Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Monday, September 21, 2026

Back to today

GameStop Is Extreme Deep Value

GameStop's collectibles mix rose to 45% of sales as gross margin reached 44%, supporting a deep-value case built on cash and store economics.

GME $12B
The Value Road 7 clicks

From X

@ActAccordingly 1 click

PAA Research on X

If you're wondering just how unusual this year has been, here's yet another way to look at it. TWENTY THREE S&P 500 stocks have increased 100%+ this year. That's by far the highest number for at least the past FORTY years (maybe all-time). The stocks that have doubled have contributed roughly 5-6% of the overall 8% gain YTD for the S&P 500. It is highly unusual for an S&P 500 stock to double. In most years, there are at most a few stocks that double. Of course the last time we saw a surge in the number of S&P 500 stocks that doubled was in 1999..... History suggests this type of unrelenting bid will not be sustained. As you look at the list below, you'll notice the only non-AI/semis/data center stock in the S&P 500 that has doubled is $MRNA, which was down (-90%+) from its COVID19 highs. If you're looking for doubles or 10-baggers going forward, perhaps it's time to look outside of the data center trade... $SNDK $WDC $STX $MU $INTC $DELL $MRVL $FLEX $AMD $AMAT $LITE $GLW $LRCX $TER $ON $COHR $MRNA $FIX $HPE $GNRC $KLAC $Q
@BrokenMoats

Broken Moats on X

$FIS I appreciate the ai narrative and stable coins narrative for broad payment sector names...but $FIS at current prices seems like a good Depp value opportunity. In general the rubber band seems very far stretched between the momentum names in semi capX and the ai "losers" and mega cap tech. Whether its sell the news on $MU earnings, end of quarter rebalancing etc, seems we are on the cusp of a rotation. (even if its only short lasting, should be quite volatile as we say several weeks ago). [going long Amzn, select software, fis, select med tech to play that versus short the SOXX, some derivative names like $CAT]
@BrokenMoats

Broken Moats on X

Odd two day movement in $KMX after earnings... Agree with the day 1 action - a stock that came into the report on a blistering run, and while the co. reported "improved" results, there are significant challenges still in front of them. Most of the improvement is driven by a dramatic lowering of sale prices to increase sales (gross profit dollars still lower). And that is a lever that will likely remain a permanence as they try and respond to efforts from $CVNA and others. I will credit them on lowering expenses as well, likely low hanging fruit and moves to reduce ("automate") reconditioning again following the caravan playbook of leaving cars closer to as returned. issues on loans remains in a market that is significantly challenged and does not appear on the verge of improving any time soon. The cha cha move Thursday and Friday would argue sets up a better short opportunity in the name as you have removed the IV from earnings to now look out the next few months on put/spreads looking for a cooling off. *even sell side numbers I put little stock in almost all are below, and most significantly from the current price (one could argue thats bullish to rerate but I see this more like Birk that is behaving more like a squeeze than actual fundamentals, hence the wide divergence)
@BrokenMoats

Broken Moats on X

$BSX ?? flat over the past 5 years. Can point to slowing growth from very elevated levels as farapulse and watchman have larger bases, some competition entering these spaces, glp1 on the margin to case loads over time, new inhibitors that could be coming from Lilly, novo, but at current $ sure seems like a lot is baked in at current prices. Innovative cardio franchise that has: Revenue has effectively doubled - predominately from farapulse and watchman (not m&a) Operating income 1.8B to 4.1B EBIT - $1.4B to 4.1B 3.5x on EPS (.69 to $2.40/share current) gross, operating, net, ebit, ebitda margins all expanded over that timeframe FCF more than 2x, opcf 2.5x The difference is you get to buy it at the same share price today, shares outstanding are virtually flat. Perhaps the defensive nature of medtech is sold in the aggressive risk on market we are in but growth still solid here with dividend and margin of safety versus other areas certainly seems worth a look, as is the rest of medtech as a place to hunt for value to wait until the market rotates back

Investor Letters

All letters

[CoStar] Homes are different

CoStar spent more than $1 billion building Homes.com to challenge Zillow, betting seller-agent leads, proprietary listing content and…

CSGP $12B
scuttleblurb 4 clicks

“Going Through Some Pain”

Dick’s Sporting Goods’ $2.4 billion Foot Locker acquisition nearly quadruples its store count and adds international exposure, risking a…

DKS $11B
TSOH Investment Research 1 click

The Monday Morning Briefing

Latticework’s weekly briefing spotlights discounted European assets including Barco, Bolloré, Brookfield and D’Ieteren, with catalysts…

BN $85B
Latticework by MOI Global 4 clicks

Brookfield of Dreams

Brookfield is recasting itself from an industrial owner into a $1.3 trillion asset manager and insurer, betting AI infrastructure can…

BN $85B
Net Interest
MSI · long

Motorola Solutions INC

Motorola Solutions’ core value proposition remains intact after business changes since 2022, supporting a growth-at-a-reasonable-price…

MSI $77B
Value Investors Club 2 clicks

Groceries, Aggregators, and Agents

DoorDash's grocery push targets a shift from weekly stock-up trips to frequent online fill-in orders, though smaller baskets complicate…

DASH $84B
MBI Deep Dives 1 click

Deep Dive: Grab Holdings ($GRAB)

Grab generates 53% of revenue from delivery, 36% from mobility and 10% from financial services, using its Southeast Asian marketplace to…

GRAB $13B
Rebound Capital 1 click

Power Semiconductors: The Follow-Up

STMicroelectronics, Navitas and Wolfspeed offer contrasting power-semiconductor cases tied to NVIDIA’s 800V AI data-center architecture,…

STM $47B
SixSigmaCapital: Navigating the Financial Markets 1 click

Copart 4Q26 Business Update

Copart's U.S. insurance volumes fell 7.5% in 4Q26, largely from one customer loss, while international insurance units rose 11.2% and…

CPRT $27B
Speedwell Memos 3 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.