3/25/26 - $onon - V smol position long hereOn Holding AG Class ANYSE:ONONVROCKSTAR3/25/26 :: VROCKSTAR :: ONON V smol position long here - 14x ebitda "good" not great - brand still in solid position. hawt gurl shoe. - at round down $500mm in fcf you're looking at still mid singles FCF yield, which, growing (at that conservative level you are) is still better than the money printer - of course we like best horses - i tend to agree w/ the market than some of the bull posters on X that are hyping up the return of CEOs. usually this happens when something isn't going well. that's the correct read unless proven otherwise - however, these founders clearly have built a killer brand, they are prepping for next phase, not checked out. locked in. i like that. and they own significant shares. - prefer it in the low $30s to get to 1% position and feel comfy (where you're closer to 20x PE) and then anything in the mid 20s becomes rather obvious and you just become (business) cycle aware and realize these are expensive shoes (however people will often shun the expensive stuff and paradoxically buy things like shoes, makeup in this environment). let's see. V