Bullpen.News From Edwin Dorsey
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Thursday, September 10, 2026

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@ActAccordingly

PAA Research on X

$CB with some pretty chilling, but not entirely commentary on pricing on commercial property lines as the market continues to soften: Pricing on new biz or renewals (-12%) Pricing on the biz they chose not to renew or rejected (-40%) YOY! Otherwise, $CB was brutally honest about the softening across the marketplace in casualty lines and E&S in general. With MGA's flooding the market, this isn't a dynamic that changes overnight. Probably not a great market environment for our friends at $KNSL. Do bulls understand what they own?
@ActAccordingly

PAA Research on X

Yeah, $CPB bulls trying to hold the line on the 2002 and 1995 lows. They have some solid brands for sure, but the management is moronic, the board even worse, they have no clue on capital management, and the balance sheet is a disaster. Everything but the last point is an argument for this business to be sold. However, that leverage.... I guess someone can come in and eliminate the dividend which frees up $450MM in FCF. From there you can probably delever this biz 2-3 turns in a few years. Tough sledding, but there's a lot of wasted advertising across this company, that's for sure.

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Lululemon: Deep Dive Analysis

Lululemon’s Q2 revenue fell 4% and Americas comparable sales 12%, as markdowns, tariffs and activewear rivals pressure its premium apparel…

LULU $11B
Hated Moats 6 clicks
UBER 2026-09-07

A quick update on Deep Dives

MBI Deep Dives will update prior company analyses through year-end, beginning with Uber, while deferring new work on Micron and S&P Global.

UBER $142B
MBI Deep Dives 5 clicks

Celsius: The Pepsi Put

Celsius holds 20% of the U.S. energy-drink market and 40% of sugar-free sales, but its $1.65 billion Alani acquisition complicates…

CELH $7.1BPEP $179B
TSOH Investment Research 8 clicks

Titan Mining Q2 Update

Titan Mining reported Q2 revenue of $25.7 million and adjusted EBITDA of $9.6 million as zinc output rose, while advancing its Kilbourne…

TII $309M
Sylence Capital 4 clicks

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