The following segment was excerpted from this fund letter.
Keywords Studios PLC (KYYWF) (KWS)
KWS was the biggest loser in the portfolio in Q3. I will spare the full thesis rehash since I discussed it in the last letter, but the stock declined because of Q3 results, which were deemed disappointing by the market. The company grew revenue 17% organically, but margins declined as the company had to invest heavily in temporary space, pay overtime for employees, and boost recruiting efforts to keep pace with demand. The disappointing margins increased conviction for bears who