Capricorn’s Gamble on Waystar: A Financial Farce in Four Acts

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Act I: The Prologue

In the grand theater of capital, where fortunes shift like shadows on a stage, Capricorn Fund Managers has unveiled its latest performance. On the 17th of October, 2025, this investment troupe declared its allegiance to Waystar, acquiring 505,122 shares at a cost of $19.15 million. A sum, one might say, sufficient to fill a modest castle with gold-or to fund a dozen more prudent ventures. Yet Capricorn, ever the optimist, chose the latter.

Act II: The Revelation

This newfound passion for Waystar accounts for 6.4% of the fund’s reported assets, a proportion so bold it dethroned all prior holdings. The ledger now reads:

  • WAY: $19.15 million (6.4% of AUM)
  • TARS: $14.26 million (4.8% of AUM)
  • MSFT: $14.15 million (4.8% of AUM)
  • VERA: $13.10 million (4.4% of AUM)
  • REAL: $12.64 million (4.2% of AUM)

A hierarchy as orderly as a court of jesters-yet with the weight of a crown. For while Waystar’s stock price of $36.81 (up 34% in a year) gleams brighter than the S&P 500, one wonders if this is a phoenix rising or a gullible fool’s folly.

Metric Value
Price (as of market close October 16, 2025) $36.81
Market capitalization $7.06 billion
Revenue (TTM) $1.01 billion
Net income (TTM) $85.94 million

Act III: The Protagonist

Waystar, you see, is no mere company but a purveyor of “cloud-based healthcare payments”-a phrase as opaque as a noble’s estate in a fog. Its offerings include “denial prevention” and “revenue capture,” terms that sound less like finance and more like alchemy. Founded in 2017 by a cast of 1,500 souls in Lehi, Utah, it claims to streamline payment processes for healthcare providers. A noble goal, were it not for the $1 billion in debt that clings to its coat like a persistent suitor.

IMAGE SOURCE: GETTY IMAGES.

Act IV: The Coup de Théâtre

The Foolish take? Capricorn’s bet is as curious as a miser who buys a ship to sail the sea. Waystar’s revenue has grown 15% year-over-year, yet its forward P/E ratio of 25 is the price of admission to a house of mirrors. One might argue that for a company with $4.7 billion in assets and $1.5 billion in liabilities, the arithmetic is less a triumph than a magician’s sleight of hand. Still, in the realm of capital, where logic bows to ambition, Capricorn’s gamble may yet prove a masterstroke-or a cautionary tale.

Epilogue: The Glossary

Let us not forget the jargon that cloaks this drama: “13F reportable assets under management” (a bureaucratic ballet), “initiated position” (the first step in a waltz of risk), and “outperforming” (a phrase as slippery as a courtier’s tongue). The stage is set; the curtain falls. Whether this farce ends in riches or ruin, only time will tell. 🎭

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2025-10-20 05:52