Bullpen.News From Edwin Dorsey
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Thursday, October 1, 2026

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Not So Fast

Entravision, the portfolio’s largest position, fell more than 40% from its highs as Q3 returns dropped to 37.8% YTD.

EVC $682M
The Mikro Kap 3 clicks

From X

@marginofdanger 2 clicks

marginofdanger on X

I don't know if I fully agree with that. $CBBI trades at 0.4x for two reasons: 1) OTC listing and 2) no buyback. If there was a company sponsored buyback, it would probably trade at 0.6-0.7x and therefore the buybacks would be less accretive. Also if you look at my numbers you'll see that the projected share price in the non-buyback scenario is $16.16 in five years plus $2.50 in dividends vs. $19.10 in the buyback scenario. Pretty close. If you're a short-term holder, you want the buyback to re-rate this to 0.6-0.7x. If you want to long-term compound, it's not clear the buyback is that much better to me.
@marginofdanger 1 click

marginofdanger on X

$CBBI followers- the tables below show two scenarios assuming a sale in 5 years at 100% of TBV: 1) Investor reinvests the .50/yr dividend into more shares 2) CBBI suspends dividend and instead does a share repurchase The analysis shows that the results are roughly the same (BEFORE TAXES). The point here is to show that if you reinvest your dividend you can somewhat replicate the economics of a buyback. One assumption that is likely optimistic in the company buyback scenario is that they'd continue to be able to buy back at 0.4x TBV. If you tinker with that, the buyback is less valuable. cc: @mwphnh

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💥Yield!💥

Beyond Meat’s Q2 2026 revenue fell 8.2% as U.S. retail and foodservice volumes declined, while a flatter, not inverted, Treasury curve…

BYND $138M
PETITION

Quick Value #332 - Gentherm (THRM)

Gentherm’s Oct. 1 Reverse Morris Trust with Modine adds commercial and off-highway operations, leaving THRM at 7.4x pro forma EBITDA with…

THRM $985M
Value Don't Lie 3 clicks

Updates

FGPR remains on track, PRTH's management buyout is set at $8.05, and microcap RAVE is described as cheap.

FGPR $254MPRTH $642M
Nat Stewart - Stock Picking Newsletter 12 clicks

Is The Bond Market Running On Empty?

U.S. Treasury yields are testing credit and equity markets, while the discussion also targets recent changes at Glass House (GLAS).

GLAS $484M
WHAT ARE WE DOING? “Contrarians At The Gate” 1 click

IEH Corporation: Research Note

IEH booked $3.6 million in mobile-defibrillator connector orders, lifting its medical revenue outlook and diversifying beyond aerospace and…

IEHC $73M
Atrium Research - Equity Research 12 clicks
ELME · long

Elme Communities

Elme Communities, a REIT, is nearing the end of a long liquidation process.

ELME $156M
Value Investors Club 1 click

NET Power (NPWR):

NET Power’s $1.80 shares are paired with January $2 covered calls for 40 cents as the company pivots from carbon capture to Permian…

NPWR $132M
Triple S Special Situations Investing 2 clicks

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