New Ask Claude or ChatGPT about any stock, using Bullpen. Bullpen in Claude or ChatGPT. 7 days free
Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Monday, November 9, 2026

Back to the front page

From X

@ACapitalLP

A Capital on X

Still think the PSPs, particularly $CIFR / $CORZ, offer incredible asymmetry. A value investor’s dream: perception ≠ reality. The market is treating neocloud credit concerns like the underlying land and power have suddenly disappeared. $CIFR trades at a discount to its contracted business, with effectively nothing assigned to its multi GW pipeline. Even the Byrd Man still has a $27.50 PT after taking a machete to his assumptions. Regulatory risk is real, but are we pricing in an actual moratorium or just scary headlines…
@StableBread

Fajasy on X

QXO's $QXO roofing prices went from 1.1% below a year earlier in April to 4.1% above in September, per the November 9 call. Roofing and waterproofing, the business $QXO has owned longest, also grew its gross margin y/y in Q3, and its October daily sales rose 9.1% y/y, vs. 5.4% for all of $QXO. CEO Brad Jacobs said September "came in much stronger than expected." In my earlier post, I estimated that everything but TopBuild, the insulation business $QXO bought on July 1, made ~$272M of Q3 adjusted EBITDA, the same as in Q2. A higher roofing gross margin and flat adjusted EBITDA can both be right if $QXO's spending on people and technology grew faster than its gross profit, which the full Q3 report on November 12 should show. Jacobs also kept the $4B 2030 adjusted EBITDA target, but now measures it from "about $1.75 billion today," down from the "almost $2 billion" of 2025 combined EBITDA in $QXO's July investor Q&A. He said the ~$1.75B reflects current consensus estimates, so with the target unchanged, EBITDA now has to grow ~2.3x instead of ~2x. Jacobs told Tyler Grason of Patient Capital, who asked how he'd balance QXO with his new venture, CKX, that he works "pretty much seven days a week" and owns "about a quarter of the company." $QXO also said it has no debt maturities before 2031, over $2B of liquidity, and nearly two-thirds of its debt at fixed rates. So I read the call as the roofing business finally turning, but from a lower starting point than $QXO used in July. What I'd want to see in the full Q3 report on November 12: 1) Roofing: Its adjusted EBITDA vs. Q3 2025, if $QXO breaks it out, to see whether the gross margin gain carried through. 2) Costs: Whether operating expenses grew faster than gross profit across $QXO.

Investor Letters

All letters

Seed Corn

Chiron’s failed $49 million Beaumont sale and $178 million Pinnacle acquisition leave XRN with $70 million of liquidity and medical-office…

XRN $402M
Orphan REITs 2 clicks

STRL: 80 new electricians a week

Sterling’s $4.1 billion backlog faces Texas permitting risk after a governor proposed a moratorium, while Connexion, Capital Asset Planning…

STRL $7.6B
Trade Ideas Flow 1 click

Roblox: Capture This Moment

Roblox’s Q3 FY26 DAUs fell year over year for the first time, while bookings declined 12% to $1.7 billion.

RBLX $35B
TSOH Investment Research 1 click

DoorDash and Google

DoorDash and Google.

DASH $86B
Stratechery by Ben Thompson – On the business, strategy, and impact of technology. 4 clicks

Diamond Estates: Research Note

Diamond Estates converts $4.7 million of Lassonde debentures at a 69% premium, cutting debt to $10.9 million and raising Lassonde ownership…

LSDAF $1.2B
Atrium Research - Equity Research 1 click

Vicor Update, Part Four

Vicor’s Federal Circuit hearing put Foxconn’s disputed patent license under pressure, reinforcing its AI server royalty model and licensing…

VICR $6.8B
CV's Substack 2 clicks
MSI · long

Motorola Solutions INC

Motorola Solutions’ core value proposition remains intact after business changes since 2022, supporting a growth-at-a-reasonable-price…

MSI $86B
Value Investors Club 2 clicks

Roblox: Accepting Uncertainty

Roblox reached 144 million DAUs and 123.9 billion engagement hours by 2025, but Q3 FY26 bookings are set to fall mid-teens, renewing calls…

RBLX $35B
TSOH Investment Research 1 click

indie Semiconductor Deep Dive

Indie Semiconductor’s automotive sensing chips are finding robotics demand, while industrial, navigation and quantum businesses sit inside…

INDI $375M
CV's Substack 1 click

NCLH or her grandma Saga?

Norwegian Cruise Line’s $15 billion debt and 2026-27 capex delay deleveraging, despite fuel-efficient new ships and stronger projected 2028…

NCLH $8.1B
The Oak Bloke 13 clicks

Research Roundup Vol. XLIX

Research Roundup Vol. XLIX covers 3.4% inflation, AI compute demand, data center buildouts, and Q2 reports from Rocket Lab, CoreWeave,…

RKLB $28BCRWV $27B
Monte Independent Investment Research

Publications we follow

Every publication on this site, hand-picked.

129 publications

Newsletters 109

YouTube 4

Blogs 15

Seeking Alpha 77 of 280

Nominate a publication

X accounts we follow

Every account on this site, hand-picked.

91 accounts
Nominate an account

Investor letters we follow

360 firms

Sectors

Ordered by how often our editor reaches for them.