Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Latest News

Market capOver $300M
All Over $50MOver $300MOver $2BOver $10B
All Under $1BUnder $10BUnder $100BUnder $500B
SectorsAll
Filter by sector
Sunday, October 18, 2026· 9299 stock ideas· 217 writers·
18,689 views· 8,662 clicks

From X

@convequity

Convequity on X

Whether AI can run security operations on its own comes down to one question: when an automated action is wrong, who is accountable for finding out what happened and fixing it? Our note borrows two levels from self-driving cars. At L2 the driver answers for mistakes. At L4 the car drives itself, so accountability shifts to the company behind the system. 1. At L2, a third-party AI agent mostly assists. It connects to a security platform over MCP, the protocol that lets an outside AI model pull data from a vendor's platform. It suggests next steps and drafts investigations, while the human and the security platform still hold the wheel. 2. At L4 or L5, the system acts with no human in the loop in the security operations centre. It quarantines a machine, kills a process, revokes access or blocks traffic. Any of those can be wrong. When one is, the customer needs a clear accountable party that will investigate and fix the problem. In our view $PANW can be that party. It is already inside the customer's systems, keeps audit trails, and its own products take those hard-to-reverse actions. AI model labs are poorly placed for that role. On our reading, their terms usually limit what they answer for, so when an outside agent acts wrongly, the customer is left to investigate and fix the problem alone. Outside agents compete most easily for the analyst's workspace, which is L2 work. That makes $PANW better placed than model labs to sell autonomy.
@StableBread

Fajasy on X

The $VIX closed at 14.87 on September 25, while the S&P 500's $SPY realized volatility over the past month was 10.8. That 4.1-point gap is the premium option buyers pay over what the index has actually done, and it's the newest row in the volatility section of my macro dashboard. The other volatility rows (VIX, the MOVE index for Treasury volatility, the VIX term structure, and SKEW) all live inside the options market, while this one checks option prices against the index's actual moves. A wide gap means protection is expensive relative to recent moves. A negative gap means the market is moving more than options priced in, which is what a selloff in progress looks like. I added it because a VIX of 15 means something different when the S&P 500 is moving 10% annualized than when it's moving 20%. The gap is near its 5-year average of 3.3 after swinging from -1.2 in early July to 8.4 by late July, 0.6 in mid-August, and 6.7 on September 11. Stocks look calm next to bonds right now. The VIX sits at the 23rd percentile of its 5-year range, while the MOVE index jumped from 80.6 to 96.0 in the week to September 25.
@orrdavid

David Orr on X

Google $GOOG Key bear argument: Search is their largest business and likely faces a long term headwind instead of long term tailwind. At least probably, since they are doing a good job incoperating fast AI responses into search. Android (and iOS and Windows) are threatened. The work culture is weak (but seems to be improving). Key bull argument: Most of their other businesses are good/great and growing. A couple are big AI winners. TPUs in particular are a likely key AI ingredient if either/both inference and electricity efficiency matter a lot (I think yes to both). YouTube is a big AI winner. Cloud/compute biz wins from AI, deals are structured in a way with no downside for $GOOG (but plenty of downside for the companies locking into the contracts). Management are fantastic capital allocators.

Investor Letters

All letters

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

Read past recaps

2026.42: Home At Last

Stratechery’s weekly bundle covers Apple HomeView and SpaceX’s cellular ambitions.

AAPL $5T
Stratechery by Ben Thompson – On the business, strategy, and impact of technology. 4 clicks
FINV · long

Finvolution Group

FinVolution, a China and ASEAN unsecured consumer lender, trades at 4x earnings and 0.5x book value.

FINV $711M
Value Investors Club

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 $34B
WHAT ARE WE DOING? “Contrarians At The Gate” 51 clicks

PesoRama: Research Flash

PesoRama will reach 54 JOi Dollar Plus stores by November after raising C$28.4 million, funding more than 50 additional Mexican store…

TBBB $6.8B
Atrium Research - Equity Research 7 clicks

Modine Deep Dive

Modine, soon Modexus Solutions, has a $4 billion hyperscaler cooling contract but must ramp factory output and restore margins as data…

MOD $9.2B
CV's Substack 18 clicks

AppLovin Deep Dive

AppLovin rebuilt its ad model with AXON 2.0, lifting LTM revenue to about $7 billion and margins to 77% as Unity competition threatens…

APP $88B
Speedwell Research 26 clicks

Have a source we’re missing? Send your pick

Recent recaps

Latest recap

Saturday, October 17 31 stock ideas
  • SiriusXM: Dirt Cheap, Looming Catalysts, Short Squeeze Candidate Eagle Point Capital
  • Expert Call | Q3 2026 Optical Components Market Dynamics, Vendor Market Share, & 2027 Growth Outlook P Equity Research
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 52 of 238

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