Bullpen.News From Edwin Dorsey
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Tuesday, September 22, 2026

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@BrokenMoats

Broken Moats on X

$BSX ?? flat over the past 5 years. Can point to slowing growth from very elevated levels as farapulse and watchman have larger bases, some competition entering these spaces, glp1 on the margin to case loads over time, new inhibitors that could be coming from Lilly, novo, but at current $ sure seems like a lot is baked in at current prices. Innovative cardio franchise that has: Revenue has effectively doubled - predominately from farapulse and watchman (not m&a) Operating income 1.8B to 4.1B EBIT - $1.4B to 4.1B 3.5x on EPS (.69 to $2.40/share current) gross, operating, net, ebit, ebitda margins all expanded over that timeframe FCF more than 2x, opcf 2.5x The difference is you get to buy it at the same share price today, shares outstanding are virtually flat. Perhaps the defensive nature of medtech is sold in the aggressive risk on market we are in but growth still solid here with dividend and margin of safety versus other areas certainly seems worth a look, as is the rest of medtech as a place to hunt for value to wait until the market rotates back
@BrokenMoats 1 click

Broken Moats on X

Pretty incredible market sells off software again aggressively at the same time ramping up public private credit exposed names like $MFC, $ARES, $FG (CEO left suddenly yesterday) all because they ride alongside the aggressive buying in money center banks in financial etc flows ($JPM up 14% in June). Seems like there needs to be some dispersion in public private credit and software - one side at current prices has to be wrong, guessing private credit lower is how the dispersion resolves itself
@BrokenMoats

Broken Moats on X

Intensity and rapidness of recent moves is worth acknowledging. Not sure what to make of it. I understand the concept of oil/rates lower improving the backdrop for consumer discretionary but its not as if oil had not been trending lower for weeks, the deal always seemed more priced in versus priced out of markets *and china and us, Japan heavily released reserves to temper oil - so outside front month price movement - oil has been massaged lower for quite some time* Trying to understand what sets off names besides the incremental delta of lower rates.oil to send retail oriented names up 30-50% in a week or two? $ELF $CAVA $SHAK etc and some of these reported weak sales with lowered outlooks. Shak as recently as <2 weeks ago $MGNI - heavy insider selling past few days, stock is 30%+ in short time frame ELF $48-$70 in basically a week CAVA - $70-$92 in a few days -- $bros, shak similar moves $BIRK - pure short squeeze off float dynamics, but stock basically up 60% in a few weeks. Certainly a different market, but not sure its healthy to either see these names artificial pinned down in relation to the rest of the market narrative or react to slight incremental news with the some of the biggest runs in each individual companies entire trading history.....

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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…

GME $13B
The Value Road 9 clicks

A2Gold: Research Note

A2Gold’s first Taylor drill holes returned 20.96 g/t AuEq over 1.5m and 209.4 g/t silver over 10.7m, alongside 141.10 g/t gold at…

KGC $28B
Atrium Research - Equity Research 4 clicks
INVH · long

Invitation Homes INC

Invitation Homes owns more than 85,000 homes valued at $43 to $48 per share, versus a roughly $30 share price, with occupancy above 96%.

INVH $16B
Value Investors Club 6 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 $12B
TSOH Investment Research 2 clicks

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

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