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 $11B
The Value Road 6 clicks

From X

@negligible_cap

Negligible Capital on X

$TMUS, $VZ, $T, teleco's continuing underperformance today after getting sold hard last week. GS last week blamed Instinct and Muse for the selloff given their ability to negotiate and cancel bills: "While US telcos traded down (TMUS -5.5%; AT&T-2% & VZ -3%) on concerns on X chatter around Meta’s Muse and rival AI agent Instinct has focused on their new ability to make outbound calls to U.S. businesses, including negotiating phone and cable bills on behalf of users. This could become a risk for telcos because AI agents can wait on hold, escalate with support teams, switch users to cheaper plans, remove add-ons and claim credits at scale—potentially increasing pressure on ARPU, retention economics and customer-service costs. The same risk applies to European names as these AI assistant role out. But its NOT just telcos as other industries could also face pressure -industries most at risk are those with recurring bills, negotiable pricing, confusing add-ons, high churn incentives and customer-service friction—including cable/broadband, insurance, utilities, banks/credit cards, subscriptions, travel, healthcare billing, retail returns, auto leasing and gyms. If AI agents can persistently call, wait on hold, compare offers, cancel services, claim credits and renegotiate terms on behalf of customers, companies that rely on inertia or under-claimed discounts could face higher retention discounts, lower add-on revenue, more support volume and weaker pricing power. PS – have been using Instinct for a week of so – its pretty impressive once you get past the hesitance of giving access to parts of your life (not brave enough on a bank account) – book restaurants, tennis courts, highlight must read emails – its also picks up inaccuracies of emails and sources what is inaccurate." - GS Sean Johnstone

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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 $83B
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 $83B
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 $302B
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

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