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

@orrdavid

David Orr on X

$LULU's old brand was exclusive, high quality clothes. Curated for only the best thing. Back in 2015. Over time, they expanded a ton and from too-high of volume alone, it would have been impossible to keep quality high. Recently this spun out of control and quality is downright terrible. How can this problem possibly be fixed? Don't they use a zillion different suppliers? I don't think there are enough good ones to replace them, even if someone executed very well. On top of quality problems, they ruined the brand image with DEI garbage. I don't see how that is repairable, at least not for many years. And finally, the whole athleisure category is stale. Which is $LULU's entire brand. Point being, if I was management, I would see no path to turning this ship around within 5 years. And the remaining company at the end would be much smaller than it is today. And that'd be the good outcome, with any of the above three points being a failure mode anyway.
@ACapitalLP 1 click

A Capital on X

The best trades are where perception <> reality. A common trader exercise is to ask yourself: who is on the other side of the trade and why are they selling to you? What information do they have? Are they more informed than you? The best opportunities are where the seller isn’t more informed, they’re simply misinformed about what’s actually going on. Take $OWL, where the prevailing narrative was a private credit apocalypse, but you did the work and saw the residual value in the fund stakes business and an overblown level of negative sentiment. Or $TLN, where Governor Josh Shapiro and CNN want you to believe data centers are the problem, while the thirst for compute, contractual cash flows and need for electricity remain undeniable. The narrative may work against you initially. That’s often what creates the opportunity. But if your work is thorough enough, your thesis is right and you can hang in there, the gap between perception and reality eventually closes. That’s where alpha is made.

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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 $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

TSOH Weekly Roundup (09/18/2026)

TSOH Weekly Roundup covers organized retail crime, Home Depot’s centralized operating missteps under Bob Nardelli, and research updates on…

HD $305B
TSOH Investment Research 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 $11B
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

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