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Laughing Water Capital

Dec 2024 → Jun 2026 · Publishes quarterly

Our archive holds 7 letters from Laughing Water Capital, behind 23 investment theses and positions in 8 companies. Every quote below is copied verbatim from the letter it came from.

Laughing Water Capital’s own letters page
7
Letters
8
Companies
4
Moves
23
Theses

What they bought and sold · 4 moves

Companies held · 8

Every company Laughing Water Capital has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 23

  • AnaptysBio Inc
    June 2026

    AnaptysBio is an asset-light royalty company on Jemperli with discounted cash-flow value and litigation-driven upside if GSK settles or loses control of the asset.

    Read the full thesis
  • Lifecore Biomedical, Inc.
    December 2025

    Lifecore Biomedical is a capacity-constrained CDMO with a 40-year quality record, sticky high-margin business, capable management, and visible upside with downside protection.

    Read the full thesis
  • Liquidia Corporation
    December 2025

    Liquidia Corporation has an approved, better-tolerated PAH/PH-ILD therapy gaining share with patent outcomes skewed favorably, creating substantial upside with manageable downside.

    Read the full thesis
  • NextNav Inc
    December 2025

    NextNav Inc stands to unlock significant low-band spectrum value if the FCC advances its 900 MHz 5G plan to enable a terrestrial GPS backup, supported by national security priorities and policymaker backing.

    Read the full thesis
  • Secure Waste Infrastructure
    December 2025

    Secure Waste Infrastructure operates a resilient, high-margin waste infrastructure business with active buybacks and high-ROIC projects, trading at a discount that could re-rate toward peers.

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  • Vistry Group PLC
    December 2025

    Vistry Group PLC is an asset-light partnerships homebuilder set for multi-year EBIT growth supported by expanded UK funding and buybacks, with shares at a low multiple offering re-rating potential.

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  • Vistry Group PLC
    September 2025

    Vistry Group PLC is a leading U.K. affordable housing builder poised for growth due to a new £39B funding program, despite past accounting issues and current undervaluation.

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  • Clarus Corp
    September 2025

    Clarus Corp (CLAR) is undervalued compared to private market transactions and has insiders incentivized to maximize shareholder value, making it a strong investment thesis despite a recent earnings miss.

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  • PAR Technology Corp
    September 2025

    PAR Technology Corp is a leading enterprise software provider for quick-serve restaurants with strong future prospects despite temporary revenue delays.

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  • Lifecore Biomedical
    September 2025

    Lifecore Biomedical Inc (LFCR) is positioned to benefit from excess capacity in a high-demand CDMO market, supported by new customer wins and favorable regulatory developments, despite a recent stock decline due to misinterpretations of an S-3 filing.

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  • Thryv Holdings
    September 2025

    Thryv offers a compelling opportunity in SMB software, where its fast-growing, cash-generating SaaS business is deeply undervalued due to legacy accounting noise—setting the stage for significant upside as the market catches on.

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  • NextNav
    September 2025

    With strong momentum toward FCC approval, strategic leadership moves, and spectrum valuation comps suggesting massive upside, NextNav stands poised to unlock transformative value in an overlooked alternative GPS and 5G play.

    Read the full thesis

Letter archive · 7

2026

2025

2024

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