Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Sunday, September 6, 2026

Back to today

From X

@HaydenCapital 1 click

Fred Liu on X

Shopee's SPX Express reminds me of $PDD's community group buy pick-up point locations. $SE "They are a familiar sight in Singapore. The retired “uncle” in flip-flops, slinging parcels across a housing block in an ever-practical blue Ikea bag. Or an entrepreneurial homemaker busily sorting a makeshift Shopee kiosk beside the lift. They are the human backbone of SPX Express, which now handles most of Shopee’s several billion parcels annually... With SPX Express, 90 per cent of its parcels are delivered the next day in Singapore. In the rest of Asia, almost half of SPX Express orders are delivered within two days." https://t.co/oyQtg6SZ5i
@MultiplesCap

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
@HaydenCapital

Fred Liu on X

More 3PL Datapoints. $1519.HK $SE 1) External funding raised by 3PLs 2) Lower volumes are leading to negative spiral for delivery workers (who are paid per package). Fewer deliveries per worker = less $ per day = workers leaving for growing 3PLs (Shopee Express & J&T) = more supply / competition of delivery workers = cheaper per parcel costs for SPX & J&T (widening moat). And further erosion of network density for sub-scale 3PLs. https://t.co/n35vONTb7Y

Investor Letters

All letters

Dollar Tree: Weathering The Storm

Dollar Tree’s $1.25 opening price and multi-price assortment supported 10% two-year comparable-sales growth, outpacing Walmart U.S.

DLTR $22B
TSOH Investment Research 1 click
LULU · long

Lululemon Athletica INC

Lululemon Athletica, a high-end women’s sportswear retailer, is presented as a long investment.

LULU $11B
Value Investors Club

TSOH Weekly Roundup (08/28/2026)

TSOH Weekly Roundup tracks Dick’s Sporting Goods’ Foot Locker setback and Brown-Forman’s internal debate over a potential Pernod Ricard…

DKS $11B
TSOH Investment Research

QXO Inc.

QXO is building a North American construction-products distributor through Beacon, Kodiak and TopBuild, targeting $18.1 billion of combined…

QXO $13B
SixSigmaCapital: Navigating the Financial Markets

Core Memory

Airbnb Experiences faces a supply bottleneck from manual approvals, while a farm host raised her price from $15 to $25 after stronger…

ABNB $90B
MBI Deep Dives 9 clicks

Publications we follow

Every publication on this site, hand-picked.

108 publications

Newsletters 91

YouTube 4

Blogs 12

Seeking Alpha 29 of 161

Nominate a publication

X accounts we follow

Every account on this site, hand-picked.

69 accounts
Nominate an account

Investor letters we follow

78 firms

Sectors

Ordered by how often our editor reaches for them.