Pool Corporation short pitch from the 17th annual Pershing Square Challenge

A summary of a short pitch for Pool Corporation (POOL) presented at the 17th annual Pershing Square Challenge. The pitch, which won second place, argues that the company's stock is overvalued and likely to fall. The bear case is built on three pillars: the unwinding of a COVID-related boom in earnings, increased competition from Heritage Pool Supply (acquired by Home Depot), and limited room for growth in new store openings. The article also notes that while the analysis is good, it is not a recommendation to short the stock, as short selling is risky for most investors.