Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Sunday, September 27, 2026

Back to today

Hindsight Capital

Hindsight Capital tests crisis-era investment decisions using anonymized company financials, including TransDigm, Halma and Texas Pacific Land.

TDG $60BTPL $23B
Rebound Capital 6 clicks

From X

@Fierce__beast

Fierce_beast on X

Another issue with $ROL is that now that it is becoming easier to set up a business and website and market on the web, if i was a pest technician I'd think about how to go solo so that I don't need to give up all my margin to someone else just because they are setting up all the lead gen infrastructure. Not surprised to see pretty bad non-compete terms with $ROL imposes on their technicians. Already seems to be another advantage that is facing pressure.
@Fierce__beast 1 click

Fierce_beast on X

It was not looking good even in 2024 there was a lot of evidence for structural pressure on web traffic viewership and thus the value of led gen website providers, which primarily provided content and information. Never expected $ROL, a provider of pest control to become an AI loser But with Muse being able to negotiate prices and price transparency issues now becoming much more efficient a lot of business models could shrink pretty significantly that relied on lazy consumers. I remember in NYC i was once had to call pest control and negotiated with maybe 5 providers, the prices were absurd and it was such a waste of time. Deploying a muse agent to do this dirty work would have been so helpful
@AltayCapital 2 clicks

AltayCap on X

The only industries where obvious capital allocation lingo is useful is leasing / banking / insurance. It's much more nebulous in operating businesses that do real things. $AER ceo saying the cheapest commercial jets are on the NYSE under the ticker AER is easy to understand. As math is pencilling out cost of new orders vs buying back stock. $FOUR competes in the real world. Leasing/banking products are fungible. Much harder biz to forecast. Cap allocation is still important, but a lot harder.

Investor Letters

All letters

Reddit: DCF Valuation

Reddit’s DCF values shares at $225, driven by international ARPU expansion from $2.2 to $8.3 by 2035 and 38% operating margins.

RDDT $28B
Hated Moats 7 clicks
QXO · long

QXO, Inc.

QXO, led by Brad Jacobs, is consolidating North America’s fragmented building-products distribution industry after rapidly building scale…

QXO $12B
Value Investors Club 4 clicks

[VRSK] Verisk has standards

Verisk’s exit from healthcare, financial-services and energy data restored a pure-play insurance analytics model, but D.E.

VRSK $21B
scuttleblurb 1 click

Brown & Brown

Brown & Brown compounded revenue 14.4% annually since 1998 through more than 650 acquisitions, capped by its nearly $10 billion Accession…

BRO $21B
Eagle Point Capital

Publications we follow

Every publication on this site, hand-picked.

110 publications

Newsletters 93

YouTube 4

Blogs 12

Seeking Alpha 42 of 206

Nominate a publication

X accounts we follow

Every account on this site, hand-picked.

72 accounts
Nominate an account

Investor letters we follow

189 firms

Sectors

Ordered by how often our editor reaches for them.