1) On August 28, I wrote about how payments giant PayPal (PYPL) was the subject of a $50 billion offer from rival Stripe and private-equity firm Advent. However, the bid was withdrawn, sending shares tumbling.
But PayPal's new CEO, Enrique Lores, isn't seeking a buyout. He has a turnaround plan for the company, as this recent Wall Street Journal article details:
Lores, in the job now for just over six months, wants to remake parts of the business that have been lackluster for years, launch new features and slash billions of dollars in costs. He will have to do it amid fierce competition in a rapidly changing payment industry, where PayPal has long broken new ground but recently failed to capitalize.
He's planning to roll out many new products and innovations for the company's flagship platforms, PayPal and Venmo:
Central to his plan is turning Venmo, the popular payments app that generates meager profits, into a one-stop money-management app, with tools for consumers to keep budgets and invest.
For the legacy PayPal checkout button, which consumers can use to pay for goods across the internet, he wants to offer better rewards and improve the user experience, thereby increasing usage that has plateaued since Apple Pay and Google Wallet became the dominant digital wallets.
But analysts and investors are skeptical:
"They trade like a melting ice cube," said Sanjay Sakhrani, an analyst at Keefe, Bruyette & Woods. "The investment community is suspect because they just haven't executed for a long time."...
"The path forward for PayPal, either under Stripe's ownership or as a stand-alone company, we believe will be a bumpy one," Truist analysts wrote recently.
In my August 28 e-mail, I commented on how the $62-per-share buyout offer is a steal:
To pressure PayPal, Advent and Stripe leaked to Bloomberg that they're walking away, which they knew would tank the stock. But I think they really want to buy the company and know it's a steal at their $50 billion offer. As the [Bloomberg] article noted, "Advent and Stripe could always opt to come back at a later date if the situation changes."
It's likely that they'll come back with a moderately higher offer (maybe $65 to $70 per share – a decent premium to yesterday's closing price of $61.47), PayPal will accept, and the stock will soar.
The stock closed yesterday at $54.03, which I think is an attractive price. As I detailed in my June 3 e-mail:
PayPal has exceptionally strong historical financials: high margins, growth, and [free cash flow], a strong balance sheet, and smart capital allocation.
This provides PayPal with a strong base for the new CEO to fix its problems and launch new products.
And if he fails, we know there's a buyer willing to pay $62 per share. That's the kind of win-win scenario I like...
2) I've long admired sportswear company On (ONON), so I read this WSJ story with interest:
On Holding shoppers have historically been willing to pay full price, according to [Chief Financial Officer Frank] Sluis. While wholesale demand stumbled in its latest three-month period, direct sales surged by double digits, proving consumers are willing to buy its products without a discount, he said.
I'm one of those consumers – I love its Cloudmonster shoes, which are usually the only ones I bring when I travel, sometimes for many weeks. They look good in nicer settings, but I can also hike, jog, and work out in them. They're pricey at $190, but worth it.
The company's valuation has always kept me at a distance, but it has become more reasonable lately...
The stock closed yesterday at $27.47, down 57% from its all-time high at the beginning of last year. It's now 22% below its first-day close of $35 after its IPO in September 2021:
In my January 11, 2023 e-mail, after seeing On's management give a presentation at the annual ICR conference, I commented that the company is a wonderful growth story – but its stock price reflected that.
And I said the same about shoemaker Crocs (CROX) and gym company Planet Fitness (PLNT) after their respective presentations.
In that same e-mail, I mentioned six other stocks: Titan Machinery (TITN), MarineMax (HZO), Helen of Troy (HELE), Wolverine World Wide (WWW), Bowlero – which is now Lucky Strike Entertainment (LUCK) – and Denny's (DENN), which is now private as of January 2026.
It's always fun and illuminating to see how stocks have done after I've written about them, so let's take a look...
In short, I was wise to stay away from all of them – their performance has mostly been disastrous. As you can see in the chart below, none of them have beaten the S&P 500 Index's 92.4% return, as measured by the State Street SPDR S&P 500 Fund (SPY):
I think On is the most interesting company in this group. I'll take a first look at its historical financials and valuation in tomorrow's e-mail, so stay tuned!
3) Two readers wrote to me to share their stories about using GLP-1 weight-loss drugs after reading my P.P.S. in my September 4 e-mail about my friend losing 90 pounds this year thanks to Eli Lilly's (LLY) market-leading drug, Zepbound.
