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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 Jun 22

Laughing Water Capital on X

@snack8812 @CalgaryLeveen Hi - could you explain why you think the "admin in office" is against $NN? Is this just because of the OIRA delay? Or are there other reasons? TYIA

@LaughingH20Cap Jun 18

Laughing Water Capital on X

GSK faces a July 14 trial over Jemperli, with AnaptysBio claiming rights that could restrict PD-1 partnerships. The dispute could end in a settlement or acquisition.

@LaughingH20Cap Jun 16

Laughing Water Capital on X

@darkstarsats 2/x) $NN can play a video for congress of them running tests right outside the capital building, or maybe even inside, and say "see, no interference."

@LaughingH20Cap Jun 16

Laughing Water Capital on X

@darkstarsats 1/x) the point is that next time $NN is front of congress, when the opposition claims interference, Miriam can say "congressman, did you notice your key card not working?" "Sergeant at Arms, were there any issues w/ electronic security?" etc etc

@LaughingH20Cap Jun 16

Laughing Water Capital on X

I think there is signal value here. No way the FCC runs $NN tests at the literal capital building unless they have sign-off from the highest levels. To much risk of this being labeled a “stunt” unless the FCC and higher powers are strongly supportive. https://t.co/Eaxyu0UbS4

@LaughingH20Cap Jun 5

Laughing Water Capital on X

@darkstarsats @dylan_ascencios @dan_tmt and why would anyone have to retool antennas or receivers when almost all (but not all) Part 15 are center tuned to 915, which $NN doesn't want. Why are 10 Mhz around 915 not enough when EU and China do it with 5 or 6 MHz?

@LaughingH20Cap Jun 5

Laughing Water Capital on X

The 907-918 MHz Part 15 allocation is compared with smaller European and Chinese bands for similar devices.

@LaughingH20Cap May 29

Laughing Water Capital on X

@mil01425146 @darkstarsats Hudson and Guthrie have both been vocal supporters of the need for terrestrial backup to GPS/PNT. Hudson has even spoken at the same events that $NN CEO Sorond has spoken at. This is bullish.

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 $3.6TAMZN $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 $61B

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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