Data Centers & AI Infrastructure.[08:49] – Nvidia's Role & Shifting Market Power[14:47] – The Decline of Traditional Cloud[20:54] – The Competitive Landscape. Google, Amazon, and the bundling tactics shaping GPU access. [24:01] – Geopolitics & Digital Infrastructure[37:34] – ROI & GPU Utilization Strategies[43:36] – Market Liquidity & Pricing Dynamics[53:23] – Capital Models & Financial Engineering GPU resale, and payback strategies.[58:01]- China’s Huawei push, Nvidia’s ecosystem defense, and infrastructure land grabs.▶️ MORE VARIANT VIEW EPISODES:NVDA: As Good As It Gets: https://youtu.be/x8gJ8ElyUlM?si=pRlRnhrH6Hknp9zUTUSK: Cigar Butt Morphing into a Compounder: https://www.youtube.com/watch?v=l0mF5WK91oc&t=396sFollow Pitch The PM:LinkedIn: www.linkedin.com/in/doug-garber-42aa508X: https://x.com/PitchThePMSpotify: https://open.spotify.com/show/4UHbkYE2OJwfhY2MZqGG5— — — —⚠️ Not Investment Advice. For Educational Purposes. See disclaimers at PitchThePM.com

Welcome back to another episode of Pitch The PM. In this episode, Doug Garber flips roles and steps in as the analyst pitching Vestis Corporation (VSTS)—a recent spin-out, route-based industrial with a new CEO taking the helm after missteps from the initial CEO. Former SAC PM Hugh Anderson plays the part of portfolio manager, dissecting the thesis and poking holes in the evidence. Together they examine whether the business is broken or simply sandbagged, if re-aligning the sales force incentives by limiting credits can drive margin recovery, and whether new CEO Jim Barber (former UPS COO) can execute a Cintas-style transformation. With short interest high and expectations low, is this a compelling special situation or a value trap?— — — —Get Doug’s version of the Earnings Preview Checklist: https://pitchthepm.beehiiv.com/p/vsts-sanbagged-guide-new-ceo-s-turnaround-plan-could-be-a-catalyst-high-short-interestChapters:[00:00:00] What ACTION do I want the Portfolio Manager to take? Doug owns VSTS ahead of what he believes is an underappreciated Q3 setup, driven by sandbagged guidance, a new CEO presenting a turnaround plan. He is bias, so do your own research.[00:03:40] Do I UNDERSTAND this business? Doug draws on his industrial’s experience from Citadel and Millennium, and lays out VSTS’s core model—route-based delivery of uniforms and business supplies—and how its execution compares to peers like Cintas and UniFirst.[00:10:50] Is the stock available at a REASONABLE price today?VSTS trades at ~8x EV/EBITDA vs. Cintas at 29x. Doug argues valuation is fair for a fixer-upper and notes that upside lies in earnings revisions, not rerating.[00:12:55] Why is this stock MIS-PRICED?Street views VSTS as broken due to management stumbles, two major guidance cuts, and high leverage. Doug sees it as a speed bump, not a structural issue.[00:14:50] What is the VARIANT VIEW vs the street?Doug believes recent underperformance and sandbagging have lowered the bar, setting up a potential beat. The April run-rate already matched December’s, suggesting Q3 upside.[00:18:00] What is the EVIDENCE?The last conference call lays out the rebound in sales back to December levels in April. Plus, the excessive narrative on credits helps explain the high decremental margins during the recent shortfall. [00:25:00] What are the CATALYSTS for the street to realize my view?A Q3 beat followed by a Q4 guide above consensus could lead to higher earnings revisions and thus a higher stock price. Plus, the CEO’s turnaround plan could be positive. And there is high-short interest.[00:34:00] What is it WORTH if the bet is right?With steady growth, the multiple discount vs peers could narrow too. Re-rating to peer levels (0.8x–1.3x EV/revenue) from 0.3x could also happen as profitability improves.[00:40:00] What is the OTHER SIDE of the bet? Management may invest heavily, hurting near-term FCF. Credit covenants may linger. CEO could have a conservative stance out of the gate on the 4Q guide. [00:45:00] Is management ALIGNED with ownership? Jim Barber’s equity was granted post last quarter’s miss, guide pull, and dividend cut. He has a good starting point.— — — —Episode partner:💡Powered by AlphaSense. For complimentary access to their earnings tools and expert call library, visit: https://www.alpha-sense.com/Pitch/— — — —Follow Pitch The PM:🔗 LinkedIn: linkedin.com/in/doug-garber-42aa508 🐦 X: x.com/PitchThePM 📸 Linktree: Linktree 📩 Subscribe: pitchthepm.beehiiv.com/subscribeNot Investment Advice. Doug owns VSTS and is biased.

