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🦔McDonald's is using AI to set menu prices at individual restaurants based on "customer willingness to pay" in each area, per Reuters. A Big Mac costs $5.69 at one Fresno store and $6.89 two miles down the road. Franchisees say corporate pressures them to follow the AI's recommendations. CEO Kempczinski told investors that "pricing non-compliance" affects contract renewals. The tool once recommended an $18 Big Mac in Connecticut. My Take McDonald's stock is down 30% since February. Low-income traffic declined nearly double digits over two years. And their big idea is an algorithm that calculates exactly how much more the people who still show up will tolerate. I don't know who approved this but I'd love to see that meeting. McDonald's makes money from rent and a cut of store revenue. Higher menu prices flow directly to corporate. But the franchisee is the one who has to look a customer in the eye and explain why a Big Mac costs $6.89 here and $5.69 down the street. McDonald's builds the tool, pressures owners to use it, and then its own pricing portal warns franchisees to get independent legal counsel because they "may be competitors of each other." Wendy's and Instacart both tried dynamic pricing and both backed down. McDonald's is pushing ahead because it doesn't absorb the risk here, the store owner does. Hedgie🤗

BTW. If you're in Chicago, right now is a great time to buy tickets to our LIVE show on October 15 events.bloombergevents.com/e…

Graham and Buffett made value investing sound noble. Nobody told you it means holding a stock at 4x earnings for three years while it does absolutely nothing. Nobody told you the 'catalyst' might never come. Nobody told you that cheap stocks can get cheaper, that management can burn the cash, that the market can ignore fundamentals longer than you can stay sane. You're not early. You're not a contrarian genius. You're just a guy holding a bag of 'undervalued' while index funds and meme stocks lap you. And the worst part? You'll buy more tomorrow.

"One bad agent hook and this entire Muse-Backed Security goes to zero"

hello scott "i am the house" bessent the roof is caving in and we're getting evicted man

“The 10Y rising is extremely bearish for crypto.” “No it’s not, do you even know what the 10Y is?” “No, do you?” “No.”

GameStop $GME is one of the most misunderstood companies in the entire market. Wall Street has left the company for dead. Every sell side firm has dropped coverage and zero hedge funds will own this because of the former meme stock hair. Now the stock trades dirt cheap with $5 billion of cash, $5 billion of ebay stock (10% of the entire company), $300 million of bitcoin and $2.8 billion of zero percent convertible debt. You are buying the core business for $4.1 billion. The core business that has completely transformed itself into a highly cash generative card store. Management has turned around the entire company and it is not a dying retailer anymore. It is a cash generative cash machine flipping Pokemon, Magic The Gathering and One Piece cards. Cards are one of the hottest markets in the entire world right now and Wall Street is asleep at the wheel. Unit economics are stunning. There are 1,600 stores in the U.S. $1.9 million sales per store. 45% gross margins at the store level. Four wall EBITDA per store of $580k. This is a four wall margin of 30.6%. There is very little capex and inventory is mostly financed by vendors and there is a float business with the trade-ins with in-store credit zero percent debt. Management is guiding to $650 million of EBITDA for the full year. They are sandbagging the number HARD. I am pulling data from ebay and GemRate and total Pokemon sales in August were up 30% m/m. The highest monthly sales ever recorded. In addition, the 30th anniversary for Pokemon occurred on September 16th. It was the biggest coordinated Pokemon event in history. I went to a dozen of GameStop's and local card shops and they were all sold out. Lines out the door. The phone ringing off the hook. Wall Street is completely unaware that GameStop is flipping cards in size and has transformed their business model. Finally, Q4 is the company's biggest quarter and there are more events for the 30th anniversary landing in the quarter. For the full year, I am modeling in excess of $850 million of EBITDA, $200 million ahead of management's sandbagged guide. Management likely knows this. Ryan Cohen bought $20 million in the open market, and other C-Suite executives followed along with numerous buys, just days ago. And then the company announced they will be reopening stores, for the first time in many years. The payback on reopens should be less than a year. I see the company trading at 4.7x EV/EBITDA, and over 90% of that EBITDA should convert into free cash flow, or a 20% free cash flow yield on the enterprise value. Wall Street is completely missing the story and asleep at the wheel with drool running down their big fat bellies. There will likely be push back on the ebay acquisition, but I encourage everyone to actually dig into the deal. It could be transformative and there are many synergies that Wall Street idiots are missing. Wall Street suits have no idea how the card market has been gamified and turned into a lottery ticket system that has become extremely addicting on apps like Whatnot. In addition, Ryan Cohen is an All Star capital allocator and operator, an extremely rare combination, and a platform like eBay is right up his wheel house. I built a website below that has a 34-deck slide, highlighting the thesis. Have fun and check out my analysis and website. I am long $GME and find the thesis asymmetric. deepfuckingvalue.com

Buying the exchanges every time they dump on some perp headline has been a free money hack and apparently they're gonna let me do it again

A good article on returning to roots and capturing the combat sports market. @Nike at one point in time had the "Pro Combat" line which was rebranded to simply "Pro" to make the language more soft.

