3/20/26 - $stub - Officially more than interestingStubHub Holdings Incorporation Class ANYSE:STUBVROCKSTAR3/20/26 :: VROCKSTAR :: STUB Officially more than interesting - into print i was watching, not really a live events person but stubhub is defn dominant >50% share... and new IPO with downward dawg action... so on my radar - but now valuation is looking distressed - let's pretend some bad macro hits (it's likely) and we need to re-think multiples, downside etc. but where there's nothing structurally impaired (which we avoid... mkts hard enough) - so DOJ is building supply chain for free... API interop which a pretty mega catalyst underpinning - but in recession bear GMS flat, ebitda in the sub $300 mm level on 5-6x ebitda and stock trough is $3-4/shr. call it $3.5 - HOWEVER, at that point, you'd size it up pretty meaningfully b/c the upside asymmetry w/b pretty wow (back to my point that there aren't any reasons it should "stay" here) - so i think about keeping it about 50 bps here. just so i'm actually exposed... below $6 i get to 1-1.5%, closer to $6 i'm probably 2-2.5%, anything below then... we'll reassess. who knows what else has fallen off a cliff - but i like this - founder led, big cash flow, industry catalyst, not many ppl covering and IPO puke and smaller cap means analysts not focused here now... big asymmetry. - sizing matters - what do u think? V