YB new stock pitches (Tue, Aug 12)

CHCI (Comstock Holding Companies, Inc.) represents 61% of the portfolio with a cost basis of $8.50, having been initially purchased at $7.50 last year and averaged up over time. The core investment thesis centers on asymmetric risk with minimal downside protection through a strong balance sheet and guaranteed revenue stability and free cash flow growth, while offering potential for multi-bagger returns over a 5-year horizon. The recent Q2 2025 earnings release confirms the company's continued strength, reinforcing the investor's conviction which has grown stronger after additional due diligence. Despite the unconventionally large position size, the investor views this allocation as logical given the favorable risk-reward profile, where the potential for significant upside outweighs the risk of modest capital loss, challenging the common cognitive flaw of loss aversion.

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Crocs (CROX) represents an attractive investment opportunity following a 29% selloff despite trading at just 4.5x P/E compared to peer average of 15x. The company benefits from durable demand driven by the 'pajamafication' trend and high-margin Jibbitz customization, which enables significant personalization at $4-8 per charm, with some customers spending $1,000+ on collections. While U.S. sales declined 6% and management has guided for a 9% drop in Q3, international growth remains strong at 16% year-over-year (now 52% of revenue), with China growing 30%. CROX maintains a robust direct-to-consumer channel (50% of sales) with impressive 60% gross margins, and is executing a $2.4 billion share buyback to retire 30% of outstanding shares, with $1.1 billion remaining. The recent selloff was driven by weak U.S. consumer guidance and a HeyDude goodwill impairment, but the company's international expansion and aggressive share repurchase program position it for significant upside, with a price target of $150 within two years and potential for $250 if it achieves peer-level multiples alongside continued buybacks.

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VivoPower International PLC (VVPR) is buying XRP tokens at a 50% discount from Ripple Labs insiders, creating a situation where every $10 million deployed theoretically adds $5 million to VVPR's NAV. The company has already raised more than $50 million of its $100 million target for this opportunity, as indicated in a recent press release. Having an ex-Ripple founder on the board increases the likelihood of securing Ripple Labs' approval for the transactions. However, several uncertainties exist: whether the company can successfully raise the full $100 million, if Ripple Labs will approve the sales, and if VVPR will be able to sell the tokens once acquired. If successful, the company could potentially reach a $50 NAV based solely on the current capital raise, representing a significant upside from current prices.

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