Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Sunday, October 25, 2026

Back to today

From X

@Fierce__beast 1 click

Fierce_beast on X

$COUR I went to the website of vectorlearn (https://t.co/T8MyEtq5uW) and here is what it says: So they will collaborate closely with COUR and Udemy to create personalized learning with a 100m investment based on a valuation of 300m but who decided it was worth 300m? Also, is this kind of just like investing in R&D since they are collaboratng? This is a nice way for $COUR to not show increased expenses, and also not to show "capex" or "acquistion costs". If had factored this in as an additional expense then their earnings are even lower than i thought
@Fierce__beast 1 click

Fierce_beast on X

i am short $cour -- in the worst case it feels like they should trade at a small discount to their net cash. in the best case, the stock probably does not really do much. interesting even as a case study about large net cash position with a melting ice cube operating business, massive SBC, a big merger, a very low "p/e" the p/e is a bit of an illusion with SBC and a purchase accounting benefit they add back to show good "adj ebitda" margins. by my estimate the business is on track to make -.15/sh of real earnings. if this is true, i also estimate they need to find 45-60m of cost savings to simply break even. this is while NRR for enterprise is consistently collapsing and consumer subscriptions are generating revenues at something like 25% the rate at which they are growing. so maybe they get their deal synergies and get to +.15/sh but how long does that take and it still seems like something has been going wrong with their core business for a while now. linkedin certifications seem pretty solid. for google certifications i think you can just go direct. also the consumer business seems focused on industry certifications, which it seems the big platforms like google is providing at better terms than coursera but have historically partnered with coursera. interesting tug of war there

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 $4.3B
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 $6B
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 $6B
Latticework by MOI Global 5 clicks

Unicycive (UNCY):

Unicycive’s oxylanthanum carbonate NDA earned a March 25, 2027 PDUFA date after two manufacturing-related rejections, with no FDA clinical…

UNCY $104M
Triple S Special Situations Investing 4 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

Moon River Moly: Research Note

Moon River Moly’s updated Davidson PEA lifts after-tax NPV to $1.24 billion as flotation raises tungsten output 350% and cuts molybdenum…

MRIVF $22M
Atrium Research - Equity Research 4 clicks
BMBL 2026-10-21

Bumble is being taken private

Bumble agreed to a $6.05-per-share cash sale to Ithaca Holdings, 136% above its October 2 share price.

BMBL $788M
Modern Value Investing 8 clicks

GLOO, part two

Gloo faces related-party deals, insider-heavy IPO ownership, acquisition losses and $84.5 million of CEO-backed puts as it burns cash and…

GLOO $274M
Guardian Research 4 clicks

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 $1.8B
The Oak Bloke 27 clicks

Publications we follow

Every publication on this site, hand-picked.

129 publications

Newsletters 109

YouTube 4

Blogs 15

Seeking Alpha 67 of 269

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.