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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

@HaydenCapital

Fred Liu on X

It has to consolidate at some point, and already is this year. It's relatively easier to build vs ice cars (esp in China with robust supplier ecosystem). But hard to scale, differentiate, and distribute your products. Requires billions in funding. Btw, you see $LI making a bigger push overseas this year, because they're about to launch BEV in China. So these hybrid models are going abroad to countries with less developed charging networks, where hybrids are more practical. It's a way to keep production lines busy, and might even make higher margins due to lower competition abroad + higher prices.
@HaydenCapital

Fred Liu on X

I doubt being an "Irish" company makes a difference. But it's actually not that difficult to list in HK, esp since most of the prep work is done. Don't know if people still remember the 2022 PBAOC de-listing events. But $PDD and others had already filed paperwork to list in HK, and pulled it when audits were approved. https://t.co/ukMsOByVgh I believe they have paperwork ready to go, and the process takes 3-6 weeks. Fully expect them to list in HK, if / when its officially confirmed. ** Worst case is they trade OTC. Volumes get hit, and would be some short-term pain from forced-sellers. But Luckin ($8BN) mkt cap) is trading near all-time highs + trades $80M / day on the pink sheets, and Didi ($17BN mkt cap) still trades $40M / day. Not bad... What matters in the end is just business execution, and higher earnings.
@HaydenCapital

Fred Liu on X

Li Auto is launching in the Philippines (and likely rest of SE Asia). Pictures from yesterday, at Manila's SM Mall of Asia. $LI. Management has talked publicly about Middle East and Central Asia as initial markets, but don't think they've mentioned SE Asia before... According to the sales associate, their first store in BGC is opening end of April, with 3 more locations in following months. Seems the $LI overseas expansion is happening much faster than investors anticipate... L7 priced at 4-4.5M PHP, and L9 at 5-5.5M PHP (+50% more expensive than in China).
@HaydenCapital

Fred Liu on X

Going thru Circle's $CRCL S-1. First pass, it seems Coinbase $COIN is best levered to Circle's $CRCL growth. USDC avg circulation grew +9% y/y in 2024, revenues grew +16%, but profits went down -42%. Mainly because payments to $COIN grew +31%. More and more USDC is held on Coinbase's platform, on which they get a "distribution fee" (18% of total supply vs. 8% in 2023, and vs. Circle's 2%). (The Aug 2023 contract renegotiation helped too. Also assumes continued preference holding USDC on Coinbase's platform). https://t.co/yoWLFOJg3X

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
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

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

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

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 $295B
TSOH Investment Research 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 $1.9B
Mispriced Assets 3 clicks

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