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

Tuesday, November 10, 2026

Back to the front page

The 10-Q Fills In the Buyback

Empire State Realty Trust bought $86.1 million of stock through November 6, while corrected sum-of-the-parts values range from $9.12 to $13.88 per share.

ESRT $1.3B
Orphan REITs

From X

@ACapitalLP

A Capital on X

The 13% puke today is the market questioning whether $CVI is using peak-cycle earnings to justify a transformative acquisition (nearly doubling nameplate capacity). The $MPC assets may be attractive, but shareholders are absorbing dilution, additional debt, and the risk that refining margins normalize before the company can meaningfully delever… $CVI was always sub-scale, so there’s a legitimate strategic rationale here. The irony is that the best time to buy cyclical assets is usually when you can least afford to finance them…
@StableBread 1 click

Fajasy on X

U.S. inflation is still sticky, and it’s not only the government’s numbers saying so. Inflation shows up in both the government’s price indexes and the price of gold: → Growth × Policy: Core PCE inflation, the PCE price index minus food and energy, rose to 3.1% in September from 3.0% in August, 1.1% above the Fed’s 2% target. CPI inflation rose to 3.7% from 3.4%. I focus on core PCE because the Fed sets its 2% target on the PCE index, and leaving out food and energy, whose prices swing the most, provides a better read on where inflation is headed. → Charles Gave’s Four Quadrants (from Gavekal): At the end of October, an ounce of gold bought 42.5 shares of $IEF (a 7-10 year Treasury ETF) vs. a 7-year average of 26.3. That’s down from 47 at the end of September, since gold fell 6.9% in October while $IEF rose 3.1%. Gave reads gold beating bonds as the currency losing value, and gold has been beating bonds since March 2020. Gave’s framework still places the U.S. in an inflationary boom, where the U.S. has been since November 2023, apart from four weeks in March and April 2026. That’s the quadrant where he favors gold, commodities, real estate, value stocks, emerging markets and cyclicals with high fixed costs, and avoids long-duration bonds. These assets either rise in price with inflation or earn more when the economy runs hot, while long-duration bonds pay a fixed amount that inflation eats away. High Treasury yields don’t change that call, since Gave’s gold/IEF ratio divides the gold price by $IEF’s total return (interest included), and the ratio is still 61% above its 7-year average even after October.
@leevalueroach

Lee Roach on X

GameStop $GME is doing a Magic the Gathering meet up at stores across the board. Wall Street simply does not understand the significance of this as they don't follow nerdass card market and they definitely don't follow Hasbro $HAS and see how much their Magic the Gathering revenues are up. And they most certainly don't understand that GameStop is a card shop now because Wall Street suits are too busy going to the Peter Luger Steak house and ordering overpriced hunks of meat and a nice side of mashed potatoes while their big fat bellies fall over their legs and wives secretly hate them because they are too busy buried in their financial models and not their wives bosoms.

Investor Letters

All letters

Quick Value #337 - Dana Inc (DAN)

Dana is combining with Eaton’s Mobility unit via a 1Q27 Reverse Morris Trust after selling a division, delevering and accelerating buybacks.

DAN $2.1B
Value Don't Lie 2 clicks

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 $372M
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 $79B
Stratechery by Ben Thompson – On the business, strategy, and impact of technology. 4 clicks
AVO · long

Mission Produce INC

Mission Produce (AVO) is pitched long as a consumer-staples investment, countering a September 2024 short case.

AVO $1B
Value Investors Club

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 3 clicks

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 3 clicks

Floor & Decor 3Q26: Business Update

Floor & Decor’s 3Q26 sales rose 3% while comparable sales fell 1.4%; it cut 2027 openings to 10-15 as high mortgage rates pressure…

FND $5B
Speedwell Memos 1 click

Publications we follow

Every publication on this site, hand-picked.

129 publications

Newsletters 109

YouTube 4

Blogs 15

Seeking Alpha 79 of 281

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.