Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Saturday, September 26, 2026

Back to today

New Buy : Honeywell Aerospace $HONA

Honeywell Aerospace, newly spun off as HONA, fell 41% from post-listing highs after Q2 2026 as supply-chain bottlenecks delayed revenue catch-up despite long-lived aerospace aftermarket…

HONA $49B
D Invests 13 clicks

From X

@AltayCapital 2 clicks

AltayCap on X

The only industries where obvious capital allocation lingo is useful is leasing / banking / insurance. It's much more nebulous in operating businesses that do real things. $AER ceo saying the cheapest commercial jets are on the NYSE under the ticker AER is easy to understand. As math is pencilling out cost of new orders vs buying back stock. $FOUR competes in the real world. Leasing/banking products are fungible. Much harder biz to forecast. Cap allocation is still important, but a lot harder.
@Fierce__beast

Fierce_beast on X

I guess the issue with buying corporate debt is what if interest rates keep going up or if there is inflation? Fixed rate coupon at 6% you might need to wait till maturity to get paid back. But what if there's also increased inflation? according to blackrock it looks like weighted average maturity is like 9-10 years or so for their BBB index $LQDP. With $MCD and $OTIS i think you get a 6%+ total return in most inflation or interest rate environments at these valuations, hopefully more. I was underwriting something closer to 7-8% for both those stocks personally, but probably 6% would be OK, as I am 200% leveraged long and maybe gonna go higher, so expected return on my equity from these ideas is closer to 12%, maybe 16%. But then adds some other benefits that seem decently valuable, like MCD beta .4, otis .88, defensively better than a lot of stocks in case of a recession. Maybe $MCD is just getting degrossed as everyone leveraged it up on their portfolios at the same time expecting an accepetable return of lets say 5% but leveraged 2x or more they were getting a 10%+ ROE on thier protfolio and now degrossing it at the same time. Not totally sure if i'm underwriting correctly, or if this is the best idea in the world, seemed just OK.

Investor Letters

All letters
BKV · long

Bkv CORP

BKV Corp, public for less than two years, is an underfollowed natural-gas producer pursuing early-stage projects and a transition.

BKV $2.4B
Value Investors Club 1 click

Lululemon: The 15-Minute Thesis

Lululemon’s North American sales, margins and legging demand are falling as Alo and Vuori gain share, leaving its brand moat and depressed…

LULU $11B
Hated Moats 3 clicks

The Five Deals That Made Apollo

Apollo Global Management’s five defining deals, from Executive Life to Intel, built a $1 trillion asset manager spanning insurance and…

APO $69B
Net Interest 1 click

Publications we follow

Every publication on this site, hand-picked.

110 publications

Newsletters 93

YouTube 4

Blogs 12

Seeking Alpha 41 of 198

Nominate a publication

X accounts we follow

Every account on this site, hand-picked.

72 accounts
Nominate an account

Investor letters we follow

189 firms

Sectors

Ordered by how often our editor reaches for them.