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Bullpen.News From Edwin Dorsey

Friday, August 21, 2026

PTLO 2026-08-20

Portillo's: Guidance Cut Confirms It's Cheap For A Reason

KC Research Aug 20

Aug 21 SOXX $1.4B

SOXX: Growth And Profitability May Be Peaking

Mauro Caversazzi

Walmart’s Evolution

MBI Deep Dives Aug 21

From X

@catechwilliams Feb 1

catechwilliams on X

Calavo Growers faces an expanded DOJ and SEC FCPA investigation into its Mexico operations, with potential fines, criminal charges and customer losses cited as material risks.

@catechwilliams Jan 18

catechwilliams on X

Delta expanded its free Digital ID program into Clear’s core markets, intensifying competitive pressure on $YOU’s airport identity-verification service.

@catechwilliams Jan 17

catechwilliams on X

$CVGW Trainwreck coming--Delayed filing (again) due to issues w internal controls. Potential restatement? CEO has a history of playing games. Commodity business deteriorating due to competition. Desperately trying to sell-off assets.

@catechwilliams Dec 27

catechwilliams on X

$YOU sales growth in light blue, Members in orange vs QTD web traffic. Dotted section is Q4 w consensus sales and member growth. https://t.co/NcihE7pbyD

@catechwilliams Dec 27

catechwilliams on X

$YOU Clear supervisor at JFK said they’ve experienced “a surge in new sign-ups from pre-Thanksgiving through the Christmas travel period.” Similarweb web traffic to their site shows a large acceleration in visits as well suggesting a potentially large Q4 earnings beat.

@irbezek Aug 14

Ian Bezek on X

@WaterworldCapi1 $jets Bad industry, oil might go up again, consumer spending may roll over, and the new "capacity discipline" is more lucky accident than strategic. Somebody, probably $aal will start dumping capacity on routes again and margins back to zero

@irbezek Aug 14

Ian Bezek on X

@lasse108 @ReturnsJourney $intr

@irbezek Aug 12

Ian Bezek on X

@Nobilis_Capital @boujee_banker @HettyGreen2020 I can walk to three different Ara's ($JRONY) from my place in Colombia. Omnipresent. If I run out of eggs, bread, milk or whatever just go grab it in a couple minutes rather than getting in my car to go to a big store.

Investor Letters

VISN 2026-08-21

Vistance Networks: The Valuation Makes This Stock A Strong Buy

Investor Overview Aug 21

$ELAL: El Al is a wartime monopoly at 2x EBITDA. Is that a trap? | ASB Partners

El Al trades near 2x EBITDA after wartime near-monopoly profits, with $1.3 billion of net cash and owned aircraft weighed against…

Yet Another Value Podcast Aug 20

Instacart’s Unit Economics, and Implications for DoorDash

Instacart’s per-order unit economics provide a benchmark for assessing DoorDash’s LTM profitability and operating model.

INST delisted

MBI Deep Dives Aug 20

CCC Is in the Middle of the Wreckage

CCC, the dominant auto physical-damage claims estimator, connects 27 of the top 30 insurers with 31,000 repair shops as takeout rumors…

scuttleblurb Aug 20

Aloe Aloe Aloe what 'ave VERRA then?

Verra Mobility's new seven-year Avis agreement replaces a customer worth over 10% of revenue on materially worse economics, exposing…

The Oak Bloke Aug 20

NCLH or her grandma Saga?

Norwegian Cruise Line’s $15 billion debt and 2026-27 capex delay deleveraging, despite fuel-efficient new ships and stronger projected 2028…

The Oak Bloke Aug 19

Airbnb Model Update (2026)

Airbnb shares have risen about 50% since October 2025, prompting a revised 2026 model and return assumptions at the current price.

MBI Deep Dives Aug 19

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…

Triple S Special Situations Investing Aug 18

Shitcos, Griftcos, and alignment versus enrichment at $IREN

IREN awarded each co-CEO roughly 9 million RSUs, about 2.5% of shares and $400 million, in exchange for no further equity grants until…

Yet Another Value Blog Aug 18

$NU: is Nubank Capital One in 1994 or Capital One in 2006? | Vanshap Capital

Nubank's 140 million customers, 20% efficiency ratio and 30% ROE frame whether its high-teens P/E reflects a scalable fintech or a maturing…

Yet Another Value Podcast Aug 17

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Triple S Special Situations Investing Aug 17

The $1.5 Trillion of Hidden Debt Fueling the AI Boom | Robin Wigglesworth of FT Alphaville

The Monetary Matters Network Aug 16

Will Hubspot go the way of the Dodo?

The Oak Bloke Aug 16

AI’s Achilles’ Heel: Why Everything Hinges on Anthropic & OpenAI | The Weekly Wrap

Steve Eisman Aug 14

$DNOW: the boring distributor that could double on 2029 numbers | Firebird Management

Yet Another Value Podcast Aug 14

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