My $RPD acquisition thesis looked solid on paper—until insider buying activity suddenly deviated from the planned playbook. That was essentially the core reason for holding the position. Since then, the stock has pulled back meaningfully.

Here's the thing though: acquisition doesn't get off the table just because the timeline shifts. What's changed is the waiting game itself. The transaction frame got pushed out considerably, which means the catalyst you were betting on needs recalibration. Sometimes that's just how M&A cycles work—deals don't die, they just take longer than expected.