Bullpen.News From Edwin Dorsey
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My investing thesis in a nutshell (w/examples): 1) Buy with a strong margin of safety or stock price near/below cash and/or book value. 2) Buy in industries and/or markets where the money is flowing. Makes it a lot easier. 3) Buy the best early and/or the most overlooked in that particular industry. 4) Pay up for unfair advantages, excellent mgmt teams, and companies with huge latent pricing power. 5) Sell when the thesis breaks. Or a much better risk/reward setup hits your desk. Otherwise continue to add/hold. Don't track stock prices. Track the main business KPIs like any competent mgmt team would. Example #1: Bought $NBIS 4x mid $20's (best overall). Then bought $BRUN common and warrants pre-merger (most overlooked). Example #2: Bought $FTEK $1.39. Cash floor new excellent operator CEO. Strong upside potential w/data centers. Example #3: Bought $BABA $70's. Strong margin of safety, market leader, unfair advantages. Sold $170 for better risk/reward. Example #4: Bought $ELMT @$19 and @$14. Unfair advantage. Strategic. Cheap. Critical in strong growth industries. Example #5: Bought $TOST @$24. Beaten down due to macro headwinds and new/early $DASH competition. But almost everything in business stronger and expanding to new verticals. Lastly, if you're unsure or don't fully understand the business. Just say no. In fact, say no to most stocks. Most probably your best idea is already in your portfolio. Don't lockup your money in a 3/5 setup, you're trying to make outsized returns! And sub to my newsletter (link in bio) if you want my deep dives. 😉

Investor Letters

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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 $29B
Atrium Research - Equity Research 6 clicks
EXPE · long

Expedia Group INC

Expedia Group, one of the largest online travel companies, has roughly 3.6 million lodging properties and is expanding internationally.

EXPE $35B
Value Investors Club

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 69 clicks

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