Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Monday, November 2, 2026

Back to today

From X

@StableBread

Fajasy on X

No TOYO Co., Ltd $TOYO insider has reported an open-market purchase since reporting began in March, even as the stock fell 77.5% from its June peak. $TOYO replaced its CEO, Chairman, and CFO in 2026 and added a strategy chief: → Takahiko Onozuka (Chairman and CEO since March 18, 2026): Spent 28 years at the Export-Import Bank of Japan, which became the Japan Bank for International Cooperation (JBIC), then nearly 13 years at Sumitomo Corporation (a Japanese trading conglomerate), where the 20-F lists him as “an assistant to the general manager.” He ran the Global Decarbonization Promoting Office at Abalance (the Japanese group that controls $TOYO) from September 2025, six months before taking over $TOYO. → Yasunari Harada (CFO and Director since July 1, 2026): Has 30+ years in finance, then served as President of HS Holding, a Japanese holding company, from December 2021 to June 2026. → Rhone Resch (Chief Strategy Officer since March 29, 2026): Ran the Solar Energy Industries Association (SEIA) from 2004 to 2016 and Cygnus Solar, a heterojunction (HJT) cell maker, from 2021 to 2024. He works for $TOYO part-time. Harada also controls NOTAM, a Japanese company that bought into $TOYO through a private placement tied to $TOYO’s SPAC deal and now holds 1,058,918 $TOYO shares, 2.5% of the company, so the new CFO arrived as one of $TOYO’s larger shareholders. Three senior executives left between September 2025 and June 2026: 1) Junsei Ryu (Chairman and CEO): Retired on March 18, 2026, days after giving up his representative role at Abalance, staying on as a board advisor for 12 months. 2) Liang “Simon” Shi (President): The former CEO of the SPAC that took $TOYO public, appointed President in October 2024, resigned in September 2025 “but continues with Abalance group.” 3) Taewoo “Raymond” Chung (CFO and Director): CFO since March 2024 and an Abalance finance executive since January 2024, resigned on June 30, 2026, with no disagreement cited. $TOYO’s directors and officers only had to start reporting their trades on March 18, 2026, under the Holding Foreign Insiders Accountable Act. Since then, no $TOYO insider has reported an open-market purchase or sale. Ryu, no longer an officer or director, doesn’t file Form 4s at all, so changes to his stake would only show up in Schedule 13D or 13G filings. Among outside holders, N.A. Global, a Japanese investor, sold 451,571 shares between February and June 2026, including 377,320 from May 20 to June 24, around the June 4 peak. So there’s no insider buying to lean on, and the only selling reported in 2026 came from an outside holder, mostly during the May-June run.

Investor Letters

All letters

Initiation Report

Nine Mile Metals is initiated under research coverage.

VMSXF $15M
Atrium Research - Equity Research 1 click

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

OSS Q3 FY12/26 Earnings Analysis

One Stop Systems grew Q3 continuing-operations revenue 36% to $12.6 million, raised FY2026 revenue guidance to $45 million, and used $11.8…

OSS $129M
Cestrian Capital Research 1 click
IMXI · short

International Money Expr INC

International Money Express is shorted on the market pricing an 80-85% chance that Western Union closes its roughly $500 million…

IMXI $277M
Value Investors Club

(MGGA) Make Guns Great Again

Ruger trades at a $468 million enterprise value, about 7 times normalized free cash flow, with $101 million cash and no debt as gun demand…

RGR $721M
XIX Value

Ranch-to-Market

Queen City Investments trades near $1,800 per share, with trust, real estate and investment assets supporting a $3,000 valuation as…

QUCT $98M
Obscure Stocks

Boston Omaha Corporation ($BOC)

Boston Omaha trades at $13.31 versus a $23-$30 intrinsic-value estimate, with billboard, broadband, hangar and surety businesses valued at…

BOC $406M
Calvin Blissett

American Biltrite - OTC:ABLT

American Biltrite carries $41 million of asbestos and environmental liabilities and $28 million of debt, leaving property sales, cost cuts…

ABLT $0M
Obscure Stocks

GAMCO Investors, Inc. - GAMI

GAMCO Investors trades OTC at a $550 million market cap, with $150 million in excess cash and a 5.2-5.7x operating-income valuation despite…

GAMI $542M
Exploring with Alluvial Capital

Publications we follow

Every publication on this site, hand-picked.

129 publications

Newsletters 109

YouTube 4

Blogs 15

Seeking Alpha 73 of 273

Nominate a publication

X accounts we follow

Every account on this site, hand-picked.

91 accounts
Nominate an account

Investor letters we follow

286 firms

Sectors

Ordered by how often our editor reaches for them.