Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Friday, October 23, 2026

Back to today

From X

@StableBread

Fajasy on X

Some notes on this post: 1) Not all of the $99.9M paid down lease debt. $BRUN's finance lease liabilities rose $207.7M on $268.3M of new finance leases, so the payments cut finance lease debt by only $60.6M. Most of the other $39.3M went to advance payments to secure new GPU leases ($37.5M in H1 2026, per the 10-Q's lease note), and the $39.7M of investing outflows paid for equipment and lease prepayments. So more than half of the $139.6M subtracted from operating cash flow was growth investment, while $BRUN added $337.3M of new GPU equipment in H1 2026. 2) The Cohere contract is also set up to be financed against. Cohere "acknowledges that Boost Run finances the equipment, facilities and working capital required to deliver the Services in part against this Agreement." $BRUN can assign its right to receive Cohere's fees to a financing party, and Cohere's obligation to pay undisputed fees is "absolute and unconditional." So $BRUN can borrow against Cohere's payments to pay for the racks, rather than funding them only from its own cash. 3) The material weaknesses behind the controls amendment weren't new. The amended Q1 10-Q says all three were "previously disclosed," including in $BRUN's S-4 (the merger filing). So the amendment corrected the original Q1 10-Q's "effective" conclusion to match weaknesses $BRUN had disclosed before the merger. 4) The CFO award's size dates to the merger, before the controls amendment. CFO Erik Guckel's May 8, 2026 employment agreement, signed when the merger closed, made him eligible for a one-time award covering 2,890,761 shares (time-based RSUs, performance-based RSUs, and options). The compensation committee's September 29, 2026 grant is 2,890,000 time-based RSUs.
@kevin__mak 3 clicks

Kevin Mak on X

$ABVX Couple things I noted today. 1) The ABVX fans love to talk about how bad this specific stock is. But looking at a group of late-stage, pre-commercial biotech peers since August 20th, the weakness looks a lot less ABVX-specific. ABVX is down ~26%, versus a peer median of ~27%. Different stories and catalysts, but ABVX is right in the middle of the group. 2) The latest Markit securities-lending update shows a sharp drop in reported shares on loan, from ~2.6m to ~460k. My read is that this is consistent with the possible “large short” I previously flagged having covered. The drop shows up in the October 21 data, immediately after the October 20 +5.8% rally, which has since largely fizzled out. Disclosure: Creek Drive and its affiliated funds holds a long position in ABVX. Views expressed are current opinions for information only, subject to change and are not investment advice or a recommendation to buy or sell any security. Investing involves the risk of loss and past performance is not indicative of future performance. See the disclosures link in my bio for more important information.

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 $30B
Net Interest 12 clicks
QDEL · long

Quidelortho CORP

QuidelOrtho is presented as a long idea after falling to 52-week lows, with the thesis centered on misvaluation.

QDEL $932M
Value Investors Club 2 clicks

Thinking aloud about Google remedies

Justice Department remedies could bar Google from using location data it cannot share, weakening targeted ads and traffic routing despite…

GOOGL $4T
John Hempton's Newsletter 3 clicks

Notes and Updates

ECIP recipient banks could repurchase Treasury preferred shares at steep discounts, potentially lifting book value, while Hawaiian Electric…

HE $1.4B
Exploring with Alluvial Capital

JBG Smith

JBG Smith trades at an estimated 40% discount to NAV, backed by National Landing multifamily assets, Amazon HQ demand and $1.3 billion of…

JBGS $867M
Raging Bull Investments

Publications we follow

Every publication on this site, hand-picked.

129 publications

Newsletters 109

YouTube 4

Blogs 15

Seeking Alpha 65 of 259

Nominate a publication

X accounts we follow

Every account on this site, hand-picked.

91 accounts
Nominate an account

Investor letters we follow

190 firms

Sectors

Ordered by how often our editor reaches for them.