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

Sunday, November 15, 2026

Back to the front page

From X

@StableBread

Fajasy on X

Six stocks I’m still following filed Q3 numbers: → $QXO: Operating cash flow was only ~$1M in Q3, down from $213M a year ago. → Boost Run $BRUN: Says it has secured $600M of non-dilutive project financing, but a Georgia delay leaves year-end ARR near my bear case. → Reviva $RVPH: Valued at 26.5% of its cash, but needs $50-55M for its second Phase 3 trial and FDA filing. → DigiPowerX $DGXX: ~$30M short of its ~$350M 2027 capex plan, even counting the $200M loan it hasn’t closed yet. → Agility Robotics $AGLT: Down 36.1% from its first-day close, with a little over two years of cash. → FORT Robotics’ SPAC $NTWO: 82% redeemed, and its price implies 36.7x FORT’s TTM revenue. So did the quarter change my call on any of the six? That’s what I answer in my new Q3 update, including whether I’m buying, selling, or holding each name.
@calvinblissett

Calvin Blissett on X

Passed on: - $TK: screens at net cash ≈ market cap, but that cash is TNK's. Parent cash plus its TNK stake is ~$1.01B vs a ~$1.23B market cap. Buy TNK directly. - $DFIN: ran to $68, and the SEC's semiannual-reporting proposal hits filing volume. - $RICK: NY AG indictment, CEO and CFO out. - $BAER: ~$15M of equity under ~$650M of debt and preferred. - $CMRE / $DAC: big backlogs, but contracted net earnings don't cover EV yet. - $MATW, $ACTG, $ARKR, $CVEO: FCF or leverage. - $GRND: not cheap.
@calvinblissett

Calvin Blissett on X

$NMM ~$89.03 Navios Partners: containerships, drybulk and tankers, mostly on charter. ~$2.58B mkt cap at ~0.7x book, ~4x annualized earnings. Contracted revenue jumped from $4.4B to $5.0B in one quarter after $735M of new charters, and it runs through 2037. That's ~1.9x the market cap. It's shrinking the unit count. Units are down 2% in a year on a new $200M buyback ($12M used in Q3), and net debt fell $55M to ~$1.74B. The discount is about governance. The payout is $0.06/qtr, Frangou controls it, and $703M of newbuilds was just ordered. But mgmt said it will "recalibrate" return of capital in Q1, the first sign that could change. No AlphaSense expert or broker coverage in 3 months. Nobody's looking.
@calvinblissett

Calvin Blissett on X

$TNK ~$89.43 Teekay Tankers runs 33 mid-size crude and product tankers, mostly spot. ~$3.10B mkt cap, $1.42B cash, no debt, ~$1.7B EV. First-half EPS was $10.87, already above all of 2025 ($10.10), and Q3 added $5.04. Q4 so far: Suezmax $272K/day and Aframax $208K/day, 30x+ its breakeven. Clarksons has year-end net cash at ~$53/sh. EV is only ~0.4x the value of the ships, so you're getting the fleet at ~40 cents on the dollar plus the cash. The catalyst: the board will consider a special dividend with Q4 results in February instead of May. The $0.25 base hasn't moved since 2023, so the pressure on the payout is all one way. It's also selling old ships at high prices (4 for $211M) and ordering newbuilds for 2030. Why rates could stay up: OECD inventories are at a 20-year low, the U.S. SPR is ~half its pre-2020 level, and the orderbook mostly just replaces old ships. Risks: rates mean-revert and Teekay Corp controls it. BofA raised 2026 EPS by $12 and still rates it Underperform.

Investor Letters

All letters

Q3 Earnings Updates

Q3 updates cover Crocs, Entravision and Fiserv beats, coal and oil weakness, and Xerox’s sharp decline, testing the underlying cases for…

CROX $7.5BEVC $874M
Hidden Rock Capital's Newsletter 3 clicks

TSOH Weekly Roundup (11/13/2026)

Tripadvisor’s CEO and CFO will depart after weak Q3 results, while Roblox’s CEO discusses AI and Berkshire repurchases $9.6 billion of…

TRIP $853M
TSOH Investment Research 3 clicks

IEH Corporation: Research Note

IEH Corporation posted Q2 revenue growth of 51% to $10.7 million and a record $56 million backlog, led by defense and medical demand.

IEHC $78M
Atrium Research - Equity Research 3 clicks
CCOI · long

Cogent Communications Hldgs

Cogent Communications (CCOI) is presented as a long investment idea, revisiting prior bull cases from 2022 and 2025.

CCOI $205M
Value Investors Club 8 clicks

(MGGA) Make Guns Great Again

Ruger trades at a $468 million enterprise value, about 7 times normalized free cash flow, with $101 million cash and no debt as gun demand…

RGR $806M
XIX Value

Publications we follow

Every publication on this site, hand-picked.

130 publications

Newsletters 110

YouTube 4

Blogs 15

Seeking Alpha 89 of 295

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.