Bullpen.News From Edwin Dorsey
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Sunday, October 25, 2026

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@BrokenMoats

Broken Moats on X

$BSX ?? flat over the past 5 years. Can point to slowing growth from very elevated levels as farapulse and watchman have larger bases, some competition entering these spaces, glp1 on the margin to case loads over time, new inhibitors that could be coming from Lilly, novo, but at current $ sure seems like a lot is baked in at current prices. Innovative cardio franchise that has: Revenue has effectively doubled - predominately from farapulse and watchman (not m&a) Operating income 1.8B to 4.1B EBIT - $1.4B to 4.1B 3.5x on EPS (.69 to $2.40/share current) gross, operating, net, ebit, ebitda margins all expanded over that timeframe FCF more than 2x, opcf 2.5x The difference is you get to buy it at the same share price today, shares outstanding are virtually flat. Perhaps the defensive nature of medtech is sold in the aggressive risk on market we are in but growth still solid here with dividend and margin of safety versus other areas certainly seems worth a look, as is the rest of medtech as a place to hunt for value to wait until the market rotates back
@BrokenMoats 1 click

Broken Moats on X

Pretty incredible market sells off software again aggressively at the same time ramping up public private credit exposed names like $MFC, $ARES, $FG (CEO left suddenly yesterday) all because they ride alongside the aggressive buying in money center banks in financial etc flows ($JPM up 14% in June). Seems like there needs to be some dispersion in public private credit and software - one side at current prices has to be wrong, guessing private credit lower is how the dispersion resolves itself
@BrokenMoats

Broken Moats on X

Intensity and rapidness of recent moves is worth acknowledging. Not sure what to make of it. I understand the concept of oil/rates lower improving the backdrop for consumer discretionary but its not as if oil had not been trending lower for weeks, the deal always seemed more priced in versus priced out of markets *and china and us, Japan heavily released reserves to temper oil - so outside front month price movement - oil has been massaged lower for quite some time* Trying to understand what sets off names besides the incremental delta of lower rates.oil to send retail oriented names up 30-50% in a week or two? $ELF $CAVA $SHAK etc and some of these reported weak sales with lowered outlooks. Shak as recently as <2 weeks ago $MGNI - heavy insider selling past few days, stock is 30%+ in short time frame ELF $48-$70 in basically a week CAVA - $70-$92 in a few days -- $bros, shak similar moves $BIRK - pure short squeeze off float dynamics, but stock basically up 60% in a few weeks. Certainly a different market, but not sure its healthy to either see these names artificial pinned down in relation to the rest of the market narrative or react to slight incremental news with the some of the biggest runs in each individual companies entire trading history.....

Investor Letters

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Tower Semiconductor Deep Dive

Tower Semiconductor’s low-loss photonics chips halve lasers in 1.6T optical modules, supporting a $680 million annualized photonics run…

TSEM $18B
CV's Substack 10 clicks

Margin Call

Petrobras’s Morpho-1 well revived hopes that Brazil’s Equatorial Margin can become a major new oil frontier after hydrocarbons were…

PBR $81B
Doomberg 13 clicks

Our Views on CoreWeave

CoreWeave's financial statements point to a business model familiar to the authors after a closer review of the AI infrastructure company.

CRWV $34B
WHAT ARE WE DOING? “Contrarians At The Gate” 13 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 $2.6B
Value Investors Club 1 click

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 12 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 15 clicks

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