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

If/when @altcap and $NVDA sell their shares in the next year or two, how is this different then what Andrew left did twitting a thesis and going to do the opposite shortly after?? That was deemed illegal and I am sure there they'll blame some event in the near future that disrupted their thesis, etc but this feels no different then self promotion in the opposite direction Bigger issue is existing shareholders from dramatically lower prices going on a retail oriented TV program to hype their holdings to buy in at inflated prices is blatantly perfidious and morally bankrupt. Bookmark this for when they sellout. Amazon ipo at a $438m valuation and Google at a $27B valuation by law of large numbers his statement is already categorically false unless all of GDP will be produced by these 3 companies
@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)

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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

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