Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Monday, October 5, 2026

Back to today

From X

@ActAccordingly 1 click

PAA Research on X

Big gap higher pre-mkt for $W. Furniture names in general have been ripping the past 3-months. QUIETLY. 4+ years of brutal housing market headwinds and these businesses have been grinding away, generating cash, buying back stock, preserving margins. Easy comps + the potential of an upturn in housing velocity make it a good recipe for longs with valuations that remain notably cheap relative to mid-cycle EBITDA. Look at some of these 3-month returns: $BOBS: 64.8% $W: 35.8% $BSET: 34.1% $WSM: 33.2% $HOFT: 21.4% $LZB: 18.5% $ETD 12.2% There's plenty of juice in the group with a sustained upturn in home furnishings spend after the post-COVID19 crash. $WSM is on our Buyback Outliers list. I own $BSET, $ETD, $BBBY
@convequity

Convequity on X

Why we exited $FIG AI coding agents and prompt-to-UI tools are changing the design workflow faster than most expected. Platforms such as v0, Lovable and Claude Design can already take a team from idea to a working interface without a traditional design file in the middle. Figma has added its own generative features, yet these have largely been layered on via external model APIs rather than a full re-architecture around AI-native workflows. Newer entrants were built for this environment from the start. In public interviews the founding team has consistently struck a defensive posture — essentially arguing the existing franchise is secure — rather than showing the urgency of a company prepared to disrupt its own model. That mindset is rarely a positive signal when a platform shift is underway. After several quarters of waiting for a more compelling response, we exited the position.
@convequity

Convequity on X

Why we exited $CRSP and kept $TEM AlphaFold solved the backend of the problem — predicting a protein’s 3D structure from its sequence. The harder frontend problem remains: knowing which protein or pathway is actually worth targeting. Most complex diseases are still poorly understood at the causal level. That distinction matters. The next real breakthroughs look more likely to come from AI-native groups that treat large-scale compute as the primary engine, in the same way OpenAI and Anthropic approached language before the ChatGPT moment. Public investors may only get clean access later via secondaries or IPOs. CRISPR sits on the earlier-generation side of that divide. Tempus is closer to the compute-and-data native side — building models while assembling a genuine clinical data moat. That is why one was exited and the other retained.

Investor Letters

All letters

Practical Parametric Yield

Cerebras’s WSE-3 faces parametric-yield constraints that could restrict supply, making power and clock-speed tradeoffs central to its next…

CBRS $39B
Irrational Analysis 3 clicks

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 $51B
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 $51B
Latticework by MOI Global 2 clicks

Publications we follow

Every publication on this site, hand-picked.

128 publications

Newsletters 106

YouTube 4

Blogs 17

Seeking Alpha 47 of 223

Nominate a publication

X accounts we follow

Every account on this site, hand-picked.

84 accounts
Nominate an account

Investor letters we follow

189 firms

Sectors

Ordered by how often our editor reaches for them.