Bullpen.News From Edwin Dorsey
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Monday, September 7, 2026

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@BrokenMoats 1 click

Broken Moats on X

Dispersion trade creating opportunities of fundamentals not matching price: $FDS now higher than the before SaaS (apocalypse) took off. Hard to argue they are not one of the most disrupted names across data services / software $PAYC $PCTY $WDAY - same challenges across software names and pricing / seat pressures. These names also face heavy increased competition from Rippling $EXPE - Hotels going direct has already started and OTAs should see supply pressure and take rate pressure $RNG - Does anyone legitimately believe they're an AI play? Agents don't need calls, don't need phones, and you don't need RNG to provide those agents - especially as every sb and up software provider and crm/erp Many others across software but also in financials, industrials and consumer
@RagingVentures

Raging Capital Ventures on X

I’m now very bullish on $CMCSA as well. In my view, Peacock/NBCU/theme parks are likely worth around the current market cap alone. Importantly, Peacock / NBC are now competitively advantaged in sports media thanks to a superior combination of reach with their NBC broadcast network and their scaled streaming platform. Comcast Cable is struggling, but they have frontloaded a lot of pain; wireless and the bundle is a growth engine; and the balance sheet is actually a strength (not a weakness). Plus, the 6% dividend pays you to wait for the spin in 2027.
@RagingVentures

Raging Capital Ventures on X

Not the greatest quarter but no change in my $CHTR view, although I did sell some of my October calls today. Owning common and LEAPs are most interesting now. The Cox acquisition should close in mid- to late-August, which I view as a catalyst for analysts and investors to revisit their models. $CHTR is now trading at around 2x pro forma 2028 FCF per share, with incredible balance sheet optionality (which they have started to monetize via buybacks and swaps at a discount). I also think $CHTR has front-loaded a lot of ARPU pain and invested heavily to stabilize video in recent years. While broadband will remain challenged, I don’t believe the worst case scenarios and think wireless growth and pricing can provide a valuable offset.

Investor Letters

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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 $21B
TSOH Investment Research 1 click
MOH · long

Molina Healthcare

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

MOH $11B
Value Investors Club
BE 2026-08-29

Bloom Energy: 5 Links That Cannot Break

Bloom Energy’s 80x forward earnings valuation relies on concentrated megaprojects, sustained AI data-center power demand and continued…

BE $83B
Valuation Rewind 2 clicks

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 $12B
SixSigmaCapital: Navigating the Financial Markets

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