Dear Reader,

Murray Stahl was a legendary Wall Street money manager for essentially one reason:

He found a stock so unusual and powerful that it generated a 46,950% return between 2002 and 2026, according to Morningstar.

Today I'm going to give you the name and stock ticker for this stock, because I believe the gains could be extraordinary in the next few years too.

And no, you don't need to pay me a penny for this information, give me your e-mail address, or anything like that — I'm going to spell it all out for you, entirely free of charge. (Click here to get the details.)

Now, what's so unusual about Murray Stahl is not just the fact that the stock he pinpointed has made more than 46,000%, but that he had such strong belief in this stock that he actually put more than half of his $9 billion firm’s money into this one single company!

It's an incredible story about an incredible company that I believe could radically improve your retirement over the next few years.

Again, I'm going to give you the name and stock symbol, totally free of charge, no credit card or email address required.

You'll find my full write-up on the situation here.

Regards,

Whitney Tilson
Senior Analyst, Stansberry Research

P.S. For years, I've said Berkshire Hathaway is the best retirement stock in America — and anyone who followed my recommendation could've had the chance to do well. But this business Murray Stahl found might be even better, in part because it sits at the epicenter of America's two most important industries right now (yes, AI is one of them). I don't normally give away some of my best research ideas for free, but this is a very unusual situation. Every American at or near retirement age should know about this one-of-a-kind business.

>>> Get the name and stock symbol for Murray Stahl's great discovery free of charge. <<<

Jersey Mike's Serves Fresh Gains After IPO Stumble

Author: Jeffrey Neal Johnson. Publication Date: 8/4/2026.

When the share price of Jersey Mike's Subs Inc. (NYSE: JMKE) slipped below its $23 IPO price on opening day, traders witnessed a brief disconnect between trading mechanics and the company's underlying business fundamentals.

The fast-casual franchisor raised $1 billion in gross proceeds on July 30, 2026, but its IPO shares dipped to around $20.63 before closing at $21.65. By Aug. 3, secondary-market demand had driven a recovery toward $24.75 per share, demonstrating renewed buying interest after the initial allocations settled.

Institutional Demand Outpaces Initial Share Allocation

Institutional demand during the roadshow was approximately 15 times oversubscribed, resulting in allocation rationing, with roughly 20% of institutional accounts receiving no initial shares. With a limited public float of about 43.5 million Class A shares out of more than 300 million total equity shares, early price volatility quickly gave way to steady accumulation. Investors evaluating the fast-casual restaurant sector are watching how Jersey Mike's deploys primary capital to pay down balance-sheet debt while leveraging its nearly 100% franchised-store network to navigate broader food-cost pressures.

How Asset-Light Franchising Generates Cash Flow

Understanding the financial architecture behind Jersey Mike's requires separating corporate capital allocation from store-level economics. Private equity sponsor Blackstone Inc. (NYSE: BX), which acquired majority control in late 2024 at an enterprise value of nearly $8 billion, structured the public debut with a dual purpose. Secondary share sales generated about $683 million in liquidity for existing owners, while 13.8 million primary shares yielded approximately $317 million in net cash proceeds.

Management designated the primary proceeds for balance-sheet deleveraging. Pre-IPO debt exceeded $1.5 billion, resulting in a net-debt leverage ratio above 5x EBITDA.

Applying the primary proceeds to debt repayment would lower leverage toward 4x EBITDA, reducing annual interest expense and improving net-income conversion. In fiscal year 2025, corporate operations generated approximately $724 million in revenue and $55 million in net income, resulting in an adjusted EBITDA margin of approximately 47%.

At the store level, Jersey Mike's Subs Inc. operates with verified unit economics that incentivize network expansion. Individual franchise locations generate average unit volume (AUV) of around $1.4 million. Franchisees achieve average store-level cash-on-cash returns of approximately 42%, corresponding to a capital payback period of roughly 2.5 years per location. Because franchisees fund new-store construction, corporate capital expenditures remain minimal.

This return profile underpins a development pipeline of more than 1,600 committed units as of June 30, 2026. Existing multi-unit operators account for over 90% of these commitments, providing reliable, multiyear revenue visibility. Management maintains a long-term target of expanding the domestic store count from around 3,300 to 7,500, alongside an international goal of 15,000 units.

Royalty Streams Protect Jersey Mike's Margins

The broader restaurant sector faces volatility in the prices of major agricultural inputs. Projections from the United States Department of Agriculture indicate that beef prices will increase by 10% to 18% in 2026, driven by constrained domestic cattle inventories. Fresh-produce prices have also risen, with tomatoes up about 32% and lettuce up roughly 24.9%.

These inflationary trends present margin-compression risks for corporate-owned quick-service operators like McDonald's Corporation (NYSE: MCD) and Domino's Pizza, Inc. (NYSE: DPZ), which bear direct store-level costs of goods sold. Jersey Mike's Subs Inc. primarily functions as a franchisor, collecting top-line royalty payments. Corporate revenue comes from fixed royalty fees assessed on gross store sales rather than net store profits.

While individual franchise operators manage store-level food and labor inflation, high store productivity of around $1.4 million in AUV provides operational flexibility. Menu-price adjustments help preserve franchisee margins, supporting the royalty flows to Jersey Mike's Subs Inc. This asset-light structure allows corporate adjusted EBITDA margins to remain near 47%, offering investors a defensive cash-flow profile during periods of elevated agricultural inflation.

Fresh Options on the Menu

Several near-term milestones are set to shape trading liquidity and price discovery over the coming months. On Aug. 3, 2026, major exchanges launched options trading for Jersey Mike's Subs Inc. The introduction of call and put contracts provides institutional participants with tools for hedging, generating covered-call income and managing risk, thereby deepening secondary-market liquidity.

A second catalyst arrives on Sept. 8, 2026, when the SEC-mandated quiet period expires. Major underwriting syndicate members, including Morgan Stanley (NYSE: MS), Jefferies (NYSE: JEF), J.P. Morgan (NYSE: JPM) and Barclays (NYSE: BCS), will be permitted to initiate formal analyst research coverage.

Initial independent coverage from Melius Research has already assigned a Buy rating and a 12-month price target of $30, representing upside of more than 20% from recent levels.

Investors should monitor the 30-day underwriter over-allotment window involving 6.52 million secondary shares, as well as the standard 180-day lock-up expiration in late January 2027. The lock-up agreement prevents major insiders and Blackstone Inc. from selling additional equity blocks before early 2027, maintaining a controlled public share supply in the near term.

Order Up: Balancing Growth Multiples Against Support Levels

Trading at an enterprise value of roughly $8 billion to $8.7 billion, Jersey Mike's Subs Inc. commands a premium valuation multiple of 24 to 26 times last-12-month adjusted EBITDA. This multiple reflects market appreciation for high-growth franchisors, leaving little room for operational missteps or a slowdown in store openings.

Investors seeking exposure to fast-casual growth might monitor price action for potential pullbacks toward the $23 IPO support level. Strategic buyers may choose to wait until the SEC quiet period expires in September to assess comprehensive underwriter coverage reports before initiating or expanding long-term positions.