Calls
2
Daniel Schwartz
Co-Managing Partner, 3G Capital
Win Rate
0.0%
return
-7.6%
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Ticker
Side
Mentions
First Call
Call Price
P&L
Thesis
Theme
Source
Long
Feb 10
$971.23
-3.7%
Schwartz highlights the "share gain of private label" and explicitly praises Costco's "Kirkland" as a fantastic brand that disintermediates suppliers. This is the inverse of the KHC thesis. Retailers that own the customer relationship have immense pricing power and margin expansion opportunity by replacing branded goods with proprietary private labels. Long the disintermediators. As inflation presses consumers, the shift to private label (Kirkland/Great Value) accelerates, benefiting the retailers at the expense of the suppliers. Valuation concerns (COST is historically expensive); regulatory scrutiny on retailer pricing power.
Schwartz highlights the "share gain of private label" and explicitly praises Costco's "Kirkland" as a fantastic brand that disintermediates suppliers. This is the inverse of the KHC thesis. Retailers that own the customer relationship have immense pricing power and margin expansion opportunity by replacing branded goods with proprietary private labels. Long the disintermediators. As inflation presses consumers, the shift to private label (Kirkland/Great Value) accelerates, benefiting the retailers at the expense of the suppliers. Valuation concerns (COST is historically expensive); regulatory scrutiny on retailer pricing power.
Staples Retail
Long
Feb 10
$126.70
-11.4%
Schwartz highlights the "share gain of private label" and explicitly praises Costco's "Kirkland" as a fantastic brand that disintermediates suppliers. This is the inverse of the KHC thesis. Retailers that own the customer relationship have immense pricing power and margin expansion opportunity by replacing branded goods with proprietary private labels. Long the disintermediators. As inflation presses consumers, the shift to private label (Kirkland/Great Value) accelerates, benefiting the retailers at the expense of the suppliers. Valuation concerns (COST is historically expensive); regulatory scrutiny on retailer pricing power.
Schwartz highlights the "share gain of private label" and explicitly praises Costco's "Kirkland" as a fantastic brand that disintermediates suppliers. This is the inverse of the KHC thesis. Retailers that own the customer relationship have immense pricing power and margin expansion opportunity by replacing branded goods with proprietary private labels. Long the disintermediators. As inflation presses consumers, the shift to private label (Kirkland/Great Value) accelerates, benefiting the retailers at the expense of the suppliers. Valuation concerns (COST is historically expensive); regulatory scrutiny on retailer pricing power.
Staples Retail
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Daniel Schwartz has 2 trade ideas tracked on Buzzberg across 2 tickers since February 2026. Most covered: WMT, COST, SKX.
