Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Thursday, September 24, 2026

Back to today

From X

@BrokenMoats 2 clicks

Broken Moats on X

$DVA not sure exactly whats behind the over 100% gain in shares this year, But at current levels near $230 a share the stock is almost 27x next years numbers (including net debt/per share basis). CMS initial rate for next year came in well below expectations at 1.1% (and while it can be moved higher that I still a considerable headwind). DVA still sits as one of the most negatively exposed to GLP1s and that should be a structural headwind that eats at volumes incrementally each year into the future Valuation and performance spread against their other public peer $FMS opened up significantly again (diverged at key points in recent years) -- FMS traded off 6% (after being weak for months) on the CMS announcement last week. DVA maybe because of the Buffett influence on float (high 40s% ownership) has traded very odd in recent years, but tends to ignore all news then violently reprice on earnings.
@ActAccordingly

PAA Research on X

How strong is the momentum factor? Maybe more than you think. This post was prompted by a data point referenced by Sebastian Page at @TRowePrice this AM on @BloombergTV. Sebastian pointed out that if you simply bought the TEN best performing stocks from the previous 12-months at the start of each month and repeated that process every month, you would have outperformed the market by 40% ANNUALLY for the past 3-years. That's stunning. Here's a visual that underscores the point. Since September 2023, the @InvescoUS S&P 500 momentum ETF ($SPMO) has outperformed the S&P 500 by 100%! That has NEVER happened before. The $SPMO is only recalibrated TWICE a year and has 100 positions, but it still has captured the momentum factor driving price action in this market. Today the $SPMO is up 3%+ in large part because of its 11% weighting in $MU. One thing is clear: these "alligator jaws" in the chart below WILL close. For now as @todd_harrison says, you don't get to trade the market you want, just the one you have....

Investor Letters

All letters

Research Roundup Vol. LIII

Micron’s customer agreements, Analog Devices’ acquisitions, Ondas’ GATE deal and Baker Hughes’ power systems position them for AI…

MU $1.2TADI $203B
Monte Independent Investment Research 5 clicks

CoreWeave, Inc (CRWV)

CoreWeave funds GPU data-center expansion with debt backed by $104 billion in contracted revenue, while GPU cloud rentals generate roughly…

CRWV $49B
SixSigmaCapital: Navigating the Financial Markets 10 clicks
MA · long

Mastercard

Mastercard trades near $495, about 18% below its $602 52-week high, framing a favorable long risk-reward case.

MA $495B
Value Investors Club 2 clicks

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

[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 $11B
scuttleblurb 5 clicks

Publications we follow

Every publication on this site, hand-picked.

109 publications

Newsletters 92

YouTube 4

Blogs 12

Seeking Alpha 43 of 212

Nominate a publication

X accounts we follow

Every account on this site, hand-picked.

73 accounts
Nominate an account

Investor letters we follow

189 firms

Sectors

Ordered by how often our editor reaches for them.