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

Thursday, November 12, 2026

Back to the front page

Looking Back at Another Successful Thesis

DoubleU Games raised its all-cash tender offer for DoubleDown Interactive minority holders to $16.25 per ADS from $11.25 after net cash made the earlier bid untenable.

DDI $779M
The Value Road 2 clicks

From X

@StableBread

Fajasy on X

A tape library maker fired its CFO on October 9, 2026, without giving a reason, and its stock is now down 41.3% from its October 2 peak. Within two months, it replaced both of its top finance officers. Yet it still expects to meet or exceed its September-quarter guidance. That company is Quantum $QMCO, which makes tape libraries that companies use to archive data for years. $QMCO has fallen to $20.25/share, down 22.4% since my August update, but still more than double the $9.42 investors paid in its June private placement (PIPE). Worth mentioning that the larger hard drive and flash memory stocks have fallen from their 2026 highs as well, through the October 27 close: → SanDisk $SNDK: Down 44.1% to $1,304.84/share. → Seagate $STX: Down 39.0% to $667.85/share. → Western Digital $WDC: Down 49.0% to $380.88/share. So $QMCO fell about as far as the group, but in under four weeks instead of four months, and mostly after the CFO was fired. Besides the firing, three accounting issues hang over $QMCO’s September-quarter 10-Q, due November 9: 1) Material weaknesses: $QMCO’s June-quarter 10-Q still reports material weaknesses (the most serious kind of gap in a company’s financial reporting controls) in revenue recognition, inventory, and income taxes. 2) Restatements: None of the weaknesses has led to a material misstatement, but $QMCO has restated its financial statements before, in May 2024 and again in August 2025. 3) Late filings: Its June-quarter 10-Q was officially filed on August 11, a day after its 40-day deadline, and its FY2026 10-K needed a notice of late filing in June. Still, tape demand is growing, and no $QMCO insider has sold since my August update: → Tape: Secondary storage, which $QMCO’s 10-K describes as “primarily tape storage systems,” doubled from a year earlier to $37.0M in the June quarter, 46% of total revenue, up from 29%. → Industry: The LTO Program, the group of $HPE, $IBM, and $QMCO that sets the LTO tape standard, reported on September 1, 2026 that tape capacity shipped in Q1 2026 rose 57% from Q1 2025. → Supply: By CEO Hugues Meyrath’s account, $IBM’s drive supply, not demand, limits how much $QMCO can sell for now. → Insiders: No $QMCO insider has bought or sold shares in the open market since my August update, including Dialectic, the activist fund managed by director John Fichthorn. $QMCO’s EV is $825.3M, counting its warrants, options, and RSUs. That’s 2.8x TTM revenue, down from 4.9x at the October 2 peak, but still 34.4x the September quarter’s $6M ±$1M of adjusted EBITDA guidance, annualized. So is $QMCO’s drop a pullback worth buying, or a warning about the numbers? That’s what I answer in my new update on $QMCO, including my bear, base, and bull cases.
@BrokenMoats

Broken Moats on X

On integrations will see $DOCU but others like sign now. There are dozens of signature solutions from panda, adobe, and many many others. All with cheaper solutions. And to say theres no enterprise features or some sort of ecosystem/marketplace - that does not stand. Apple, Exxon and other major corporations use Sign now. I got a signature sheet from Rivian from box directly (and it's not docusign white labeled). If you're looking for the reversal in software squeeze, DOCU at current pricing and competitive positing in an increasingly Agentic world has to surface as a weak story moving forward that trades at a premium to almost anything else you will look at.

Investor Letters

All letters

Big Short: Fidelity & Guaranty

F&G’s main insurer held $66.5 billion of assets against $1.38 billion of statutory capital, while private credit, reinsurance dependence…

FG $3.2B
Mispriced Assets 2 clicks

Top Rebound Stocks for Nov’26

Texas Pacific Land's 50% selloff reflects faded data-center expectations, while its Permian royalty business generated $498 million of 2025…

TPL $19B
Rebound Capital 1 click

Peloton: Beyond The Bike

Peloton’s connected-fitness subscribers fell 9% year over year to 2.475 million, with another high-single-digit holiday decline forecast as…

PTON $2.6B
TSOH Investment Research 3 clicks
MONOY · long

Monotaro CO LTD

MonotaRO, traded as MONOY in the U.S. and 3064 in Japan, is a Japanese MRO distributor recommended as a long.

MONOY $7.4B
Value Investors Club

DoorDash’s FBA Moment

DoorDash’s $17 billion Instacart deal targets DashMart warehouse scale, where 99%+ order accuracy and faster delivery address the limits of…

DASH $78BKR $41B
MBI Deep Dives 3 clicks

Publications we follow

Every publication on this site, hand-picked.

130 publications

Newsletters 110

YouTube 4

Blogs 15

Seeking Alpha 84 of 286

Nominate a publication

X accounts we follow

Every account on this site, hand-picked.

91 accounts
Nominate an account

Investor letters we follow

376 firms

Sectors

Ordered by how often our editor reaches for them.