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Trail Waves

Seth LaReau

Explorations of the Business, Culture, and Finance of Trail Running.

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Substack
PricingOnly free issuesPublishesWeekly
Issues57Founded2 years agoLast Issue16 days ago
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Latest Issues

The Trail Running Shoe Sponsor Power Rankings (Q3 2026)

Image created by author.

Somehow, it’s already October, though my kids have been constantly reminding me that it’s Fall. They must be learning about the seasons in school, but my daughter is still confused as to why the Japanese Maples in...

16 days ago
16
11

The Game Theory of a $100,000 Trail Race

Image created by author.

Run Rabbit Run may have just redefined what it means for a professional trail athlete to make a living in the sport.

Last week, during a pre-race briefing for the 2026 Run Rabbit Run 100 Mile, race director Fred A...

23 days ago
14
9

Nike is Down 80%. Is ACG Still Looking Up?

Image created by author.

On June 30, 2026, Nike reported its Q4 FY 2026 earnings from a boardroom in Beaverton, Oregon. Sportswear and Jordan streetwear both fell double digits for the quarter, a slide President and CEO Elliott Hill expect...

a month ago
14
7

From an Attic to a $30,000 Launch

Original image: Dera. Modified by author.

The night before Dera’s public launch, founder Morgan Tuohy accidentally left a single size medium belt in stock on the website. The launch was set for 10:00am the next morning, but a little after...

a month ago
13
2

The 2026 UTMB Storyline Bracket

Original photo from Run the Alps. Modified by author.

I’m not ashamed to admit that I officially have UTMB fomo. Between the Instagram highlights, pre-race interviews, prognostication podcasts, and rumor mill coming from those on the groun...

2 months ago
12
10

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Authors

The writers behind this newsletter.

  • Seth LaReau

    Trail runner, ultramarathoner, writer, and dad of two. | Exploring the business, finance, and culture of trail running. | 📍 SF Bay Area

  • Frequently Asked Questions

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