Bullpen.News From Edwin Dorsey
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Monday, September 21, 2026

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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

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@marginofdanger 1 click

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Ackman's closed end fund $PSUS will begin trading on Wednesday. For every 5 shares of PSUS, IPO investors (only) will get 1 share of $PS (the GP). It sounds like the PSUS offering will be 100mm shares at $50/share or $5 bn. Ackman thought this was going to be a $10 bn offering and he previously was targeting $25 bn or some ridiculous amount. The PSUS IPO investors will end up owning 20mm shares or 5% of PS (based on 400mm pf s/o). I expect that PSUS, like many closed end funds, will settle at a 5-10% discount to NAV, implying a trading price of $45-47.50/share. PS will begin trading as well (via a direct listing) and I anticipate a valuation of $5-10bn, implying that the PSUS IPO investors will get a "bonus" of $250-500mm on the $5 bn IPO or 5-10%. Therefore their loss on the PSUS shares should be mostly offset by the free shares in PS. Given this is a direct listing, I expect WILD price movements in PS stock and would stay far away from that one. I used $10 bn as the high end valuation for PS because that is where investors invested back a year or so ago (predicated upon significant growth in AUM), but I tend to believe that was a high watermark and not realistic given that Ackman can't seem to raise $. In terms of $PSUS, I don't see a compelling reason to own this at 90-95% of NAV. If you put a 15x on the 2% fee, that alone is a 30% drag. Also, Ackman has high volatility and there is no prospect to ever get repaid (and no incentive for Ackman to do so). Like $PSH.LN I would personally only step into $PSUS at a 25-30%+ discount to NAV and probably not in any real size.

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[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

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