Hedgeye CEO Keith McCullough is adding Allbirds (BIRD) to the long side of Investing Ideas. Below is a brief note.
With patience being core to your risk management #process, you aren't chasing "hot IPOs" with the CNBC crowd on IPO day...
You wait... and you watch...
And then one day, you get a buying opportunity in something like Allbirds (BIRD) towards the low-end of my Risk Range...
Here's a good intro excerpt on the name from Retail analyst Brian McGough's Retail Pro research product (subscribe to that):
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Bullish on BIRD: This deal is going to be hotter than hot – especially with the ESG crowd given the highly sustainable nature of the product value proposition. Our sense is that it prices above the range and rips on day 1. Allocations will be tight, but we think you definitely want to put in for this deal if given the shot. The question for us is what you do on the rip. Where to be a buyer and where to sell. While apparel companies are a dime a dozen, new footwear deals come around only once every few years. |
Buyem on sale. Do not chase,
KM