8/22/25 - $run - Pretty obvious shortSunrun Inc.NASDAQ:RUNVROCKSTAR8/22/25 :: VROCKSTAR :: RUN Pretty obvious short - it's great to see papa powell pump our beloved NXT - but just the other day daddi trump decided to eat taco bell (if you've been paying attention - this is when he tweets something from the 3am squat that's anti-solar)... and not chipotle. - solar has had a nice run. - i've written ad nauseam about it being the obvious generation tech in the next 10 yrs. edgeking elon agrees. idk if that's good or bad. - but in the retail front let's just review some real basics - usually in a mkt i get the "yes everyone can see the multiples". and yes that's true. but honestly it's somehow an edge to just put this into context with a modicum of logic. - for RUN you get: - 7.5x sales (lol!) - low teens EBITDA mgns (adds back D&A! lol) - trust me bro FCF in 2028 - so yeah - hard pass at 18 bn valuation - it's one where the equity can certainly do cray cray things b/c it's so small in the capital stack - but ultimately. RUN will go BK. i've made a number of these calls in the past year, many of them are returning to fair value. zero-aroni. be safe out there. friends don't let friends buy RUN just 'cause it's a fun ticker. V