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 3 clicks

From X

@calvinblissett

Calvin Blissett on X

$ZIM @ZeeContrarian1 @Chuckyb22074706 @ROICRHODES @christankerfund @MarkGroskyEsq. How are we thinking about $HLAG circa ~600m incentive to close this thing before March record date (giving us Q4 26’ div and top up). Thoughts and why would be appreciated. @Chuckyb22074706 is the only one to really touch on this and has a good point about better directors potentially moving up the record date. @ZeeContrarian1 first love your content and evident clarity of thought, thank you! I feel like your thesis is bulletproof except for this risk? How do you think about it especially since if I’m not mistaken you haven’t really touched upon it.
@StableBread

Fajasy on X

Boost Run $BRUN granted 6.23M RSUs in Q3, 7.4% of its 84.2M shares outstanding, and will expense $103.4M for them over a weighted-average 3 years, a cost its adjusted EBITDA excludes. The 6.23M includes the 4.59M granted to the CFO, CTO, and COO on September 29, and the 10-Q doesn't name who got the other 1.64M. Q3's stock comp was only $0.25M, since most of the RSUs came on September 29. $BRUN's adjusted EBITDA adds stock comp back, so from Q4 it will exclude ~$8.6M/quarter of RSU expense on average, equal to 47.9% of Q3's $18.0M of adjusted EBITDA. And $BRUN's 2026 equity plan still has 2,986,298 shares left to grant, another 3.5% of the shares outstanding. The bear, base, and bull cases in my October 19 update counted 88.8M fully diluted shares, including only the executives' 4.59M RSUs. The full 6.23M takes the count to 90.4M, which trims each case's per-share value by 1.8%.
@convequity

Convequity on X

It is a puzzle to me that Jensen has been ousted this quickly. 1. Currently Megaspeed seems to be tied to $BABA, not to the Chinese government. 2. The Chinese government's policy is to incubate domestic AI chips, including banning H200 imports. The government is not pushing $NVDA into China. 3. Or is China leveraging US politics to attack Nvidia, so that Jensen's resignation gives Huawei more time and weakens the US AI chip industry? If it turns out Jensen was simply ousted because of two affairs and there was no material national security damage, then US politicians are doing more harm than good by attacking Jensen Huang. It still makes sense to investigate further the nature of Jensen's dealings with China-affiliated entities.

Investor Letters

All letters

Qure Anniversary Update

UniQure’s Huntington’s disease BLA has a May 1, 2027 priority-review date, with an FDA advisory committee expected in late first quarter.

QURE $1.7B
Triple S Special Situations Investing 2 clicks

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 3 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 2 clicks
FOUR · long

Shift4 Payments INC

Shift4 Payments trades at roughly 5 times a $7.50 2029 free-cash-flow-per-share estimate after stock compensation.

FOUR $3.3B
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 $38B
TSOH Investment Research 1 click

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.