In today’s post:

  • 🐻 Shorts Have Never Been Bigger

🐻 Shorts Have Never Been Bigger

Patria Investments $PAX ( β–² 2.67% ) is trading at $11.23. That prices it at 7.6x the midpoint of its fee-related earnings guidance for fiscal 2026.

Its peers trade at 23x.

So either the market has spotted a crack nobody's talking about, or a Latin American asset manager just got left in the bargain bin. Let's find out which.

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