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

From X

@BrokenMoats

Broken Moats on X

??? Two things can be true at the same time. In that you can have a slow down from weak international travel (administration) domestically, weak lower end consumer, glp, and inflation that is dragging down sales. And yet you can continue to invest in new store counts if the economics of your model are intact AND you have the balance sheet to continue to invest in your business. The competitors you cited besides macro have other issues impacting their ability to invest; PTLO has a serious balance sheet issue SG has an economic model problem... *turns out 18$ salads is a tough business*. Mcdonalds increased store openings in 2008 AND 2009 even as SSS growth was slowing every year 06-09....those investments worked out just fine because the model works. $SHAK SSS still going to print solidly positive for the year while most chains won't this year (and thats without the added store count). Shak has issues, all restaurants are tough and tough to scale and Rob and the cfo are far from Mcdonalds level of execution, but at 1x sales and a +20% restaurant margin model with 4m AUV theres a lot more room to the upside then the downside at current levels. I don't think they get to the dream target of 1500 stores, but that would be a 10x from here, whats the downside, at almost 1x current....30% maybe? I'll take that asymmetric set up. (Entered shares today)
@BrokenMoats

Broken Moats on X

Interesting the $AMZN Supply Chain Services announcement has been glossed over by competitor share price action after the initial announcement hit. $UPS has been up virtually everyday for the past 2 weeks + even though they alongside the LTL carriers like $SAIA $XPO are probably the most exposed to competitive pressures or price pressures. Trucking is being supported by heavy admin crackdowns (that will help foster inflation later this year and into next year) and AI demand in areas like flatbed. But LTL and parcel demand is lagging and has relied heavily on price in recent years to compensate for higher costs and volumes....AMZN entrance should pressure both sides for these companies especially domestic players, much less for global routes
@ActAccordingly

PAA Research on X

Quick thoughts on the $GOOG raise: 1) Management is old enough to remember when this stock traded at much lower multiples for YEARS, good time to raise capital and it's not that much relative to the market cap. 2) The demands of data center build out/token cost are even more insatiable than we thought (see $HPE, $DELL, or the $NVDA overnight news) 3) Profitability/cash flow could be headed lower in a meaningful way at some point in the not too distant future for the search business. This is the most important take away IMO. Someone explain to me how you take the greatest business model ever created in Search/Adwords where you have 90% share and replace it with LLM's/AEO, while somehow maintaining the same profitability. The structural economics are WORSE and market share is materially worse. Search traffic is DOWN in many categories and that will only get worse from here as consumers engage with #openAI, #claude, #gemini at higher rates. Honestly, I don't know why this isn't the primary narrative around $GOOG currently. I'm sure there are people that will have different perspectives on this, but ask around to people that rely on search. Volumes are down in many areas already.

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 $12B
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 $82B
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 $82B
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 $81B
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 $2B
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 $13B
Rebound Capital 1 click

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