ContextLogic is building a portfolio of high quality niche businesses and there is a good case to be made that this is just the first inning of a long game.
You write, "Contaminated dialysis fluid would be an absolute catastrophe of biblical proportions for any pharmaceutical company."
Then you ignored this disclosure?
"US Salt Parent Holdings LLC (“US Salt”) is conducting an investigation associated with a confirmed report of contaminant in a production lot of salt shipped in February 2026. Although not legally required to do so, US Salt has self-reported this matter to the U.S. Food and Drug Administration. US Salt has implemented additional measures to further reduce the risk of contamination, has enhanced in-process testing, and has retained third party consultants to support its root cause investigation and advise on best practices. There have been no reported adverse events associated with this matter. There also have been no positive tests of contamination detected in US Salt’s expanded testing of both its historic and current retained lots. It is possible that US Salt may issue a partial or full recall of one or more lots of its salt. Any recalls by US Salt or US Salt customers could have a material adverse effect on US Salt’s business and financial performance, including due to direct and indirect costs of a recall, the destruction of product inventory and production delays
to investigate, identify, and address the underlying cause of a recall, liability to customers related to a recall, reduced sales of US Salt’s products, and adverse publicity that harms US Salt’s brand and reputation.
This is the responsible thing that many company just like this do. This is a name I have been very active in since they announced the merger. David Abrams may be one of the best investors to ever live few have heard of. That’s on purpose. In a small back bay in Boston sits a man who was the first head of equities for Seth klarman. With like $20B. Really. Dave and an analyst or two. Thats it. Truly an enigma. But if you look at his timing of say the Rolls Royce buy. You could not do it more perfectly. Good catch here amigo. This is his privates playbook coming public. The did a version of this with loar no tax credits.
Just thought that the level of detail was surface level from the companies PowerPoint deck and didn't acknowledge risks or challenges the business can or will face, including the recent disclosure above.
Also limited valuation work. The footnote on slide with uFCF for gChem says no tax benefits from the LLC. Why would they be the case if the thesis is to use the NOLs for cash generating businesses.
You write, "Contaminated dialysis fluid would be an absolute catastrophe of biblical proportions for any pharmaceutical company."
Then you ignored this disclosure?
"US Salt Parent Holdings LLC (“US Salt”) is conducting an investigation associated with a confirmed report of contaminant in a production lot of salt shipped in February 2026. Although not legally required to do so, US Salt has self-reported this matter to the U.S. Food and Drug Administration. US Salt has implemented additional measures to further reduce the risk of contamination, has enhanced in-process testing, and has retained third party consultants to support its root cause investigation and advise on best practices. There have been no reported adverse events associated with this matter. There also have been no positive tests of contamination detected in US Salt’s expanded testing of both its historic and current retained lots. It is possible that US Salt may issue a partial or full recall of one or more lots of its salt. Any recalls by US Salt or US Salt customers could have a material adverse effect on US Salt’s business and financial performance, including due to direct and indirect costs of a recall, the destruction of product inventory and production delays
to investigate, identify, and address the underlying cause of a recall, liability to customers related to a recall, reduced sales of US Salt’s products, and adverse publicity that harms US Salt’s brand and reputation.
"
Thoughts?
This is the responsible thing that many company just like this do. This is a name I have been very active in since they announced the merger. David Abrams may be one of the best investors to ever live few have heard of. That’s on purpose. In a small back bay in Boston sits a man who was the first head of equities for Seth klarman. With like $20B. Really. Dave and an analyst or two. Thats it. Truly an enigma. But if you look at his timing of say the Rolls Royce buy. You could not do it more perfectly. Good catch here amigo. This is his privates playbook coming public. The did a version of this with loar no tax credits.
No doubt this is a great jockey bet.
Just thought that the level of detail was surface level from the companies PowerPoint deck and didn't acknowledge risks or challenges the business can or will face, including the recent disclosure above.
Also limited valuation work. The footnote on slide with uFCF for gChem says no tax benefits from the LLC. Why would they be the case if the thesis is to use the NOLs for cash generating businesses.