*Rate Hike, priced in* *Additional hike, also, priced in* The Market:

me thinking i missed the crypto pump

The NFL, MLB, MLS, NBA and NHL joined with their respective players’ unions today to crack down on betting-related harassment of athletes, coaches and families.   “Threatening the safety of an athlete or their family members over a sports bet crosses a bright ethical and criminal line, and it is entirely unacceptable,” the group wrote to gaming regulators in 35 states and the District of Columbia.

never ask: * a man his salary * a woman her age * kalshi why they're doing $536M volume on $3M in OI

Warren Buffett is considered the ultimate fundamental investor, but people misunderstand what made him successful. Early in his career, Buffett had a genuine information edge. Financial data was difficult to obtain, few investors carefully studied balance sheets, and cheap companies could remain undiscovered for years. Simply reading every annual report and calculating the real value of a business gave him an enormous advantage. Today, everyone has the same numbers. Every financial statement is instantly available. Thousands of analysts, algorithms, and artificial intelligence systems can compare valuations within seconds. Knowing that a company trades at eight times earnings or below book value is no longer an edge. It is merely information. This may explain why many investors influenced by Buffett, including Bill Ackman, David Einhorn, and other traditional value investors, have struggled to consistently outperform in recent years. They learned the visible part of Buffett’s process: study the accounts, calculate intrinsic value, and buy when the price appears cheap. But once everybody learned the method, much of its advantage disappeared. Buffett himself understood this transition. With Charlie Munger’s influence, he moved away from buying statistically cheap but mediocre businesses and toward buying exceptional companies whose future value could not be fully captured by a spreadsheet. The edge moved from quantity to quality. The most important questions today are often the ones that cannot be answered precisely with numbers. Is the chief executive changing? Is the culture improving? Do customers genuinely love the product? Is public perception completely disconnected from reality? Is management about to become more disciplined? Has the market misunderstood how people will behave? These things cannot always be placed neatly into a model, but they matter no less than revenue, margins, and cash flow. In many cases, they matter more because the numbers only describe what has already happened, while qualitative changes determine what happens next. This is why most investment posts on X are worthless. They repeat numbers, announce that something is cheap, and present publicly available information as analysis. But everyone can see those numbers. Every analyst knows them. Every algorithm has already processed them. Every artificial intelligence system can explain the same apparent valuation within seconds. Repeating the obvious is not an edge. The modern investor’s advantage is not having more data. It is understanding what the data cannot yet show. The edge is recognizing a change in human behavior, management, psychology, positioning, or perception before that change appears in the financial statements. Numbers tell us where the company has been. Qualitative judgment tells us where it may be going.

Adjusted Earnings Before Interest, Taxes, Depreciation, Amortization, Revenue Share with Distribution Partners, and Model Training Cost EBITDARSWDPMTC

The new iPhone Duo lets you trade and apply for jobs at the same time

I’m building @BullpenDotNews to curate the best stock ideas from across the internet and I need your help finding the best sources. Here are some publications I’m already tracking: Hunterbrook smallvalue. Odds on Open scuttleblurb Steve Eisman Seeking Alpha The Mikro Kap The Oak Bloke Maius Partners MBI Deep Dives The Value Road Speedwell Memos Capital Employed Citrini Research Cluseau Research Treasure Hunting Bearhold Research Clark Street Value Undervalued Shares Bristlemoon Capital Multibagger Monitor Sunday's Idea Brunch Value Investors Club First Strike Research 310 Value’s Newsletter Yet Another Value Blog John Hempton's Newsletter Yet Another Value Podcast The Monetary Matters Network Triple S Special Situations Investing Altay Capital - Mostly Value Investing Nat Stewart - Stock Picking Newsletter Who else am I missing? Reply with your favorite newsletters, blogs, podcasts, or other places that surface interesting stock ideas. Self-nominations welcome.

It's now cheaper to buy 1 Share of $LULU than it is to buy a pair of their sweatpants.