Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Friday, October 23, 2026

Back to today

From X

@calvinblissett

Calvin Blissett on X

Low liquidity is often seen as an absolute disadvantage in investing, like most things it is more nuanced than that. What if it can actually become an independent driver of returns, creating a Lollapalooza affect for the company who's value of float is increasing due to fundamentals: On liquidity and float: The users are buyers and sellers, and a connection is a possible trade between them. As the float's value rises, more people can take part: bigger funds, index trackers and market makers. Each newcomer adds a possible counterparty for everyone already trading. So, the number of possible trades, which is what liquidity really is, grows roughly with the square of the participants, not in a straight line. It also feeds itself, like any network. Liquidity attracts traders, because they can get in and out cheaply. Those traders add more liquidity, which pulls in more traders. Bid-ask spreads narrow, which lowers trading costs and brings in more volume. The majority of this was eloquently articulated by one of the most formidable minds I am aware of @sammutgabi. Our investment strategy leads us into a fair amount of low liquidity names, where the dynamic mentioned above can spark tantalizing returns such as $RYSAS $RYGO $RYSKF $RYSAS.IS
@StableBread 1 click

Fajasy on X

Here’s what Boost Run $BRUN has already committed to pay, and what it still has to finance in H2 2026. $BRUN’s GPUs need space and power, which it rents in other companies’ data centers (colocation). The four leases signed since April already cover the space and power for the year-end deployments, and CEO Andrew Karos said its partnerships now reach 253 MW of power. $BRUN owes the rent on those sites whether or not the GPUs get financed. In 2027, the commitments $BRUN has already signed call for ~$221M of payments, including $103.5M on its GPU leases, $28.9M of rent on the sites in use as of June 30, ~$69M on the four new leases, and $20M for software. $BRUN’s $191.8M of pro forma cash and $93.6M of contracted prepayments, $285.4M together, cover the ~$221M of 2027 payments before counting any monthly billings from customers. But the same cash also pays $BRUN’s share of the H2 2026 build, so its monthly billings will have to cover part of the 2027 payments. To reach the $1.0-1.2B of GPU spending management expects for 2026, $BRUN has to deploy $663-863M of GPU servers in H2 2026, 2.3-3.0x its cash and contracted prepayments. If lessors fund 79.5% of the H2 2026 build, as they did in H1 2026, $BRUN needs $527-686M of new leases, 2.2-2.9x the $238.1M the company owed on finance leases as of June 30. The other $136-176M would be paid in cash. The $527-686M works out to $264-343M/quarter on average across Q3 and Q4, 1.3-1.6x the $208.2M of leases $BRUN took on in Q2. $BRUN’s lease debt would rise by less than the $527-686M, since the company keeps paying down its leases while adding new ones. During H1 2026, its finance lease debt rose $207.7M on $337.3M of new GPU equipment, or 61.6%, which for H2 2026 would imply ~$410-530M more debt. New leases will likely cost more than ~7% after the rise in rates. For context, at the 9.0% $IREN agreed to pay on its August GPU financing, the extra interest on $527-686M would be ~$6.5-8.5M/year, 1.6-2.1% of the $400M ARR target. And $BRUN isn’t slowing down. By June 30, the company had already placed orders well above the $578M first-year minimum in its April 2026 agreement with Dell $DELL, which also requires at least $215.5M/year of Dell equipment from April 2027 to April 2031 or a payment for the shortfall.

Investor Letters

All letters

Capital Wars

CoreWeave’s $35 billion to $39 billion 2026 spending plan relies on debt as unsecured yields reach 15%, making its GPU cloud expansion a…

CRWV $34B
Net Interest 6 clicks

Putting bear cases to rest

Medpace authorized $1 billion of buybacks through 2028 after Q3 revenue rose 8.5% to $716 million; service revenue grew roughly 12% as…

MEDP $18B
Best Anchor Stocks 9 clicks
CLF · long

Cleveland-cliffs INC

Cleveland-Cliffs is pitched as a long on underappreciated earnings power, with more than 90% return potential over six to nine months.

CLF $7.8B
Value Investors Club

MYR Group q3’26 Earnings Preview

MYR Group’s Q3 2026 preview cites data-center and power transmission demand, with long-term service agreements supporting margin growth and…

MYRG $4B
Monte Independent Investment Research 5 clicks

Mosaic, Part One: The Story

Mosaic’s history traces the 2004 Cargill-IMC merger and the phosphate and potash mines that shaped NYSE: MOS.

MOS $5.5B
Latticework by MOI Global 26 clicks

Publications we follow

Every publication on this site, hand-picked.

129 publications

Newsletters 109

YouTube 4

Blogs 15

Seeking Alpha 55 of 247

Nominate a publication

X accounts we follow

Every account on this site, hand-picked.

90 accounts
Nominate an account

Investor letters we follow

190 firms

Sectors

Ordered by how often our editor reaches for them.