SIVB
SVB Financial Group
stock NASDAQ

PSMT, PriceSmart. The Costco of CentAm/Carribean, expanding to LatAm. Genuinely large warehouse store format, compare to WMMVY and FMX who have smaller format stores and don’t geographically overlap PSMT that much. Comps, margins, growth trends have been positive and stable. Big growth runway. 50% of sourcing is from US, so weak dollar and trade war is positive. HQ and mgmt in US, US listed. Started by Sol Price, who founded Price Club and sold it to COST. I surmise a future generation of Prices will eventually sell PSMT to COST. Stock is not cheap but for the growth runway I think valuation is okay.
MMI, Marcus & Millichap. Commercial real estate broker and financing advisor, focused on private market ($5MM to $20MM size). CRE prices have been in the dumps (excluding data center etc), banks leery of CRE loans, big investors have raised funds to bottomfish CRE, CRE owners are being forced to accept the new normal prices and sell, so transactions are accelerating. Fed rate cuts will accelerate this. The large cap CRE names like CBRE JLL took off, then NMRK, I think MMI’s turn will come.
COLM, Columbia Sportswear. Boring but successful outdoor apparel name, well run, strong balance sheet, global manufacturing and sales. Stock hammered on tariffs, although exposure to Vietnam-to-US lane isn’t huge, and has the balance sheet and scale to cope better than many competitors, and the mid price point that should do okay with a tighter consumer wallet. I think investors are waiting to see the worst of tariff impact in 2H2025. Stock is cheap.
Regional banks, generally. Rate cuts on short end and inflation driven higher rates on long end would steepen yield curve, good for bank model of borrow short to lend long. Banks have been building up cash and capital since SIVB. Bowman will loosen bank regulation, consumer protections like CPFB will go away, antitrust hurdles too, opens the door to bank industry consolidation right when the mid-size regionals all want to get bigger. I usually just buy the quality names and hope they make good aquisitions or get taken out by a bigger bank. The big banks look good too but those stocks have moved.

PSMT, PriceSmart. The Costco of CentAm/Carribean, expanding to LatAm. Genuinely large warehouse store format, compare to WMMVY and FMX who have smaller format stores and don’t geographically overlap PSMT that much. Comps, margins, growth trends have been positive and stable. Big growth runway. 50% of sourcing is from US, so weak dollar and trade war is positive. HQ and mgmt in US, US listed. Started by Sol Price, who founded Price Club and sold it to COST. I surmise a future generation of Prices will eventually sell PSMT to COST. Stock is not cheap but for the growth runway I think valuation is okay.
MMI, Marcus & Millichap. Commercial real estate broker and financing advisor, focused on private market ($5MM to $20MM size). CRE prices have been in the dumps (excluding data center etc), banks leery of CRE loans, big investors have raised funds to bottomfish CRE, CRE owners are being forced to accept the new normal prices and sell, so transactions are accelerating. Fed rate cuts will accelerate this. The large cap CRE names like CBRE JLL took off, then NMRK, I think MMI’s turn will come.
COLM, Columbia Sportswear. Boring but successful outdoor apparel name, well run, strong balance sheet, global manufacturing and sales. Stock hammered on tariffs, although exposure to Vietnam-to-US lane isn’t huge, and has the balance sheet and scale to cope better than many competitors, and the mid price point that should do okay with a tighter consumer wallet. I think investors are waiting to see the worst of tariff impact in 2H2025. Stock is cheap.
Regional banks, generally. Rate cuts on short end and inflation driven higher rates on long end would steepen yield curve, good for bank model of borrow short to lend long. Banks have been building up cash and capital since SIVB. Bowman will loosen bank regulation, consumer protections like CPFB will go away, antitrust hurdles too, opens the door to bank industry consolidation right when the mid-size regionals all want to get bigger. I usually just buy the quality names and hope they make good aquisitions or get taken out by a bigger bank. The big banks look good too but those stocks have moved.