Offshore
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Stock Analysis Compilation
Miller Value on Nabors $NBR US
Thesis: Nabors’ undervaluation, strong growth prospects, and substantial cash flow potential make it a compelling buy despite current market concerns
(Extract from their Q3 letter) https://t.co/hF11R4MEB5
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Miller Value on Nabors $NBR US
Thesis: Nabors’ undervaluation, strong growth prospects, and substantial cash flow potential make it a compelling buy despite current market concerns
(Extract from their Q3 letter) https://t.co/hF11R4MEB5
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Offshore
Video
Startup Archive
Mark Zuckerberg on why the Growth Team was one of the biggest factors in Facebook’s success
“Making it so that we could grow faster was the most important product feature we ended up building for Facebook. The traditional approach to growing and marketing is you have a communications group or marketing team and you buy ads. Sometimes there’s a place for that.. But if you’re actually trying to grow a product, the best levers for doing that are often within the product itself.”
He continues:
“There’s no magic in the group we’ve built here that other people can’t replicate. It’s just being very rigorous with data and investing in data infrastructure so that you can process different experiments and learn from what customer behavior is telling you.”
Mark cites Facebook’s “People You May Know” feature as an example of a critical product growth lever. And his key point is that the best levers for growth are often within your product itself.
Facebook’s growth team had a simple framework for growth focused on acquisition, activation, engagement, and virality. They then used this framework to prioritize design experiments and build products. Quickly iterating through these experiments and rigorously measuring what was working (and trying to understand why it was working), helped put the platform on the path to billions of users.
Video source: @ycombinator (2016)
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Mark Zuckerberg on why the Growth Team was one of the biggest factors in Facebook’s success
“Making it so that we could grow faster was the most important product feature we ended up building for Facebook. The traditional approach to growing and marketing is you have a communications group or marketing team and you buy ads. Sometimes there’s a place for that.. But if you’re actually trying to grow a product, the best levers for doing that are often within the product itself.”
He continues:
“There’s no magic in the group we’ve built here that other people can’t replicate. It’s just being very rigorous with data and investing in data infrastructure so that you can process different experiments and learn from what customer behavior is telling you.”
Mark cites Facebook’s “People You May Know” feature as an example of a critical product growth lever. And his key point is that the best levers for growth are often within your product itself.
Facebook’s growth team had a simple framework for growth focused on acquisition, activation, engagement, and virality. They then used this framework to prioritize design experiments and build products. Quickly iterating through these experiments and rigorously measuring what was working (and trying to understand why it was working), helped put the platform on the path to billions of users.
Video source: @ycombinator (2016)
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Offshore
Video
Startup Archive
RT @mikemcg0: "If you’re actually trying to grow a product, the best levers for doing that are often within the product itself.”
- Mark Zuckerberg
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RT @mikemcg0: "If you’re actually trying to grow a product, the best levers for doing that are often within the product itself.”
- Mark Zuckerberg
Mark Zuckerberg on why the Growth Team was one of the biggest factors in Facebook’s success
“Making it so that we could grow faster was the most important product feature we ended up building for Facebook. The traditional approach to growing and marketing is you have a communications group or marketing team and you buy ads. Sometimes there’s a place for that.. But if you’re actually trying to grow a product, the best levers for doing that are often within the product itself.”
He continues:
“There’s no magic in the group we’ve built here that other people can’t replicate. It’s just being very rigorous with data and investing in data infrastructure so that you can process different experiments and learn from what customer behavior is telling you.”
Mark cites Facebook’s “People You May Know” feature as an example of a critical product growth lever. And his key point is that the best levers for growth are often within your product itself.
Facebook’s growth team had a simple framework for growth focused on acquisition, activation, engagement, and virality. They then used this framework to prioritize design experiments and build products. Quickly iterating through these experiments and rigorously measuring what was working (and trying to understand why it was working), helped put the platform on the path to billions of users.
Video source: @ycombinator (2016) tweet
Offshore
Photo
Stock Analysis Compilation
Clearbridge on Vulcan Materials $VMC US
Thesis: Vulcan Materials’ dominant market position, essential role in infrastructure projects, and strong pricing power offer compelling long-term growth potential despite recent market concerns.
