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Bullpen.News From Edwin Dorsey

Wednesday, August 19, 2026

NCLH or her grandma Saga?

Norwegian Cruise Line’s $15 billion debt and 2026-27 capex delay deleveraging, despite fuel-efficient new ships and stronger projected 2028 profit.

The Oak Bloke Aug 19

Airbnb Model Update (2026)

MBI Deep Dives Aug 19

Jumia

Triple S Special Situations Investing Aug 18

From X

@LaughingH20Cap Apr 22

Laughing Water Capital on X

@CalgaryLeveen @cfrischer1 @sScCrRaAbBLLeE 5/x) I'd argue that @BrendanCarrFCC is incentivized to move forward quickly now too, unless he wants to allow $WMT to dictate how the FCC does its job through their congressman, whom they no doubt generously support.

@LaughingH20Cap Apr 22

Laughing Water Capital on X

@CalgaryLeveen @cfrischer1 @sScCrRaAbBLLeE 4/x) i'd bet RFID would drop their objections to $NN's plan in exchange for licensed status in 907-918 (or 908-917Mhz). Seems like a fair compromise to provide terrestrial backup to GPS in the U.S. for free.

@mavix_leon Apr 22

mavix on X

Evolution $EVO Q1 '26 results: ▫️Revenues -1.5% *Live Casino -3.2% *RNG +8.2% ▫️EBITDA -1.9% ▫️EBITDA margin of 65.4% (vs. 65.6%) ▫️Profit -1.1% ▫️EPS +2.1% ▫️OCF -4.3% ▫️Europe decline continues die to regulation, while other regions show good progress https://t.co/0HkW1HexzA

@mavix_leon Apr 14

mavix on X

Shelly Group reported Q1 2026 revenue of EUR 33.4 million, up 26%, with cash and equivalents rising 45% from year-end to EUR 19.9 million.

@mavix_leon Apr 9

mavix on X

Shelly Group joins Germany’s SDAX on 10 April 2026, becoming the first Bulgarian company included in the DAX index family.

@mavix_leon Apr 9

mavix on X

Evolution seeks to add Playtech to its US defamation lawsuit, alleging a campaign to suppress North American competition and accusing Playtech of trade libel, fraud and racketeering.

@ChrisCamillo Aug 14

Chris Camillo on X

@tinderboxman No. I added another 20% of the account in $AMZN weekly options, on top of the 50% already in $AMZN equity which was 1x levered. Been applying this leverage strategy for 18 years.

@LaughingH20Cap Apr 22

Laughing Water Capital on X

NextNav ($NN) does not seek 907 to 918 MHz, despite RFID’s strongest signal at 915 MHz and narrower RFID allocations in Europe and China.

Investor Letters

Shitcos, Griftcos, and alignment versus enrichment at $IREN

IREN awarded each co-CEO roughly 9 million RSUs, about 2.5% of shares and $400 million, in exchange for no further equity grants until…

Yet Another Value Blog Aug 18

$NU: is Nubank Capital One in 1994 or Capital One in 2006? | Vanshap Capital

Nubank's 140 million customers, 20% efficiency ratio and 30% ROE frame whether its high-teens P/E reflects a scalable fintech or a maturing…

Yet Another Value Podcast Aug 17

Why DoorDash’s Autonomous Strategy Beats Uber’s Hodgepodge

DoorDash’s integrated autonomous-delivery strategy contrasts with Uber’s 2026 divestment of Serve Robotics, its former delivery-robot…

DASH $99BSERV $405M

MBI Deep Dives Aug 17

Stock Trade Compilation Diez

E.W. Scripps, Team Internet, Monro, doValue and Inter & Co feature as special-situation trades involving mergers, asset sales, leverage and…

SSP $305MMNRO $436M

Triple S Special Situations Investing Aug 17

The $1.5 Trillion of Hidden Debt Fueling the AI Boom | Robin Wigglesworth of FT Alphaville

Hyperscalers’ off-balance-sheet lease and purchase obligations rose from roughly $1 trillion to $1.5 trillion, turning the AI buildout into…

GOOGL $4.2TMETA $1.4T

The Monetary Matters Network Aug 16

Will Hubspot go the way of the Dodo?

HubSpot trades near its 2020 share price despite quadrupled revenue and $750 million in free cash flow, with Breeze AI upside weighed…

The Oak Bloke Aug 16

AI’s Achilles’ Heel: Why Everything Hinges on Anthropic & OpenAI | The Weekly Wrap

Steve Eisman argues the AI boom hinges on Anthropic and OpenAI’s importance to hyperscalers, while weighing software, CoreWeave and Cisco…

MSFT $3.7TAMZN $2.8T

Steve Eisman Aug 14

$DNOW: the boring distributor that could double on 2029 numbers | Firebird Management

DNOW’s MRC Global merger targets $75 million of synergies, with a 2029 bull case of $30 to $32 per share driven by cash flow and rerating.

Yet Another Value Podcast Aug 14

The AI Compute Squeeze

CoreWeave and Nebius cite AI compute shortages and higher-priced GPU renewals, but older-chip utilization and depreciation vary across…

CRWV $49BNBIS $60B

MBI Deep Dives Aug 14

Are Department Stores Finally Shortable?

Macy’s and Kohl’s face renewed short cases as their recent reratings ignore fading store-refresh gains, credit-card earnings exposure and…

M $6.1BKSS $2B

Bristlemoon Capital Aug 13

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[scuttleslops] ZTS, APO, FISV, TTD, RELY

scuttleblurb Aug 13

The Impact of Autonomous Vehicles on Copart, A Timeline-Based Assessment - ($CPRT)

Bearhold Research Aug 13

Permian Basin Q2 Update – Power, Water, Solid Waste, and Data Centers

310 Value’s Newsletter Aug 12

Entravision Q2 Notes

The Value Road Aug 11

$UWMC lost $600m hedging a deal they'd already lost

Yet Another Value Blog Aug 11

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