20 hours ago
2
Soumya Eswaran
Mon, April 27, 2026 astatine 6:45 AM CDT 3 min read
Laughing Water Capital, an concern absorption company, released its first-quarter 2026 capitalist letter. A transcript of the missive tin beryllium downloaded here. The Class A concern successful Laughing Water Capital returned astir -4.5% nett of each fees and expenses successful the archetypal 4th of 2026. The SP500TR and R2000 returned -4.3% and 0.9% respectively, during the aforesaid period. Over the archetypal 10 years, since its inception, Laughing Water Capital returned astir 410%, oregon 17.7% per year. Recent developments, specified arsenic AI breakthroughs and U.S. operations successful Iran and Venezuela, show the enduring quality of planetary uncertainty. The steadfast believes volatility has generated possibilities that pb to portfolio modifications with caller additions reflecting shorter concern timelines, beardown equilibrium sheets, and near-term currency flows, with constricted lawsuit way risk. In addition, delight cheque the portfolio’s apical 5 holdings to cognize its champion picks successful 2026.
In its first-quarter 2026 capitalist letter, Laughing Water Capital highlighted stocks similar PAR Technology Corporation (NYSE:PAR). PAR Technology Corporation (NYSE:PAR) is simply a starring exertion institution that offers cloud-based hardware and bundle solutions to the edifice and retail industries. On April 24, 2026, PAR Technology Corporation (NYSE:PAR) closed astatine $13.71 per share. One-month instrumentality of PAR Technology Corporation (NYSE:PAR) was 6.86%, and its shares mislaid 76.95% implicit the past 52 weeks. PAR Technology Corporation (NYSE:PAR) has a marketplace capitalization of $565.49 million.
Laughing Water Capital stated the pursuing regarding PAR Technology Corporation (NYSE:PAR) successful its Q1 2026 capitalist letter:
"PAR Technology Corporation (NYSE:PAR) – PAR was our edifice bundle business. I proceed to judge that PAR volition triumph their category, but I was ne'er wholly comfy with valuation, which for PAR and different bundle companies has been measured arsenic a aggregate of yearly recurring revenue, oregon “ARR” implicit the past respective years. This conception has gone retired of favour owed to the emergence of AI, and it is not wide to maine erstwhile it volition travel backmost successful favor. Consider that during the past large bundle disruption successful the aboriginal 2000s companies similar Microsoft traded astatine 12x earnings. As I said, I judge that PAR volition triumph their category, but it volition beryllium immoderate clip earlier lawsuit wins construe into existent earnings, and with ARR retired of favour the downside extortion to maine successful this concern was not clear. Further, determination has ever been an constituent of reflexivity tied to PAR’s superior operation owed to convertible debt. A precocious banal terms allows you to refinance converts with minimal pain, portion a debased stock terms brings important dilution. I exited our presumption anterior to PAR raising a caller person astatine importantly little conversion prices than the erstwhile instrument."
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