Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Thursday, November 5, 2026

Back to the front page

From X

@calvinblissett

Calvin Blissett on X

Low liquidity is often seen as an absolute disadvantage in investing, like most things it is more nuanced than that. What if it can actually become an independent driver of returns, creating a Lollapalooza affect for the company who's value of float is increasing due to fundamentals: On liquidity and float: The users are buyers and sellers, and a connection is a possible trade between them. As the float's value rises, more people can take part: bigger funds, index trackers and market makers. Each newcomer adds a possible counterparty for everyone already trading. So, the number of possible trades, which is what liquidity really is, grows roughly with the square of the participants, not in a straight line. It also feeds itself, like any network. Liquidity attracts traders, because they can get in and out cheaply. Those traders add more liquidity, which pulls in more traders. Bid-ask spreads narrow, which lowers trading costs and brings in more volume. The majority of this was eloquently articulated by one of the most formidable minds I am aware of @sammutgabi. Our investment strategy leads us into a fair amount of low liquidity names, where the dynamic mentioned above can spark tantalizing returns such as $RYSAS $RYGO $RYSKF $RYSAS.IS
@StableBread 2 clicks

Fajasy on X

Here’s what Boost Run $BRUN has already committed to pay, and what it still has to finance in H2 2026. $BRUN’s GPUs need space and power, which it rents in other companies’ data centers (colocation). The four leases signed since April already cover the space and power for the year-end deployments, and CEO Andrew Karos said its partnerships now reach 253 MW of power. $BRUN owes the rent on those sites whether or not the GPUs get financed. In 2027, the commitments $BRUN has already signed call for ~$221M of payments, including $103.5M on its GPU leases, $28.9M of rent on the sites in use as of June 30, ~$69M on the four new leases, and $20M for software. $BRUN’s $191.8M of pro forma cash and $93.6M of contracted prepayments, $285.4M together, cover the ~$221M of 2027 payments before counting any monthly billings from customers. But the same cash also pays $BRUN’s share of the H2 2026 build, so its monthly billings will have to cover part of the 2027 payments. To reach the $1.0-1.2B of GPU spending management expects for 2026, $BRUN has to deploy $663-863M of GPU servers in H2 2026, 2.3-3.0x its cash and contracted prepayments. If lessors fund 79.5% of the H2 2026 build, as they did in H1 2026, $BRUN needs $527-686M of new leases, 2.2-2.9x the $238.1M the company owed on finance leases as of June 30. The other $136-176M would be paid in cash. The $527-686M works out to $264-343M/quarter on average across Q3 and Q4, 1.3-1.6x the $208.2M of leases $BRUN took on in Q2. $BRUN’s lease debt would rise by less than the $527-686M, since the company keeps paying down its leases while adding new ones. During H1 2026, its finance lease debt rose $207.7M on $337.3M of new GPU equipment, or 61.6%, which for H2 2026 would imply ~$410-530M more debt. New leases will likely cost more than ~7% after the rise in rates. For context, at the 9.0% $IREN agreed to pay on its August GPU financing, the extra interest on $527-686M would be ~$6.5-8.5M/year, 1.6-2.1% of the $400M ARR target. And $BRUN isn’t slowing down. By June 30, the company had already placed orders well above the $578M first-year minimum in its April 2026 agreement with Dell $DELL, which also requires at least $215.5M/year of Dell equipment from April 2027 to April 2031 or a payment for the shortfall.

Investor Letters

All letters

Problems at Twist Bioscience (TWST)

Twist Bioscience’s $200 rebound followed an Anthropic-linked short squeeze, yet its DNA and protein services face broad competition while…

TWST $8B
Hunterbrook 4 clicks

VSH Earnings Review

Vishay reported record Q3 revenue of $979 million, up 24%, and guided Q4 to about $990 million as rising backlog and margins contrast with…

VSH $3.6B
Cestrian Capital Research 3 clicks

Thursday Tailwinds #13: Nov 5, 2026

Florida marinas are 92% full as boat counts rise and permits constrain new supply, creating pricing power for existing operators such as…

SUI $14B
Trade Ideas Flow 6 clicks

eToro: Expanding Beyond Crypto

EToro trades at 2.89x EV/FCF with $304 million in trailing free cash flow, expanding from crypto into equities, commodities, currencies and…

ETOR $1.9B
Max Arnoldi 5 clicks
CHWY · long

Chewy INC

Chewy (CHWY) is presented as a long opportunity after a prior 2022 short thesis played out.

CHWY $9.2B
Value Investors Club 5 clicks

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

Site Centers (NYSE:SITC)

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

CURB $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

Publications we follow

Every publication on this site, hand-picked.

129 publications

Newsletters 109

YouTube 4

Blogs 15

Seeking Alpha 74 of 277

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.