This is why I love Substack.

Our thesis on Birkenstock was just validated by the one and only Dr. Burry!

95% of Birkenstock’s production is in Germany, and the stock was down 36% due to volatile U.S. trade policy and currency headwinds.

With the latest Supreme Court ruling, Birkenstock is poised to be in a win-win situation. The company can choose to either keep the extra margin or lower prices and grow faster (while still improving margins).

Full report linked below.