Bullpen.News From Edwin Dorsey
Daily recap Feedback

Friday, September 4, 2026

Back to today

From X

@HaydenCapital 1 click

Fred Liu on X

What a story... Zhang Junjie was orphaned at 10 and homeless, to illiterate at 17, to Billionaire by 32. I first tried Chagee in Shenzhen last year, and then again at their first US-outpost (Los Angeles). It's a great product, and their "Guochao" branding on point (modernized traditional Chinese aesthetic). From Haidilao & Tai Er, to Luckin, HeyTea, and now Chagee entering the US, pretty excited to watch US consumers finally be introduced to upscale Chinese F&B brands (please, no more Panda Express...). $CHA
@MultiplesCap 1 click

Multiples Capital on X

$EXPE has always been a much slower grower than $BKNG, won't be surprised if it's a fav pair trade of hedge fund (long booking, short expe). Over the years though Expedia has been going through internal changes, sold some businesses (Egencia to AmEx travel and few other sites), went through a technology transformation for internal sites (Expedia, https://t.co/ap3OIandej, Vrbo). 50% improvement in operating margin since 2019. But not as profitable as Booking (operating margin at 12% vs 32% for bkng). Mainly a US focused player (unlike bkng) with a very strong B2B segment that's growing mid teens and about 30% of total revenue), now looking to expand internationally. To be seen if that would drive higher margin given the much fragmented hotel market internationally vs US. Bkng on the other hand seeing revenue growth slowing down to high single digit and mid teens eps growth with margins declining since 2019. Expedia needs to show higher top line growth but possible still delivers mid teens eps growth. Travel is cyclical but these OTA are very robust, they saw revenue growth even in the financial crisis, as more ppl look for deals. AI is an unknown, Expedia is embracing it. Finding a hotel with the right deal is not same as getting an answer to a question from LLM, distribution/platform should remain valuable. Interesting to see how the pieces fall for Expedia, PEG < 1 and these multiples should atleast provide downside protection

Investor Letters

All letters
MOH · long

Molina Healthcare

Molina Healthcare faces unprecedented Medicaid managed-care cost inflation and margin compression after its shares declined since October…

MOH $10B
Value Investors Club 1 click
TOYO · short

Toyo CO LTD

TOYO CO LTD is the target of a short thesis.

TOYO $190M
Value Investors Club 1 click
ENS · short

Enersys

EnerSys faces a short thesis as data-center and warehouse vehicle customers shift from lead-acid batteries to lithium-ion.

ENS $6.5B
Value Investors Club
CDNL · short

Cardinal Infrastru Group INC

Cardinal Infrastructure Group faces an IPO lockup expiration amid stretched valuation and reported metrics, with an Up-C structure…

CDNL $1.7B
Value Investors Club 1 click
QTWO · long

Q2 Holdings INC (qtwo)

Q2 Holdings sells banking software to more than 1,200 financial institutions and 27.8 million registered users, after selling off with…

QTWO $3.7B
Value Investors Club 1 click
OKLO · short

Oklo INC

Oklo is framed as a portfolio basket short and a concept company that could become a compounding short.

OKLO $7.4B
Value Investors Club 1 click

Publications we follow

Every publication on this site, hand-picked.

70 publications

Newsletters 54

YouTube 4

Blogs 11

Seeking Alpha 14 of 129

Nominate a publication

X accounts we follow

Every account on this site, hand-picked.

57 accounts
Nominate an account

Sectors

Ordered by how often our editor reaches for them.