Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Latest News

Market cap$2B–$100B
All Over $50MOver $300MOver $2BOver $10B
All Under $1BUnder $10BUnder $100BUnder $500B
SectorsAll
Filter by sector
Thursday, October 15, 2026· 4774 stock ideas· 217 writers·
16,289 views· 7,553 clicks

Is The Market Turning The Page?

CoreWeave’s debt and equity price action is framed as a wake-up call for investors amid a broader market discussion.

CRWV $43B
WHAT ARE WE DOING? “Contrarians At The Gate” 2 clicks

From X

@aleabitoreddit

Serenity on X

Someone did ask “How is Serenity” this time around! So I’m happy. I’m just personally excited about $LITE selling out into 2029 and implications for optical peers like $AAOI. Not advice, but I personally think markets haven’t fully caught onto the scale of AOI’s ramp in 2027 + current bottleneck severity. It’s one of my largest positions right now for a reason! Also I’m looking forward to touching grass over the weekend. Apparently there was an OCP San Jose event… Maybe I’ll drop by if there’s a Kiss of Life group like at ICML.
@StableBread 6 clicks

Fajasy on X

The S&P 500 lost 18% in 2022, and the Bloomberg U.S. Aggregate, the main U.S. bond index, lost 13%, its worst year since it began in 1976. Over the same year, $XLE, the S&P 500 energy sector ETF, returned 64%, gold was flat, and cash earned ~1.5%. Now what if I told you there's a framework that would've said to own cash and energy in 2022, not stocks and bonds? That framework is called Gave's Four Quadrants, after Charles Gave, co-founder of Gavekal, a macro research firm. It uses two ratios built from market prices, the S&P 500 vs. Oil and Gold vs. Treasuries, to place the economy in one of four environments, and it describes what to own and what to avoid in each. Here's how stocks, bonds, gold, and cash tend to perform in each environment: → Deflationary boom: Stocks, bonds, and cash rise, and gold underperforms. → Inflationary boom: Stocks and gold rise, cash does very little, and bonds fall. → Deflationary bust: Bonds and cash rise, gold stays fairly stable, and stocks fall. → Inflationary bust: Gold and cash rise, while stocks and bonds fall. In my backtest of Gave's rules from 1970 to September 2026, a portfolio split equally between cash, the S&P 500, and either 10-year Treasuries or gold, whichever the framework favored, would have returned 5.7% per year after inflation. Its max drawdown was 28%, vs. 54% for the S&P 500. As of the end of September 2026, the two ratios place the U.S. in an inflationary boom phase. But since January 2025, the S&P 500 to gold ratio has been below its 7-year average, which has often come a few months before the S&P 500 to oil ratio drops below its own 7-year average. If that happens, the U.S. is back in an inflationary bust phase, like 2022. So how do you read the two ratios yourself, and what do they say to own today? That's what I walk through in my new ~20-minute video!
@StableBread

Fajasy on X

The Navy plans to buy more ships, and BWX Technologies $BWXT doesn’t charge a set price per reactor. $BWXT makes the fuel, reactor cores, steam generators, and other reactor components for the Navy’s Virginia- and Columbia-class submarines and Ford-class carriers. $BWXT now produces two to three of these reactors/year, Joe Miller, president of Government Operations, said at its Investor Day on September 29, 2026. The Navy buys under multi-year pricing agreements, so orders arrive in large blocks: → February 2025: $2.1B of naval reactor component contracts. → July 2025: $2.6B, including options. → May 2026: $1.45B, mostly long-lead material (parts ordered years before a ship is built) under the first of five annual task orders through 2030. → October 2026: $189M of naval fuel, to be completed by August 2027. $BWXT’s plants carry large fixed costs, so final pricing depends on how many ship sets (all the reactor components for one ship) the Navy orders, CFO Mike Fitzgerald said at Investor Day. The Navy’s 30-year shipbuilding plan, released in May, calls for (1) “buying two attack boats per year for the next 30 years,” meaning Virginia-class submarines, (2) a new carrier every four years instead of every five, and (3) 15 nuclear-powered Trump-class battleships, per USNI News, the U.S. Naval Institute’s news service. $BWXT’s own read of the plan is naval growth of 4-6%/year from the existing ship classes. Each Ford-class ship set takes ~8 years to deliver, so ordering a carrier every five years left gap years with one ship set in $BWXT’s plants instead of two. CEO Rex Geveden said on the Q2 call that the four-year cadence takes out “that revenue bathtub that we’ve been going through” and has “a bigger volume impact than even adding a battleship.” The next carrier’s long-lead orders come in 2028, but Fitzgerald said at Investor Day the faster cadence won’t really show up in $BWXT’s numbers until around 2030. A Trump-class battleship would use one Ford-class reactor (a carrier uses two), so $BWXT could build the reactor on its existing lines, but Congress still has to fund the program. Fitzgerald said $BWXT’s 2030 targets exclude the battleship program, so congressional funding would be extra growth.

Investor Letters

All letters

Free Recaps of the best new stock ideas, delivered every morning.

Read past recaps

Constellation: Stars Aligning?

Constellation Brands trades near $127 at roughly 11x next-twelve-month EV/EBIT, with recent business results offsetting concerns over…

STZ $21B
TSOH Investment Research 16 clicks

Lennar, Part One: The Story

Lennar grew from a Miami builder into one of America’s two largest homebuilders, controlling land largely through options and land banks…

LEN $17B
Latticework by MOI Global 10 clicks

Lennar, Part Two: The Deep Dive

Lennar’s second audio program examines the homebuilder’s business for professional investors and housing analysts.

LEN $17B
Latticework by MOI Global 11 clicks

Insider activity September 2026

Asian insider buying rose 19% to US$2.4 billion across 930 September transactions, led by Grab CEO Anthony Tan’s US$30 million purchase…

GRAB $12B
Asian Century Stocks 6 clicks

Vicor Update, Part Two

Vicor uses ITC exclusion-order cases to license power-module patents, with published royalty multipliers rising from 1.0x before filing to…

VICR $12B
CV's Substack 4 clicks

Have a source we’re missing? Send your pick

Recent recaps

Latest recap

Wednesday, October 14 70 stock ideas
  • October 2026 Random Ramblings Yet Another Value Podcast
  • Visa: Unpacking The 7 Powers And Forward Valuation Ahead Of Q4 Earnings Seeking Alpha
Read the recap

All recaps

Publications we follow

Every publication on this site, hand-picked.

129 publications

Newsletters 107

YouTube 4

Blogs 17

Seeking Alpha 49 of 228

Nominate a publication

X accounts we follow

Every account on this site, hand-picked.

88 accounts
Nominate an account

Investor letters we follow

189 firms

Sectors

Ordered by how often our editor reaches for them.

Anything we’re missing?

Send us a pick