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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

@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.

@irbezek Aug 12

Ian Bezek on X

@boujee_banker @Nobilis_Capital @HettyGreen2020 I own $FMX and $JRONY (which owns one of the Colombian ones). $TBBB trading at a huge premium, but they get to 10000+ stores eventually will still work for you.

@irbezek Aug 11

Ian Bezek on X

@shortbus_ace @akeemcap @QuietProsperity $CAAP is 6x EV/EBITDA and no Mexico. But half of EBITDA is from Argentina, so that's its own can of worms (albeit the Argy fees are charged at a fixed USD rate not Peso)

@irbezek Aug 11

Ian Bezek on X

Sheinbaum’s term runs through 2030, while ASR’s M&A could lift EBITDA growth above its usual 12 to 15% annual rate before Mexico’s 2029 election cycle.

@irbezek Aug 11

Ian Bezek on X

Bancolombia $CIB tags $100 today. Congrats to the Colombia bulls, market is heating up now. https://t.co/IQTMPVvWXf

@irbezek Aug 10

Ian Bezek on X

@SowingAlphaSeed I had $U long $APP short on for a while. Still long Unity, but shouldn't have covered Applovin, would have been right on both ends.

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

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

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

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

Hyperscalers’ off-balance-sheet lease and purchase obligations rose from roughly $1 trillion to $1.5 trillion, turning the AI buildout into…

The Monetary Matters Network Aug 16

Will Hubspot go the way of the Dodo?

HubSpot trades near its 2020 share price despite quadrupled revenue and $750 million in free cash flow, with Breeze AI upside weighed…

The Oak Bloke Aug 16

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The full archive

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

Are Department Stores Finally Shortable?

Bristlemoon Capital Aug 13 ZTS 2026-08-13

[scuttleslops] ZTS, APO, FISV, TTD, RELY

scuttleblurb Aug 13

The Impact of Autonomous Vehicles on Copart, A Timeline-Based Assessment - ($CPRT)

Bearhold Research Aug 13

Topics

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