Bullpen.News From Edwin Dorsey
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Wednesday, September 16, 2026

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@BlueDuckCap 2 clicks

BDC on X

Maybe this earlier post is hyperbolic. But Specs potential is real and the applications are very real and the implied value to $snap is negative. Btw go back and look at all my snap tweets - been as big a bear as any of you. But the worm is turning. Sub business 85% yy $1b+ rr and ads stable and 16% HC reduction to cut $500mn opex and SBC offset by buyback. So there’s a lot to like here and if specs can get a minority investor which i think is much more likely after today then game on. Oh and by the way snap could still cut opex by 50% just to get in line with $rddt on cost/employee.
@ActAccordingly 1 click

PAA Research on X

The trading action in $LEN should be pretty interesting following a disappointing print and underwhelming guidance (albeit not surprising). The stock trades at tangible book value with a 2.5% dividend yield (that used to mean something) and they look set to buyback 5-7% of the shares outstanding annually. They've moved their entire pricing and gross margin model down to meet the market so they can move volumes. They're moving units in Arkansas at $230,000. There's definitely a market at that price point. There's some controversy about their land bank accounting practices from the work of @hntrbrkmedia, but you still have a biz that's not impairing book and generating profits. Insiders own a fair amount, Berkshire bought last quarter. Is there enough bad news here? Is it finally washed out? https://t.co/j7W0oY1pY5

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Adobe 3Q26 Update

Adobe’s fiscal 3Q26 revenue grew 13%, while ARR growth slowed to 9.3% excluding Semrush.

ADBE $99B
Speedwell Memos 2 clicks
RGLD · long

Royal Gold INC

Royal Gold, a $19 billion precious-metals royalty and streaming company, benefits from mine production without operating mines directly.

RGLD $22B
Value Investors Club

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.

ABNB $99B
MBI Deep Dives 4 clicks

Revisiting Veeva #2

Veeva plans Falcon agents for pharmacovigilance, clinical-trial documents and regulatory writing, targeting multibillion-dollar…

VEEV $42B
Lewistown Capital

Over Target

Ukraine’s Black Sea attacks on CPC infrastructure threaten Kazakhstan’s 1.4 million bpd oil export route through Russia, putting Chevron’s…

CVX $403B
Doomberg

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