Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Wednesday, November 4, 2026

Back to the front page

The Buyback Shows Up (ESRT Q3 2026)

Empire State Realty Trust repurchased $85.8 million of shares at $4.56 each, using 1359 Broadway sale proceeds to fund buybacks and debt reduction.

ESRT $1.3B
Orphan REITs 6 clicks

From X

@SouthernValue95

SouthernValue on X

$SKYD should probably be a ~$4 stock. Unlike $PARA and $WBD it cannot breakup/sell - the only way out is through. Thats no easy road: starting almost 7x levered and needs to achieve MSD growth and to find $6B synergies from two companies that have already been thoroughly gutted to hit their deleveraging plan. Interest expense 150% of FCF. Rates exploding higher so they better hope they can de-lever. Potential seismic changes to entertainment in next 3-5yrs from generative content and short-form competition are existential threats. With any decline in revenue $SKYD will not be able to afford its sports rights renewals and the entire legacy business falls apart from there. Putting ~30% odds $NFLX gets another shot at WB studio in eventual bankruptcy. If you disagree and you are optimistic, please share why? I'm openminded but do not currently see it. Mgmt seems shell-shocked in Faber interview this AM getting a few tough questions. https://t.co/RKBucH3xlT
@StableBread

Fajasy on X

I listened to ~17 interviews with Jason Jessup, the CEO of Magna Mining $MGMNF (TSX: $NICU), from October 2025 to September 2026 (for my deep dive). For context, Magna owns McCreedy West, a producing copper mine in Sudbury, Ontario, plus Levack and Crean Hill, two past-producing mines it plans to restart. Here are the most important takeaways I got from those interviews: 1) Levack could be 2-3x McCreedy West: Jessup expects “possibly two to even three times” McCreedy West’s payable metal from Levack (The Resource Update, September 8). 2) R2 isn’t in Levack’s upcoming study: R2, a high-grade zone Magna found at Levack in 2025, could produce “10 to 15% copper equivalent material” even with 1-2 tons of waste mined per ton of vein (KE Report, July 10), 3-4.5x McCreedy West’s grades, and Jessup says the zone carries “no streams or royalties on the precious metals” (KE Report, April 20). 3) No more equity raises, he says: With CAD$140M coming from Alpayana, a private Peruvian mining group, for 19.9% of Magna, Jessup said “we could have five mines in production in 5 years and not have to ever do another financing again” (KE Report, July 10). 4) But three timelines moved back: (1) Levack commercial production went from “a good possibility” by the end of 2027 (KE Report, February 20) to 2028 (KE Report, July 10), (2) Crean Hill grid power from as early as Q1 2026 to Q4, and (3) the R2 resource estimate from the end of 2026 or start of 2027 to “potentially by the end of 2027” (Mining Stock Daily, August 13). 5) Skin in the game: Jessup says he owns ~10.6M shares, has “never sold a share,” and wants “a $5 billion company” by 2030 (Natural Resource Stocks, July 20), 6.5x Magna’s CAD$768M market cap at CAD$2.45/share. Levack’s PEA and Crean Hill’s pre-feasibility study are both due in October, and Jessup expects a formal Levack restart decision “shortly after seeing the PEA come out” (Mining Stock Daily, September 24). --- Link in bio to find the deep dive.

Investor Letters

All letters

New Ideas From The Road

Aurelion Research increased healthcare exposure and sees opportunities in banking and defense, alongside research on Alcoa, Nike, ONON and…

AA $10BNKE $60B
Aurelion Research 4 clicks

Oracle: The Party Is Almost Over

Oracle’s CDS spreads exceed 320 basis points as debt approaches $135 billion and fiscal 2027 capex targets $95 billion, amid heavy reliance…

ORCL $363B
David Desjardins 1 click

Site Centers (NYSE:SITC)

Site Centers' $3 per-share return-of-capital distribution and December delisting leave a discounted liquidation stub, with two properties…

SITC $192MCURB $3.6B
Real Assets, Real Value 5 clicks

Coupang: 3Q26 Business Recap

Coupang’s product-commerce growth rose 9% as data-leak effects fade, while management expects margins to return to pre-incident levels by…

CPNG $27B
Speedwell Memos 3 clicks

update on Gartner

Gartner’s growth has stalled after federal contract losses and cautious commercial spending, raising questions about its competitive…

IT $13B
scuttleblurb 1 click

Recycle Bin

Used aircraft engines can be repurposed as gas turbines, easing data center power constraints while tightening aviation supply.

EQT $33BRRC $12B
Doomberg 8 clicks
AMRZ · long

Amrize

Amrize (AMRZ) produces aggregates, cement and roofing materials across the US and Canada.

AMRZ $22B
Value Investors Club 3 clicks

AMD Earnings Review

AMD reported $13.4 billion in Q3 revenue, with Data Center sales up 97% to $8.5 billion, and guided Q4 revenue to $17 billion.

AMD $660B
Cestrian Capital Research 3 clicks

TWLO Q3 FY12/26 Earnings Review

Twilio's Q3 revenue rose 20% to $1.56 billion, but Q4 organic growth guidance fell to 11% to 12% and RPO declined 28%.

TWLO $33B
Cestrian Capital Research 3 clicks

Publications we follow

Every publication on this site, hand-picked.

129 publications

Newsletters 109

YouTube 4

Blogs 15

Seeking Alpha 75 of 279

Nominate a publication

X accounts we follow

Every account on this site, hand-picked.

91 accounts
Nominate an account

Investor letters we follow

359 firms

Sectors

Ordered by how often our editor reaches for them.