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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

From X

@convequity

Convequity on X

Exploring SaaS survival in the agentic era — $PANW vs $DDOG. Both sit on critical telemetry. Both expose MCP. On paper they look alike. They aren’t. Model labs have a real reason to build their own observability collectors. Coding agents write and ship code; to get better they need production feedback. Own the host telemetry, close the loop. That same incentive is much weaker for cybersecurity endpoint agents. Finding beacons and writing better code are different jobs. Building a Falcon- or Cortex-class sensor estate is years of trust, labeled attacks, and compliance — not a natural side quest for a model lab. Then there’s the screen. Datadog doesn’t own where developers live. They already live in Cursor / Claude Code / Copilot. So those agents pull Datadog in over MCP. The data plane stays sticky; the UI gets shared. Palo Alto usually does own where the SOC lives. The shift starts in the security console — cases, playbooks, response. In a PANW shop, Cortex is the main workplace. Claude can sit on top in a multi-vendor stack. That’s the risk but not the base case. Same idea — agents need the pipes. What’s different is who tries to own the collector, and who already owns the desk. Thoughts welcome. Full Part 3 write-up for Convequity subscribers is on its way.

Investor Letters

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“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 $76B
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

QNT: The 100× Question

Quantinuum's improving logical-qubit error correction, 1,504 successful-circuit benchmark score and paid deployments at RIKEN, BMW and…

QNT $2.1B
Mispriced Assets 3 clicks

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 $11B
Rebound Capital 1 click

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