Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Friday, October 30, 2026

Back to today

TSOH Weekly Roundup (10/30/2026)

Markel spent $315 million repurchasing shares in Q3 as Thrive agreed to buy ADT for $7.6 billion and Hasbro cited rising adult toy demand.

BBW $363M
TSOH Investment Research 1 click

From X

@marginofdanger

marginofdanger on X

$APTL is a tiny HIGHLY ILLIQUID OTC nano-cap that consists of two businesses that serve lower Alaska (essentially the tail of Alaska that extends toward lower British Columbia): 1) an electric utility and 2) a regional telco. These businesses generate $25 million of EBITDA and in my view the stock price in the low 80s reflects a discounted valuation on these two very stable assets. However, there is a third asset that could potentially be worth MULTIPLES of the current stock price that investors are essentially getting for free: Sealink Networks, which has the only approved landing zone for subsea cables in the state of Washington in a city called Westport. There are other landing zones in the lower 48, primarily in Oregon and Northern California, which provide connectivity to the Far East. The Westport landing spot will have capacity for six subsea cables. One cable will connect Western Washington to APTL's assets in lower Alaska, and could also serve other telcos in Alaska. The other five cables are currently being marketed to HYPERSCALER CLIENTS (i.e., Amazon, Microsoft, Google, etc.). The terms of these contracts are unknown, but my suspicion is that they will be 20-30 year contracts matching the useful life of the cables. When you have multiple trillion dollar companies competing for a scarce asset, you could easily see them paying literally any amount reasonable for this Far East conduit. I have no idea what APTL will be able to charge for these, but could it be $10 mm per line? $100 mm? APTL's market cap right now is ~$70mm. The company's recent buyback action is VERY TELLING: They just bought back ~250k shares by forcing retirements of retired employees in the pension plan and also have a deferred buyback of ~140k shares from an exiting shareholder (1/3 done, the other 2/3 over the next two years). Between the two transactions, this represents a 30% reduction in the share count! Because the company has a large ESOP ownership, they are required to put out an annual valuation. While I do not know for sure, the company's most recent valuation is ~$90/share and while I'm not sure I do not believe there is any real valuation in that number for the Westport landing spot. In conclusion, I don't know if the stock is worth $90, $190, $290, $390/share, etc. Ultimately it comes down to whether $APTL just happens to be at the perfect place at the perfect time. Do they succeed in convincing someone at Microsoft or Google to pay a nine figure rounding error to APTL? Or does APTL drop the ball and leave a lot of money on the table? It's anyone's guess. This is my favorite idea right now. But be very careful as the float here is small and the stock is very illiquid. I haven't seen anyone write anything on this and I think its just a matter of time before they announce a contract and there is more attention and focus on the name.
@BrokenMoats

Broken Moats on X

Anybody see this run in $WNC? crazy, gone from serious balance sheet risk to the fastest trade in the market. Company commented they might get to a replacement market next year (versus years of tough order books) and the commerce ruling on dumping from china that will put tariffs on Chinese suppliers (maybe 20% of the market?) should help those 27' numbers. But issues remain in what is a pretty poor business when the dominant industry player fluctuates on bankruptcy each cycle.

Investor Letters

All letters

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
SAMG · long

Silvercrest Asset Mgt

Silvercrest Asset Management is framed as undervalued while funding an ambitious investment cycle.

SAMG $85M
Value Investors Club
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 $790M
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 $268M
Guardian Research 4 clicks

Carecloud News

CareCloud may attract a private-equity buyer after its Q3 call, with acquiring enough shares the main obstacle to a take-private deal.

CCLD $75M
Calvin Blissett 12 clicks

LXS.DE: a 2028 sale it can force

Lanxess can force Advent to buy at least half its Envalior stake in April 2028, potentially raising about €745 million to reduce net debt.

LPTH $537M
Trade Ideas Flow 21 clicks

Build-A-Bear: A Narrower Path

Build-A-Bear's push into prestuffed toys and broader retail distribution tests brand stretchability, but recent results warrant caution.

BBW $363M
TSOH Investment Research 18 clicks

Publications we follow

Every publication on this site, hand-picked.

129 publications

Newsletters 109

YouTube 4

Blogs 15

Seeking Alpha 70 of 272

Nominate a publication

X accounts we follow

Every account on this site, hand-picked.

91 accounts
Nominate an account

Investor letters we follow

278 firms

Sectors

Ordered by how often our editor reaches for them.