W 1% 08/15/2026

Wayfair Inc

Credit, Consumer, TMT


Publicly traded companies mentioned herein: Wayfair Inc (W)

Highlights

The presenter is bullish on Wayfair Inc (W), which he describes as more of a platform distribution business than a typical online retailer since it doesn’t hold significant inventory ($79MM of balance sheet inventory on $12B+ of revenue). Its share price skyrocketed from a massive pull-forward of demand during the pandemic before crashing below pre-COVID levels when those tailwinds subsided. Since then, the company has been agile enough to tweak its strategy and take costs out of the business, and the fruits of that labor are starting to shine through. He owns convertible notes across the entire capital structure, but his favorite is the 2026 convertible note issuance trading at 80 and currently yielding ~9% as it seems to offer the best combination of downside protection and equity upside.

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Idea Discussion

Commentor 1 - 2 weeks ago

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