Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Friday, October 2, 2026

Back to today

From X

@MaiusPartners 1 click

Maius on X

Some $PSIX thoughts off the recent 8-K: The banking syndicate lifted committed capacity from $135m to $220m (+$85m), cut the SOFR margin from +2.60% to +1.80%, and pushed maturity from July 2027 to September 2029 (~26 months). Credit committees are structurally risk-averse. More exposure, less spread, and longer tenor only clears if they like the repayment case. So what are they underwriting that most equity investors still won’t touch? Two things the disclosures imply: 1) Weichai’s North American strategy is locked in. Change-of-control remains tied to Weichai keeping board control and ≥40% ownership (same economic threshold as before). The extension removes left-tail risk that Weichai pursues a different go-to-market path. 2) The extra capacity isn’t for today’s balance sheet. Net debt was essentially zero at Q2’26 (cash ~$70m, debt ~$73m). The new investor materials flag Prime Power as a deliverable for the first time—ranges that overlap $INIO’s data-center gas engines, a segment where $INIO recently highlighted as an area "Chinese players have historically struggled to break in" and hence command "100% market share in several datacenter power ranges". As Bezos put it: your margin is my opportunity. Have a great weekend, everybody!
@blondesnmoney

Cluseau Investments on X

It's been a year since this post and I've held all the names aside from Sandisk (which I sold 600 shares of at $130 and think of on a regular basis), and Powll Industries. Not a great day today, "attitude adjustment" from Western Digital (made a bad day trade as well), and Kioxia and WDC have been halved since June (would've been nice to cash out at the peak). Still, I think perspective is key, all of these components have come a long way since the original post a year ago, and I think the toughest part has been owning them rather than attempting to time the market. Every headline has been absolutely brutal in prompting the worst, most emotional decisions, at the wrong time. I made a few modifications, I spent $50 to collar $MU between 1000 and 1500 until December, which seems like a really inexpensive hedge to get 400 points of upside and limit losses to a 70 point downside, and today I used proceeds from selling $WDC calls to buy some December and January 350 Strike Puts on my entire position. It serves as a contractual stop loss, WDC is up 120% this year but I don't want to ride it back to the cost basis or negotiate with myself on the way. Either it holds 350 and finds some footing, or I get closed out in a few months and move on. Despite today's relatively bad day, the basket has worked out ok over the last 12 months. Hedging Cost: 60,000 Basket Cost Basis: 1.404 Million Current Value: 4.328 Million Unrealized: 2.924 Million

Investor Letters

All letters

Nike, Part Two: The Deep Dive

Nike’s second Latticework program examines the company and the global athletic footwear and apparel industry for professional investors.

NKE $53B
Latticework by MOI Global 1 click

Nike, Part One: The Story

Nike grew from a $1,000 shoe-distribution venture in 1964 into the largest sports brand, using athlete endorsements, product innovation and…

NKE $53B
Latticework by MOI Global 1 click

SAP: Deep Dive Analysis

SAP’s deeply embedded ERP suite creates high switching costs as it moves customers to cloud subscriptions and embeds AI in core workflows.

SAP $241B
Hated Moats

PDD

PDD uses group buying and daily app rewards to turn shoppers into distributors, then monetizes merchant attention through advertising and…

PDD $107B
Bearstone

Stretch Marks

Strategy owns 847,363 Bitcoin and funded $13.7 billion of purchases this year with Stretch preferred stock, a variable-dividend security…

MSTR $61B
Net Interest

Adding a beer stock in size

Molson Coors, a 7% portfolio position, is the world’s fourth-largest brewer with leading beer shares in Canada and the US through Coors and…

TAP $6.4B
Nugget Capital Partner's Substack

Publications we follow

Every publication on this site, hand-picked.

110 publications

Newsletters 93

YouTube 4

Blogs 12

Seeking Alpha 42 of 206

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.