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Bullpen.News From Edwin Dorsey

Saturday, August 22, 2026

TFPM 2026-08-22

Triple Flag Precious Metals: Ravenswood Turns Optionality Into Duration

Capital Connoisseur Aug 22

Aug 22 UUUU $3.7B

Energy Fuels: The Largest Combined Uranium And Rare Earth Company In North America

Joseph L. Shaefer

Aug 22 LLY $1.2T

Eli Lilly: Shaking Off Competition From The Dethroned Novo Nordisk

JR Research

From X

@RagingVentures Aug 22

Raging Capital Ventures on X

@Ross__Hendricks @DratchCap @WarrenPies Equity is abundant even while absolute debt issuance skyrockets. I would think prudent capital allocators would tap the former… (see $GOOG, $ORCL as of late)

@RagingVentures Aug 22

Raging Capital Ventures on X

Nvidia is using its balance sheet to seed neocloud customers against hyperscalers, whose ASIC demand dominates AI infrastructure.

@irbezek Aug 22

Ian Bezek on X

@davey_juice @taobanker I own both. $NU seems inevitable. $INTR more execution and single-market risk but a lot more upside if it works and gets rerated.

@irbezek Aug 22

Ian Bezek on X

@taobanker $INTR at 1.2x book 5.5x '27 earnings with a 16% ROE growing at 20% a year probably qualifies. But yes, $BLX is incredible and I still kick myself for selling most of my position at $25 after buying at $15. Grabbed defeat from the jaws of victory there.

@BlueDuckCap Aug 21

BDC on X

@BoxLongs Wild truth is that if $SNAP chooses they can earn over $1/share in FCF next year. $5 stock.

@ChrisCamillo Aug 21

Chris Camillo on X

Take-Two's leaked GTA VI footage shows denser worlds, more responsive NPCs and deeper systems, supporting a generational gameplay leap.

@irbezek Aug 21

Ian Bezek on X

@taobanker $U up every day, $APP down every day, $RBLX demolished. Things as they should be.

@irbezek Aug 21

Ian Bezek on X

@2suns2moons @bold_perception $CIB dividend up from $2.25/year in 2022 to more than $6/share now. Covers a lot of living expenses. If you relocate to another country, good to own some stuff there so you have an economic stake if its conditions improve...

Investor Letters

The Non-linear Economics of Grocery Delivery Basket

Instacart’s larger grocery baskets create disproportionately better delivery economics than DoorDash’s, making half the basket size worth…

INST delisted

MBI Deep Dives Aug 22

Walmart’s Evolution

Walmart says Medicare Maximum Fair Price rules will cut FY27 US comps by 125 basis points, while pharmacy margins and prescription volumes…

MBI Deep Dives 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

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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