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

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.
@KEDM_COM 1 click

KEDM.com on X

Once a year, Bill Ackman @BillAckman of Pershing Square bangs the drum on Fannie Mae $FNMA and Freddie Mac $FMCC. They are high-quality, low-risk businesses currently trading at 1.5x earnings and operating under state conservatorship, even though Trump repeatedly mentioned taking the companies public. Ackman mentioned what a member of President Trump's administration said: “We can’t take the risk of the Communists taking control of Fannie and Freddie”. Bill’s letter makes his tweets look short by comparison, but it offers some good insights.

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 2 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

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 $3B
Mispriced Assets 5 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 4 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 $7.3B
Value Investors Club 1 click

Publications we follow

Every publication on this site, hand-picked.

130 publications

Newsletters 110

YouTube 4

Blogs 15

Seeking Alpha 87 of 294

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.