Under Armour and the Retail Landscape with Matt McClintock – The Special Situations Report Episode 54

When we noticed that Prem Watsa (often called Canada’s Warren Buffett) was buying shares of Under Armour (UA) on the open market for Fairfax Financial, I mentioned to Tamanna that we should have Matt McClintock on the podcast to discuss the company.

I included a teaser clip from the podcast on LinkedIn and X last week and wrote the following:

“Matt McClintock is a tour de force when it comes to covering the retail sector and especially athletic companies like Under Armour (UA), Lululemon (LULU) and Nike (NKE). We were fortunate enough to have him join us for our next podcast and discuss how the turnarounds at these three companies and V.F. Corporation (VFC) are proceeding.

Matt’s experience covering the industry on Wall Street at Lehman Brothers and then for more than a decade Barclays shines through in this Special Situations Report podcast.”

Episode 54 of our weekly Special Situations Report Podcast with Matt is out today and can be found on Spotify, YouTube and Apple Podcasts.

Please note that there were a few audio issues with the recording and hopefully they don’t detract too much from the conversation.

Our conversation with Matt centered around the thesis for Under Armour and the special situations bonanza taking place at the business (insider purchases and C-Suite transitions) as it navigates difficult sales and a possible turnaround. We also discussed a number of other retail businesses, drawing comparisons between Lululemon, Nike, Deckers, VFC, and more, developing a full picture of the athletic brands space.

This was by far the most comprehensive deep dive into an industry we’ve ever done on this podcast, and as such, we learned so much from this discussion. We hope our listeners enjoy this as much as we loved recording it!

You can find Matt at the following locations:

X: @MattJMcClintock

LinkedIn: Matt McClintock

M Squared Capital: Founder and CEO

Voluntary Disclosure: I hold long positions in Fairfax Financial and Lululemon Athletica.

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