Bullpen.News From Edwin Dorsey
Submit an Article

Thursday, August 27, 2026

From X

@ActAccordingly 2 clicks

PAA Research on X

I call this the "LLOK" trade (Lower Leg of the K). This is a really interesting non-consensus thematic opportunity, dare I call it contrarian (if you're old enough to remember when that was a preferred approach to alpha generation). Investors have been quick to dismiss anything resembling a LLOK trade, but look what's happened in the past few weeks: $DLTR, $CASY, $CBRL, $PENN, $PRKS all massively outperforming in the past month. I'll include my beloved $CAKE in this group. Yes, some of that is factor rotation, but employment tailwinds for this consumer set might be better as a result of data center CAPEX/reindustrialization, and the "sell these names on gas prices" trade couldn't be hackneyed analysis. Finally, follow @TiberiusCapital, he's one of the best investors I know.
@ActAccordingly

PAA Research on X

This infographic looks hugely bearish to me and clearly I'm not the only one seeing it that way. That bar chart in the middle looks like a disaster as does allocating 30% of this deal to retail. Being multiple times oversubscribed is not what people want to hear at this point. How many guys put in orders expecting to get one-tenth or 1-20th of their ask? If those funds get filled at higher levels, you can expect $MS to really extend its balance sheet tomorrow to prevent this from breaking issue. Maybe the book really fills in over the next 30 hours, but usually if a deal's hot you would see stronger orders at this point. The $MS equity capital markets team has a long few days ahead. $SPCX

Investor Letters

All letters
RGLD · long 2026-05-29

Royal Gold INC

Royal Gold, a $19 billion precious-metals royalty and streaming company, benefits from mine production without operating mines directly.

RGLD $22B
Value Investors Club 1 click
CC · long 2026-05-29

the chemours inc.

Chemours (CC) is presented as a long investment in its three-segment specialty chemicals business.

CC $2.4B
Value Investors Club 1 click
HGV · long 2026-05-29

Hilton Grand Vacations

Hilton Grand Vacations faces an inflection point in profitability growth and free cash flow generation.

HGV $3.4B
Value Investors Club 1 click
NEXPF · long 2026-05-29

Nexi SpA

Nexi, continental Europe’s largest merchant acquirer, is presented as a long investment using normalized EPS and EBIT that exclude…

NEXPF $6.1B
Value Investors Club

Publications we follow

Every publication on this site, hand-picked.

31 publications
Nominate a publication

X accounts we follow

Every account on this site, hand-picked.

34 accounts
Nominate an account

Topics

Ordered by how often our editor reaches for them.