A deep dive into Zoom reveals its potential as an undervalued tech player. The discussion highlights a strong balance sheet with $7B in cash and a shift towards a sticky UCaaS platform. The conversation emphasizes the importance of product innovation and AI in driving future growth. Evaluating competitive pressures, the hosts explore the mispricing in Zoom's stock and its transition amidst market skepticism. Insights into employee satisfaction and stock dilution challenges offer a well-rounded view of the company's landscape.

In this episode of Pitch the PM, Doug welcomes Mark Layton, CFO of Mammoth Energy Services (NASDAQ: TUSK), to explore one of his highest conviction investment ideas and his first of twenty lifetime “Buffett punchcard” investments. This small cap company ($132 MM market cap) is valued below cash levels ($150 MM) with the market giving the company no credit for its existing businesses or underutilized equipment that was recently valued at $145 MM by an independent appraiser. The company recently exited its largest industrial business for $110 MM (more than 3x MOIC), has its land drilling rigs held for sale and subsequent to the recording of this episode sold its frac assets for $15 MM. Mammoth, with the help of its largest shareholder - Wexford, is targeting 25-35% unlevered IRR’s in the aviation rental space where it has a robust pipeline. The company is also incubating its engineering, fiber, and rental equipment businesses. Doug views this as a private equity investment in a public shell without the fees. - Growing the rental business. Mammoth has oilfield rental equipment and helicopters in the portfolio and in April 2025 they purchased 8 airplane. Seeing deal flow through Wexford with unlevered IRR’s at 25-35%.- TUSK is in a void in the capital markets and it resembles a private equity company in a public shell. - 2024 was the worst year for natural gas. Historical presence in the Marcellus and Utica from the co-investment of Gulfport and Wexford to form the initial frac company. 6 frac spreads in total, but lack sufficient scale [Note: Mammoth sold their frac equipment on June 16, 2025]. - View capital allocation like a private equity shop.- Accommodations was its own segment after the IPO, it has done well. Formed by Wexford in 2006/07. Renewed interest in the oil sands. Looking at investments there that can increase the room rates. Have a good leader there and has generated steady FCF. Used this unit for Puerto Rico housing.- Opportunity for expansion into construction. Returns are mid to high teens, unlevered.- Engineering and fiber businesses — Built the businesses around the leaders. As we look at incubating the Engineering business, it should trade for low to mid double digits EBITDA multiple. Fiber has taken a little longer to ramp up, but government funds are starting to hit the market. Can potentially do acquisitions as fiber is fragmented- Grow rental business in OFS and aircraft. Aircraft are the most attractive. Continue to evaluate the remote accommodations business. Firm up the fiber business. - Wexford’s waived consulting fee and provides access to deal flow without the $500,000 fee as they own 47%. Thoughtful patient investors.Links:📩 Subscribe to our newsletter for research updates and new high-conviction episodes from top PMs & Analysts: https://pitchthepm.beehiiv.com/subscribe💡 This episode is sponsored by AlphaSense. Use the link here for Complimentary access — https://www.alpha-sense.com/Pitch/Doug Garber on LinkedIn: https://www.linkedin.com/in/doug-garber-42aa508 Mark Layton: https://www.linkedin.com/in/markelaytonMammoth Energy Services: https://www.mammothenergy.com/*Not Investment Advice

In this discussion, Adam Parker, founder of Trivariate Research and a seasoned equities analyst, argues that Palantir is significantly overvalued and recommends selling or shorting the stock. He delves into index rebalancing mechanics, highlighting the challenges posed by its upcoming removal from the Russell mid-cap index. Parker explains the mismatch between Palantir's inflated price and its fundamental value, emphasizing the risks associated with passive investing and market dynamics that could lead to substantial price corrections.