Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Tuesday, October 13, 2026

Back to today

Expert Call | Corning

Corning’s NVIDIA-backed 10x fiber expansion, enterprise connector demand and carrier capacity plans frame its optical communications outlook through 2030.

GLW $115B
P Equity Research 38 clicks

From X

@calvinblissett

Calvin Blissett on X

$TLRY: I picked because they have Montauk beer, a brand I am super familiar (lol losing braincells scuttlebutt) with because of where I live so it piqued my interest. Secular beer decline will not affect this brand, it is a premium brand and will stay so catering to the wealthiest people on the planet (Hamptons). GAAP losses and dilution, federal rescheduling of cannabis could be huge: By holding onto those 15 to 18 inactive asset pieces (MedMen Stores/Licenses) right now, Tilray owns a massive pipeline of U.S. cannabis real estate that costs them almost nothing to maintain today, but will command a massive premium the moment the federal government finalizes the Schedule III transition. CEO got no performance bonus in 26' bc missed targets. At Friday's $4.13 close, market cap is about $566M and current enterprise value is about $733M. global cannabis + beverage platform trading at ~12x FY26 adjusted EBITDA, with international cannabis +34%, Germany driving growth, FY26 revenue +11% and EBITDA +11%, 275MT annual cannabis capacity, and BrewDog acquired out of administration for ~£33M + subsequent U.S./Australia assets; 14.4% of float short.
@calvinblissett 2 clicks

Calvin Blissett on X

$TTAM: Stan Druckenmiller and Chris Hohn long concrete. Titan America is a vertically integrated East Coast cement/building-materials platform with leading positions in Florida (~31%), Virginia/North Carolina (~30%) and Metro New York (~24%). Its moat is physical: scarce permitted cement capacity, quarries, marine terminals, rail, ready-mix and downstream distribution. The business generated $1.66B of revenue and $390M of adjusted EBITDA in 2025, and 2025 ROCE was 19.5%. The major change in 2026 is Keystone. Titan closed the $310M acquisition in May, adding 990K tons of clinker capacity and >50 years of mineral reserves. Keystone contributed ~$20M of Q2 revenue; Titan is targeting ≥$30M of annual run-rate synergies by 2029. Mid-Atlantic Q2 revenue/EBITDA rose 27%/30%, partly driven by Keystone, while Florida EBITDA fell 19% because of Pennsuco maintenance and import-logistics disruptions. The construction backdrop is softer than the old table suggested: U.S. construction spending was down 3.8% YoY in July 2026, and ACA expects cement consumption to fall 2.5% in 2026 before turning positive in 2027. The bright spots are data centers and infrastructure: July 2026 AIA consensus calls for data-center construction growth of 33% in 2026 and 24.7% in 2027, while nonresidential overall is -0.3% / +3.0%. At $13.85 on September 25, TTAM has ~$2.55B of market cap and ~$3.09B of EV against $393.7M of TTM adjusted EBITDA, or ~7.9x EV/EBITDA. A reference peer group is around ~12.4x. Your replacement-cost framework of ~$4.2B ex-logistics therefore equates to ~$1.1B above current EV; after net debt, roughly ~$3.7B of equity value versus ~$2.6B today. The key debate is no longer whether Keystone is cheap on capacity—it is whether Titan can actually turn that capacity into normalized EBITDA through utilization, pricing and network synergies.
@calvinblissett

Calvin Blissett on X

$SFES: 6.8m Mcap in liquidation, cash around 5.2m, invested 12.6m in 2011 in essentially last remaining asset Prognos, invested another 3m in 2023. Prognos is a healthcare data platform whose customers include 25 of top 30 pharma manufacturers 3 of top 5 are customers, can query data on 325m patients, Stake worth around 13.3m based on 2x revenue valuation for Prognos. BroadOak invested in Prognos Nov 12 2025. Stake marked to 3m in 2022, LeadIQ est revenue for Prognos at 25-50m. At December 31, 2024, SFES said it and its subsidiaries had approximately: $284M of federal net operating and capital-loss carryforwards, including approximately $63M with an indefinite life.

Investor Letters

All letters
PTRN · short

Pattern Group INC

Pattern Group is a fragile consumer business targeted on the short side.

PTRN $3.1B
Value Investors Club 3 clicks

Vicor Update, Part Two

Vicor uses ITC exclusion-order cases to license power-module patents, with published royalty multipliers rising from 1.0x before filing to…

VICR $10B
CV's Substack 5 clicks

Expert Call | Nebius

Nebius’s 1 GW annual active-capacity target from 2027 is realistic, according to a former product manager, with greenfield data centers…

NBIS $56B
P Equity Research 5 clicks

Dell's Tailwinds

Dell booked $131.7B of AI server orders in four quarters and held a $95B backlog as enterprise AI demand accelerates.

DELL $301B
Chipstrat 4 clicks

A Month with Muse

Meta’s Muse automated website fixes and design changes for a solo publisher, illustrating how $20-per-month AI agents can reduce…

META $1.9T
MBI Deep Dives 3 clicks

Publications we follow

Every publication on this site, hand-picked.

129 publications

Newsletters 107

YouTube 4

Blogs 17

Seeking Alpha 52 of 238

Nominate a publication

X accounts we follow

Every account on this site, hand-picked.

88 accounts
Nominate an account

Investor letters we follow

189 firms

Sectors

Ordered by how often our editor reaches for them.