Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Friday, November 6, 2026

Back to the front page

From X

@MultiplesCap

Multiples Capital on X

I recently sat down with @StockJabber at @IdeaBrunchEmail to discuss the strategy behind Multiples Capital's outperformance in 2025. The full interview is behind a paywall, but here are 4 core themes we discussed: 1/ The Multi-Asset Edge While many leaned on the "Magnificent 7," we found alpha in global de-dollarization and the massive electricity demands of AI data centers. This approach delivered a 3.15 Sharpe Ratio—with roughly half the turbulence of the S&P 500. 2/ Garrett Motion ($GTX) Update Since my last feature, $GTX has surged ~170%. We discussed the "perfect storm" of index inclusion and aggressive capital allocation that drove this run, and why the "EV-only" fear proved to be premature. 3/ AI Disruption vs. Mispricing The market is correctly identifying "AI Losers" in SaaS, but it’s applying that same anxiety with broad stroke. We broke down why Expedia ($EXPE) is a prime example of this mispricing, trading at a 12%+ FCF yield despite its essential role in the global travel ecosystem and it's growing B2B setment. 4/ My Favorite "Tokenization" Play We closed with a deep dive into the digitalization of finance. I shared my top idea for playing the tokenization trend, a company currently acting as the "digital infrastructure provider" for institutions and growing it's subscription and service revenues. Read the full deep dive here: https://t.co/kuRyJtSPMh Note: As this is premium content, I cannot share the PDF on a open platform. However, if you’d like to join my quarterly investor letter distribution list to see how we are positioning for the "Broadening Trade" in 2026, please send a DM.
@HaydenCapital

Fred Liu on X

Happy to share our Q4 2025 letter. Especially at a time when the future of internet and software business models are being questioned. In it, we offer our take on: - The "AI Scare Trade". The market is pricing in fear, not facts. These businesses aren't broken (yet), but investors are selling indiscriminately. - What's still investable? Software faces real headwinds - disruption to terminal value assumptions and forced pricing model shifts. But ~80% of a software company's value is trust, reliability, and headache-free solutions. That doesn't disappear overnight. - Network effects are real moats. Gaming, ecommerce, consumer internet - they're all down substantially from highs. But as AI reduces barriers to entry, the barriers to scale go up. Distribution grows more valuable. - Thoughts on $SE, after a -45% drawdown. We don't think the TikTok boogeyman is as scary as the market fears. In fact, the opposite. - New Oriental $EDU exit. Originally bought near net cash, and business has stabilized since. Time to move on. Full letter linked here: https://t.co/0WPoxoHt7t

Investor Letters

All letters

Trading Post November 5, 2026

MercadoLibre’s logistics expansion cut margins by 60 basis points, while Mercado Pago grew credit 62% with 7% NPLs.

MELI $77B
Cassandra Unchained 2 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

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

Publications we follow

Every publication on this site, hand-picked.

129 publications

Newsletters 109

YouTube 4

Blogs 15

Seeking Alpha 74 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.