Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Sunday, October 25, 2026

Back to today

From X

@AltayCapital 2 clicks

AltayCap on X

The only industries where obvious capital allocation lingo is useful is leasing / banking / insurance. It's much more nebulous in operating businesses that do real things. $AER ceo saying the cheapest commercial jets are on the NYSE under the ticker AER is easy to understand. As math is pencilling out cost of new orders vs buying back stock. $FOUR competes in the real world. Leasing/banking products are fungible. Much harder biz to forecast. Cap allocation is still important, but a lot harder.
@calvinblissett 1 click

Calvin Blissett on X

Other than the backlog growing linearly every year and taking that at face value here are some secular trends I found that support growth pertinent to $BUKS: Management repeatedly points to several things in earnings calls: developing additional FAA-approved STCs; getting repeat installations from STCs it has already developed; bringing fabrication in-house rather than outsourcing it; increasing production capacity; selling more kits that customers install themselves; doing larger and more complicated special-mission aircraft; expanding systems-integration work; and growing internationally. During FY2026, BUKS invested approximately $2.7M in developing/producing new products BUKS’s Aerospace segment isn’t primarily an OEM. Its core exposure is modifying King Air, Cessna turboprop, Learjet and increasingly Challenger aircraft for ISR, aerial surveillance, sensors, search-and-rescue and other special missions; installing avionics/electronics; and selling modification kits under FAA STCs. 1. The turbine aircraft fleet BUKS targets is projected to grow ~2% annually for 20 years The FAA’s Aerospace Forecast FY2025–2045 projects the turbine general-aviation fleet to grow 2.1% annually through 2045. In contrast, the piston fleet is expected to shrink slightly. The FAA expects essentially all net growth in the traditional GA fleet to come from turbine aircraft. That’s highly relevant because BUKS specifically says its businesses concentrate on King Air and Cessna turboprops, Learjets and other turbine aircraft. 2. Business-jet deliveries are projected to grow ~3% annually for the next decade Honeywell’s 2025 Global Business Aviation Outlook forecasts: 8,500 new business jets worth $283 billion over the next 10 years, the highest value in the forecast’s 34-year history. It projects deliveries to grow at approximately 3% annually, with 2026 deliveries expected to increase another 5% YoY. 3. Honeywell found that 91% of business-aircraft operators expect to fly the same amount or more, with 28% expecting increased flying. The FAA separately forecasts total general-aviation flight hours to increase 19% from 2023 through 2045, with turbine, rotorcraft and experimental aircraft driving the increase. Higher utilization generally supports demand for upgrades and keeping existing aircraft economically useful. That’s relevant to BUKS because many of its products effectively extend or expand the capabilities of existing airframes rather than requiring operators to buy a new aircraft.
@calvinblissett 1 click

Calvin Blissett on X

$BMBL: Warren Buffett in the salad oil scandal days of American Express used scuttlebutt to determine the strength of the most by going to restaurants. Bumble has a similar level of horrible sentiment today. My tiny brain just realized I am in the epicenter of dating apps (being at a 60k student university). I will be asking every girl for the next few weeks their experiences and perspectives on the different dating apps.

Investor Letters

All letters

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 $4.2B
Monte Independent Investment Research 6 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 $5.8B
Latticework by MOI Global 34 clicks

Mosaic, Part Two: The Deep Dive

Mosaic, NYSE: MOS, is the subject of a second audio program for professional investors analyzing fertilizer producers.

MOS $5.8B
Latticework by MOI Global 5 clicks
JBFCY · long

Jollibee Foods CORP

Jollibee Foods trades at PHP 144, about 56% below its January 2019 high, framing a long thesis on the Philippine restaurant operator.

JBFCY $2.5B
Value Investors Club 1 click

Why I sold OB pick for 26 SVM

Silvercorp’s falling Ying grades, prolonged GC suspension, El Domo execution risk and Chaarat funding needs weaken its valuation despite…

SVM $1.9B
The Oak Bloke 27 clicks

Vicor Update, Part Three

Vicor’s $66.6 million in AI power-delivery royalties generated about $50 million of operating profit, eclipsing its module business as…

VICR $8.1B
CV's Substack 28 clicks

Publications we follow

Every publication on this site, hand-picked.

129 publications

Newsletters 109

YouTube 4

Blogs 15

Seeking Alpha 64 of 258

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.