Bullpen.News From Edwin Dorsey
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Tuesday, October 20, 2026

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@BrokenMoats 1 click

Broken Moats on X

Fully understand the threat and disruption to OTAs from agents circumventing to direct sources (no reason for Hilton to pay to get eyeballs on their properties if theres new way to discover availability, demand and price (keep the economics) I struggle to understand the risk to $ABNB though, assuming its from price competition to list (more discoverable so go with platform that charges the least in take rates??). No real ad revenue so even if you change how people engage with the network it does not have the same impact as businesses with paid placements/rankings A long way off from people coding or buying their own booking nd payment system to let bots discover their basement is available for rent. I would add even if this was readily available its highly unlikely to be the model as both parties want an intermediary to rely on for insurance, communications, arbitration, working capital (book, pay later). Interesting to see this one caught up to the same degree think a lot of the e-commerce players with ad revenue and ranking/paid promotional revenue have a lot more at stake
@AltayCapital 1 click

AltayCap on X

$BKNG discourse regarding agents: If the interface to book changes, OTAs lose. Boutique hotels don't need to be tech savvy. They will run some white label SaaS product that interfaces with agents and handles booking. OTAs are bad for society. Huge take rates (20%+) due to rent seeking. No real innovation / value add to society. Disruption here is good. Disruption will be slow because I imagine bkng contracts will stifle adoption and agent usage is still nothing and won't be anything material for at least a decade. If bkng trades at 30 p/e, it would be an easy short. But today's valuation isn't too demanding. But still tempting to short.

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Heico Corporation

HEICO sells FAA-approved aircraft replacement parts at 30% to 50% discounts to OEMs, gaining customers as restrictive aftermarket contracts…

HEI $42B
D Invests 13 clicks

Copper Fox Metals: Research Flash

Copper Fox’s C$9.1 million Schaft Creek program advances metallurgical, tailings, water and road studies toward a pre-feasibility study,…

TECK $31B
Atrium Research - Equity Research 6 clicks

AppLovin Deep Dive

AppLovin rebuilt its ad model with AXON 2.0, lifting LTM revenue to about $7 billion and margins to 77% as Unity competition threatens ad…

APP $92BU $18B
Speedwell Memos 66 clicks

Do You Trust Apple?

Apple’s HomeView strategy ties Siri, privacy and smart-home control to consumer trust in its vision for the home.

AAPL $5T
Stratechery by Ben Thompson – On the business, strategy, and impact of technology. 3 clicks

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