(My team and I at Stansberry Research think Lilly's stock is going to be a big winner, which is why we recommended the stock three months ago in our flagship newsletter, Stansberry's Investment Advisory. Subscribers can read our full report here, which includes our specific buy advice. If you're not a subscriber already and would like to become one, click here.)
I've read various articles about how GLP-1s can help with addiction, such as alcohol, drugs, nail chewing, and compulsive shopping. (Here's a February New Yorker article about this: Can Ozempic Cure Addiction?)
But I'd never heard stories about this from my friends or readers until now...
Reader David V. sent me an amazing story of how taking GLP-1s quickly ended his yearslong addiction to cannabis/THC. He has allowed me to share it, commenting, "I hope my story hits home for someone out there who might be or has a family member that might be going through something similar."
First, he gave some background on how his addiction started:
So I got "high off my own supply." Not only had I started investing in cannabis companies and did the books for a lot of local smoke shops, I also got into consuming the edibles, which are loaded with THC... I was in Georgia at the time so all the products exploited the hemp farm bill loophole.
Long story short – what was a novel, fun thing quickly got away from me. Our son's health took a turn for the worse and regrettably I turned to the edibles almost daily for an escape. Once I realized how much of a problem I had, the hooks were set. I struggled for well over two years trying to quit.
Concurrently, I was reading what you've been writing about these drugs and started doing my own deeper dives on the side. I read about people losing interest in drinking while using GLP-1s, I was blanket emailed by the Veterans Administration asking for volunteers for a GLP-1 study on alcohol use disorder, and the anecdotes in Reddit forums started mounting with stories of people quitting all sorts of addictive substances.
After a few months, David decided to try GLP-1s to help his THC addiction – and his results have been incredible:
I kid you not, Whitney, within 24 hours my compulsive use went away. I was staring at the THC-infused chocolate bar that had controlled me for 3-plus years and had no desire to consume. Realizing that I was motivated to quit and that this could be placebo effect, I decided to give it a full month before saying "yes, this stuff helped me turn the corner."
During that month of abstinence, I ran across Dr. Anna Lembke's book, Dopamine Nation. She's the head of Stanford's addiction center and dual diagnosis clinics. She is one of the main proponents of dopamine fasting and in her book she outlines an amazing protocol for quitting an addiction/bad habit behavior.
Since I was at the end of the 30-day fast from THC, I implemented the last step of her protocol and did another experiment. I reintroduced the edibles. And I noticed two things: I didn't like the feeling anymore AND YET I felt the addiction gremlins chattering in my head that I could responsibly use again even if the GLP-1 kept me from absorbing it like before.
That's all the feedback I needed. I threw away the remaining stash and haven't looked back. Maybe some folks can use responsibly but I am not cut from that cloth. The drug finally gave me the impulse control I needed to modify my behavior. It's the same idea behind people rewiring their eating habits to lose weight on the GLP-1s.
David concluded:
I got my mind back and have begun to heal my soul sickness from having been "got" by the addiction gremlins. That's been worth every penny spent on the drug.
I'm going to continue taking it. My arthritis pain is at an all-time low since it got bad a few years back, my waist is under 35 inches for the first time since I retired from the military eight years ago, and I imagine my upcoming bloodwork will look great.
Better days are here and more are coming. We're still going through hell trying to get our son better (developmental disabilities and now epilepsy) but I feel like such a better and more present father and family provider. There is no price tag on great health.
I firmly believe and live that now. The past is behind me and to think that a modified Gila monster peptide is what I needed to get me to the finish line is still blowing my mind!
Congratulations, David – I'm so happy for you!
Meanwhile, reader Michael E. e-mailed me:
I started on Zepbound after reading the story of your friend at the beginning of the year. I began my regimen on February 28 at 231 pounds. Six months later, I have lost 45 pounds and am down to my primary weight loss goal of 186. Now, my secondary goal is 175 pounds...
Even though there were light to moderate side effects, my blood pressure is down dramatically. My sleep apnea is gone. And the second most important thing to me is my knee pain is gone. I was diagnosed with arthritis in my left knee 30 years ago. I had constant knee pain – just stepping up a curb was painful. I had grinding in my knee when bending it. All of these are now gone.
I'm also having less shoulder and hand pain. My eyesight is getting better. I don't wear my prescription sunglasses any longer and only use my regular glasses when I'm on the computer or reading. My hearing is getting better as well.
I took my last GLP-1 shot this morning and will start taking Lilly's daily Foundayo pill next Saturday. I'm hoping to continue my weight loss or at least maintain my current weight.
Thanks for sharing, Michael!
Best regards,
Whitney
P.S. I welcome your feedback – send me an e-mail by clicking here.