OT: Laughable

Here’s a screaming headline today from an article on Insider Monkey…

Here’s Why Vulcan Value Partners Reduced its Upstart (UPST) Stake

They referenced the first quarter letter of Vulcan. Here’s what Vulcan’s letter actually said:

Upstart Holdings Inc. is an artificial intelligence (AI) and cloud-based lending platform. Upstart’s
stock price has been very volatile, but its value has grown steadily. Last year, the company grew its
revenue by over 250% organically, which materially exceeded our expectations. In addition, the
company continues to generate robust free cash flow and is launching new products to expand its
business. Upstart’s value has increased consistently since we first purchased it. Following our
discipline, we have added to our position when its stock price has declined and its price to value
ratio has improved, and we have reduced our stake when its stock price has risen faster than its

If the author had bothered to check the SEC filings he’d have seen that Vulcan has increased
its stake from 5.9% on 12/31/2021 to 8.6% on 3/31/2022.