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

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@ACapitalLP 1 click

A Capital on X

The best trades are where perception <> reality. A common trader exercise is to ask yourself: who is on the other side of the trade and why are they selling to you? What information do they have? Are they more informed than you? The best opportunities are where the seller isn’t more informed, they’re simply misinformed about what’s actually going on. Take $OWL, where the prevailing narrative was a private credit apocalypse, but you did the work and saw the residual value in the fund stakes business and an overblown level of negative sentiment. Or $TLN, where Governor Josh Shapiro and CNN want you to believe data centers are the problem, while the thirst for compute, contractual cash flows and need for electricity remain undeniable. The narrative may work against you initially. That’s often what creates the opportunity. But if your work is thorough enough, your thesis is right and you can hang in there, the gap between perception and reality eventually closes. That’s where alpha is made.
@KEDM_COM

KEDM.com on X

Chinese stockbrokers FUTU $FUTU and Up Fintech $TIGR are taking a beating after the Chinese securities regulator ordered all unauthorized Mainland accounts to be closed within 2 years, with only sell orders and fund withdrawals allowed. Both companies will be fined, but a rumored 1.85b CNY fine for FUTU is less than 2 months of profit. For FUTU, mainlanders are 13% of accounts but closer to 20% of total assets and revenue. FUTU's rapid growth in HK and SE Asia has diversified the business in recent years, and the loss of Chinese customers is less than 1 year's worth of customer growth outside China. What remains is a faster-growing, HK/SE Asia consumer play with no China risk, which probably trades at 8x P/E with net cash. That is, if this was the last shoe to drop and Mother China isn’t intent on ruining them.

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
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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