Bullpen.News From Edwin Dorsey
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Tuesday, August 18, 2026

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Jumia

Jumia’s January 2028 $7/$15 call spread risks $1.15 for up to $6.85 if cost cuts and marketplace growth deliver adjusted EBITDA and cash-flow breakeven in Q4 2026.

JMIA $938M
Triple S Special Situations Investing 13 clicks

From X

@BlueDuckCap 1 click

BDC on X

Very constructive development here w/ $STIM. We have both the largest shareholder and a major activist investor demonstrating full confidence in the balance sheet and new management. We think the new CFO has helped here and credit to Dan Reuvers for taking the CEO role at a tricky time but demonstrating a solid turnaround plan that has obviously has the backing of shareholders. For too long this business has under-punched its weight which is why activism became a reality in the first place. Clearly the new management has things pointed in a more exciting direction. At the same time, shareholder board nominations will ensure that the new direction remains one intent on maximizing equity value.
@orrdavid 1 click

David Orr on X

It's not THAT clear Citadel made a good bet. Probably good. But it could be losing. Three buckets: 1. Citadel brand buying the block creates a lot of buyers short term, letting them get out. A counter to this is: how many other funds/players blew up at the same time, with how much more stock still needing to be sold at any price by brokers? And redemptions. 2. The $SOXX drop was mostly just technical and will keep going up again after this. In which case Citadel will kill it. 3. The $SOXX drop was on real fundamentals, like the market knows the trade is over. In that case, Citadel stands to get slaughtered if the move continues down. Nobody really knows. Memory seems very questionable, though. I follow $TSM well and that seems merely fairly priced here, not a screamin' buy. $NVDA seems hard today, with all this chatter of competing chips / AI getting so powerful the software moat seems like probable junk in a few years.

Investor Letters

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Stock Trade Compilation Diez

E.W. Scripps, Team Internet, Monro, doValue and Inter & Co feature as special-situation trades involving mergers, asset sales, leverage and…

SSP $292MMNRO $383M
Triple S Special Situations Investing 9 clicks

The AI Compute Squeeze

CoreWeave and Nebius cite AI compute shortages and higher-priced GPU renewals, but older-chip utilization and depreciation vary across…

CRWV $47BNBIS $59B
MBI Deep Dives 8 clicks

Entravision Q2 Notes

Entravision’s ATS revenue rose 230% to $182.8 million in Q2, but shares fell from above $14 to about $8 after management forecast…

EVC $727M
The Value Road 13 clicks
COUR · long

Coursera INC

Coursera's combination with Udemy creates an online learning platform serving over 270 million learners with hundreds of thousands of…

COUR $1.3B
Value Investors Club

40 Stock Pitches (3rd-9th August)

Navient trades near 40% of tangible book as Gator Financial Partners argues private student-loan growth and restructuring can reverse its…

NAVI $902M
Capital Employed 9 clicks

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