Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Monday, October 19, 2026

Back to today

LXS.DE: a 2028 sale it can force

Lanxess can force Advent to buy at least half its Envalior stake in April 2028, potentially raising about €745 million to reduce net debt.

LPTH $525M
Trade Ideas Flow 18 clicks

From X

@StableBread

Fajasy on X

From June 1 to October 16, Boost Run $BRUN fell 77.3%, vs. 37.4-58.7% for CoreWeave $CRWV, Nebius $NBIS, and $IREN. That drop in AI infra stocks is tied to to rising bets on another Fed rate hike. Higher rates hurt GPU clouds in two ways, since they (1) raise the cost of the debt that pays for their GPUs and (2) lower what investors will pay today for profits that arrive years later. But all three peers kept or raised their 2026 targets: → $CRWV: Raised its 2026 revenue guidance to $12.4-13.2B on its Q2 call. → $IREN: Raised its year-end ARR target to more than $4B on July 20. → $NBIS: Reaffirmed its 2026 guidance with its Q2 results. The problem is that lenders are charging more now. CoreWeave’s 9.625% notes due 2032 yielded 14.74% on October 16, up from 13.19% on October 1, meaning CoreWeave would likely pay ~15%/year to borrow the same way today. So the selloff came from how investors now see the cost of funding the demand for GPU clouds, not from the demand itself.
@calvinblissett 2 clicks

Calvin Blissett on X

I spoke with an expert in the RCM industry today who also previously worked at Apple and Intuit. Currently he has a startup that sees and is going to execute on the same strategy $CCLD pursues. Implementing tech and bringing into the 21st century RCM firms that are greatly behind. He said it’s rare for RCM customers to use same EHR. Said essentially that there will always be a need for software engineers b/c AI is not a magic solution and some last mile things cannot be automated/need a human. Implying CCLD cost advantage due to off shore Pakistan team stays a competitor advantage. He mentioned that the 25-30% contribution margin Carecloud targets from acquisition could be MUCH higher and this is pretty conservative, he was very surprised by this.

Investor Letters

All letters

Twenty Years in the Dark

Tower Properties, $TPRP, went dark after a 2006 squeeze-out cut holders below 300, leaving a Kemper-controlled apartment and office…

TPRP $128M
Orphan REITs 5 clicks

TSOH Weekly Roundup (10/16/2026)

Bumble agreed to a $1.3 billion take-private deal, while Netflix cut about 1,000 jobs and Meta discussed its Muse superintelligence models.

BMBL $783M
TSOH Investment Research 11 clicks
SEER · long

Seer INC

SEER Inc became a founder-offer special situation just before publication.

SEER $113M
Value Investors Club

Dance with the Devil (Nasdaq: ILPT)

ILPT’s Hawaii ground leases and US warehouse portfolio are improving, while five-year fixed-rate refinancing eases the debt burden created…

ILPT $416M
Real Assets, Real Value

PUDO Inc. ($PDO.C) FINS Review

PUDO’s revenue rose 35% to $5.6 million, but losses quadrupled as administrative costs outpaced growth; $242,000 of cash and ongoing burn…

PDPTF $5.3M
Wolf's Substack

The Bezzle in the Banana Stand

AZRH fell from $2.40 to about six cents after scrutiny of its $14.3 million inventory valuation and CEO Josh Cohen’s felony arrest.

AZRH $1.8M
Mispriced Assets

Publications we follow

Every publication on this site, hand-picked.

128 publications

Newsletters 108

YouTube 4

Blogs 15

Seeking Alpha 52 of 242

Nominate a publication

X accounts we follow

Every account on this site, hand-picked.

90 accounts
Nominate an account

Investor letters we follow

189 firms

Sectors

Ordered by how often our editor reaches for them.