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Tuesday, September 22, 2026

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@BrokenMoats 1 click

Broken Moats on X

Could see $JACK, $WEN, $PZZA all go bankrupt. Probably others across the QSR space (subway, Pizza Hut some of the more challenged private operators) -- to be fair some of these could get acquired too but interesting how that would play through commercial real estate and impact the non distressed survivors -- very challenging space with prices having soared (affordability) and consumers pushing back or finding better/comparable value at a Chili's etc. Freight costs (diesel and trucker shortage from policy moves) and food costs that are/will escalate (freight and commodities) is going to bring new challenges to margins. Menu prices likely need to reset lower across many of these chains but that is a very difficult process for owners and franchises to accomplish especially while input costs continue to rise. GLP1s hurt overall volume trends as well but......look out to automation/robotics in store and how trends tend to switch back to QSR/fast food in a more stressed economic condition there might be select opportunities in the coming months for a few players as prices have/are resetting fast across tis space
@KEDM_COM 2 clicks

KEDM.com on X

Right Tail @JeremyKokemor bought $HCA at about 12x earnings on a local-density argument: hospitals compete neighborhood by neighborhood, and HCA holds #1 or #2 share — averaging 25-30% of each market in about 80% of its markets, primarily in Sunbelt states. Outpatient access points — 14 per hospital, heading toward 20 — feed the hospitals, and about 75% of admissions arrive through the ER. Margins held in the high teens through 2009, and half the shares have been retired since the 2011 re-IPO. Historically, HCA has compounded revenue at roughly 7% annually and EPS closer to 17%; Right Tail models mid-single-digit revenue growth and 10-15% EPS growth.

Investor Letters

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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 $12B
The Value Road 8 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 $29B
Atrium Research - Equity Research 3 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 5 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 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

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