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

Friday, November 13, 2026

Back to the front page

Industry Primer: Alternative Asset Managers

Alternative asset managers earn durable fees on committed capital, but 2026 losses followed retail-credit redemptions, lender-fraud allegations and AI fears around portfolio software…

BN $93B
Latticework by MOI Global 2 clicks

From X

@StableBread

Fajasy on X

Elmet $ELMT, the U.S. tungsten parts maker, reported a record $347.4M backlog for Q3, with two U.S. defense stockpile awards making up $197.5M (56.9%) of the total. The Defense Logistics Agency (DLA), which runs the National Defense Stockpile, has funded $161.9M so far under its contract to buy up to $2B of tungsten ore and concentrate from $ELMT, already more than the $150M minimum it guaranteed. Each order under the contract can take up to 48 months to deliver, and $ELMT said in its October 1 deck that it doesn't intend to start deliveries "until sufficient incremental new supply is available." I wouldn't expect much of the $161.9M to show up in revenue before 2027. The other $35.6M is a DLA award for mostly molybdenum products that $ELMT's plants already make, and the 10-Q's own chart counts it in the $149.5M of aerospace and defense backlog. Take out both and backlog is $149.9M, up 14.0% from $131.5M as of July 3 and 71.7% from $87.3M as of September 30, 2025. In my August 16 update, I said I wanted to see the first backlog print with the new defense appropriation cycle. Without the two stockpile awards, aerospace and defense backlog grew 15.8% in Q3 to $113.9M, a bit slower than its 16.5% growth in Q1 and 17.8% in Q2. I don't see a step-up from the new appropriation cycle yet, and part of the growth is price: The 10-Q credits "tungsten material price flowing through to our end product pricing" without splitting price from volume.
@junkbondinvest

junkbondinvestor on X

Quick follow-up on $CRWV after the call...funding picture better than the release suggested: > Next DDTL expected to be IG at 7-7.5% and fund 90%+ of capex. Hasn’t launched yet. > The $9bn of prepayments is from signed contracts. $3bn+ of it is from recontracting existing GPUs. > 2027 capex flat at $37-39bn if they only build committed backlog. > Ampere and Hopper pricing up 30-50% QoQ, above original contract prices. That’s shortage pricing though. > ST deals at ~$40mm/MW vs $20-25mm on 4-5 yr contracts. > No new unsecured through 2027 at current yields and <$5bn of parent-level capital needed. They didn’t say where that comes from. ATM? > No downside case given for what happens if supply catches up. NT funding concern mostly answered. The open question is whether today’s pricing lasts. Thoughts?

Investor Letters

All letters

QXO Inc Earnings Update: Q3 2026

QXO's Q3 sales rose 79% to $4.9 billion after TopBuild and Kodiak acquisitions, while acquisition debt lifted interest expense to $163…

QXO $13B
SixSigmaCapital: Navigating the Financial Markets 2 clicks

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 $3.1B
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

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 $2.5B
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 $75BKR $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 289

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.