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Bullpen.News From Edwin Dorsey

Monday, August 24, 2026

Stripe’s “Singularity” and the Divergence from Adyen

Stripe’s net revenue rose 41% in 1H 2026 versus Adyen’s 21% FX-adjusted growth, fueled by AI-native startups and acquisitions including OpenRouter and Metronome.

MBI Deep Dives 26h ago

30h ago HMY $13B

Harmony Gold Mining: A Copper Pioneer By Capitalizing On The Gold Tailwind (Reaffirming Buy)

Prakhar Agarwal, CFA

35h ago CVS $120B

CVS Health: Discounted, Vertically Integrated Healthcare Winner - Richer Returns Ahead

Juxtaposed Ideas

From X

@BlueDuckCap Jul 22

BDC on X

Ok so $GOOGL says: -capex materially higher -Q3 cloud margins lower due to 3P capacity used at higher cost -search revs to slow on tougher comp -ambiguous word salad wrt to capex ROIC -ATM not used yet (maybe that's a mistake?) -No buyback in the Q

@psyopcapital Aug 4

Psyop Capital on X

Good numbers from Broadridge $BR. Stock was stupid cheap a few weeks ago, hit 14x trailing eps for a capital light monopoly

@Mike10947310 Jul 30

Mike on X

$LRCX is $RELL biggest customer and has a record up day today, on the back of strong earnings from Richardson. https://t.co/Jowt0qmxXX

@BlueDuckCap Jul 22

BDC on X

Sundar on ROIC: "It's very early" "still supply constrained" "multi year view" That should help everyone understand $googl

@BlueDuckCap Jul 18

BDC on X

Bullish $amzn Former BAM teammates ftw ! https://t.co/MEg0CbeWq8

@BlueDuckCap Jul 17

BDC on X

SanDisk’s forward EPS estimates have diverged sharply from its share price as the investor remains short the semiconductor ETF SOXX.

@BlueDuckCap Jul 16

BDC on X

Netflix’s incremental margin fell to 28% from 36% as technology spending rose 22%. Sports rights and short-form investment could slow operating leverage beyond the second half.

@BlueDuckCap Jul 15

BDC on X

I remember the days when these 4 stocks going up by this much meant the $SPY was +2% on the day (at least). Says a lot. https://t.co/aLdbQlfL7W

Investor Letters

Core Memory

Airbnb Experiences faces a supply bottleneck from manual approvals, while a farm host raised her price from $15 to $25 after stronger…

MBI Deep Dives Aug 23

FUTU 2026-08-23

Futu Holdings: The China Discount Is Obsolete After Q2 Earnings Report

Emanuel Nemec Aug 23

The Non-linear Economics of Grocery Delivery Basket

Instacart’s larger grocery baskets create disproportionately better delivery economics than DoorDash’s, making half the basket size worth…

INST delisted

MBI Deep Dives Aug 22

Shitcos, Griftcos, and alignment versus enrichment at $IREN

IREN awarded each co-CEO roughly 9 million RSUs, about 2.5% of shares and $400 million, in exchange for no further equity grants until…

Yet Another Value Blog Aug 18

$NU: is Nubank Capital One in 1994 or Capital One in 2006? | Vanshap Capital

Nubank's 140 million customers, 20% efficiency ratio and 30% ROE frame whether its high-teens P/E reflects a scalable fintech or a maturing…

Yet Another Value Podcast Aug 17

The $1.5 Trillion of Hidden Debt Fueling the AI Boom | Robin Wigglesworth of FT Alphaville

Hyperscalers’ off-balance-sheet lease and purchase obligations rose from roughly $1 trillion to $1.5 trillion, turning the AI buildout into…

The Monetary Matters Network Aug 16

Will Hubspot go the way of the Dodo?

HubSpot trades near its 2020 share price despite quadrupled revenue and $750 million in free cash flow, with Breeze AI upside weighed…

The Oak Bloke Aug 16

AI’s Achilles’ Heel: Why Everything Hinges on Anthropic & OpenAI | The Weekly Wrap

Steve Eisman argues the AI boom hinges on Anthropic and OpenAI’s importance to hyperscalers, while weighing software, CoreWeave and Cisco…

Steve Eisman Aug 14

ZTS 2026-08-13

[scuttleslops] ZTS, APO, FISV, TTD, RELY

Zoetis’s U.S. companion-animal revenue fell 6% as dermatology competition drove rebates and discounts, pushing full-year net pricing to…

scuttleblurb Aug 13

The Impact of Autonomous Vehicles on Copart, A Timeline-Based Assessment - ($CPRT)

Copart faces a near-term lift from pricier AV repairs and total losses, but shrinking accident volumes could eventually force its…

Bearhold Research Aug 13

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Permian Basin Q2 Update – Power, Water, Solid Waste, and Data Centers

310 Value’s Newsletter Aug 12

Private Credit's Clock is Ticking w/ Glenn Schorr & Ken Worthington | The Real Eisman Playbook Ep 72

Steve Eisman Aug 10

Alphabet Inc. ($GOOGL) - Deep Dive

Bearhold Research Aug 10

[V, MA] The more things change, the more they stay the same

scuttleblurb Aug 10

SpaceX Disappoints, AI's Free Cash Flow Shrinks, Meta Struggles | The Weekly Wrap

Steve Eisman Aug 7

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