(Extract from their Q3 letter) https://t.co/EI4RZ7CYLC
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Clearbridge on Vulcan Materials $VMC US
Thesis: Vulcan Materials’ dominant market position, essential role in infrastructure projects, and strong pricing power offer compelling long-term growth potential despite recent market concerns.
(Extract from their Q3 letter) https://t.co/EI4RZ7CYLC
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Offshore
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Stock Analysis Compilation
Aristotle on Tokyo Century Corporation $8439 JP
Thesis: Tokyo C’s diversified services, strong global partnerships, and attractive valuation position it well for long-term growth, supported by favorable industry dynamics and strategic investments
(Extract from their Q3 letter) https://t.co/9Bi0ij3Pmm
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Aristotle on Tokyo Century Corporation $8439 JP
Thesis: Tokyo C’s diversified services, strong global partnerships, and attractive valuation position it well for long-term growth, supported by favorable industry dynamics and strategic investments
(Extract from their Q3 letter) https://t.co/9Bi0ij3Pmm
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Offshore
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Hidden Value Gems
I have taken a closer look at $UBI.PA
The two red flags for me are:
1/ High historical share count growth (dilution)
2/ Practically zero cash returns to shareholders. The company has generated €15.9bn of operating cash flow over FY19-FY24. It spent €15.8bn on games development, paid zero dividends and spent a net amount of just €0.2bn on share buybacks.
I have a bit on this in my latest post on the website.
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I have taken a closer look at $UBI.PA
The two red flags for me are:
1/ High historical share count growth (dilution)
2/ Practically zero cash returns to shareholders. The company has generated €15.9bn of operating cash flow over FY19-FY24. It spent €15.8bn on games development, paid zero dividends and spent a net amount of just €0.2bn on share buybacks.
I have a bit on this in my latest post on the website.
Enjoyed Sohn London 2025 conference yesterday, quite a few ideas including @muddywatersre short thesis on $ELF.
The ones I found most exciting are:
1/ $UBI.PA
2/ $YOU.L
3/ $BORR https://t.co/Wd4XGEbYgR tweet
Offshore
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Stock Analysis Compilation
Ganes on Eagers Automotive $APE AU
Thesis: Eagers Automotive offers a compelling mix of strong dividend yield, growth through acquisitions, and valuable real estate assets, making it a resilient choice despite short-term headwinds
(Extract from their Q3 letter) https://t.co/QVCJDSbtYI
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Ganes on Eagers Automotive $APE AU
Thesis: Eagers Automotive offers a compelling mix of strong dividend yield, growth through acquisitions, and valuable real estate assets, making it a resilient choice despite short-term headwinds
(Extract from their Q3 letter) https://t.co/QVCJDSbtYI
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Offshore
Video
Startup Archive
Marc Andreessen on handling a crisis: “There are no silver bullets, only lead bullets”
Marc reflects on his partner Ben Horowitz’s essay “Lead Bullets”:
“There’s this temptation - especially when you get into crisis - to think there must be a magic answer or some stroke of genius [similar to Sherlock Holmes]…. There’s this really strong tendency to think that that’s out there. And we see a lot of entrepreneurs cycle through different silver bullets that don’t work. Ben’s point is the answer is probably in firing a whole bunch of lead bullets.”
Marc explains:
“The answer is probably the engineers working later at night for six months and getting the next version of the product out. And the answer is probably for the sales reps to go call on twice as many customers and try to close more deals… I’ve certainly come around to that point of view a lot.”
In other words, there rarely a silver bullet that solves all your problems. So don’t waste a lot of time looking for one. Instead, identify the few key drivers of success for your business and do them extremely well.
Here’s a brief excerpt from Ben’s essay:
“There may be nothing scarier in business than facing an existential threat. So scary that many in the organization will do anything to avoid it. They will look for any alternative, any way out, any excuse not to live or die in a single battle… There comes a time in every company’s life where it must fight for its life. If you find yourself running when you should be fighting, you need to ask yourself: ‘If our company isn’t good enough to win, then do we need to exist at all?’”
Video source: @StanfordGSB (2014)
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Marc Andreessen on handling a crisis: “There are no silver bullets, only lead bullets”
Marc reflects on his partner Ben Horowitz’s essay “Lead Bullets”:
“There’s this temptation - especially when you get into crisis - to think there must be a magic answer or some stroke of genius [similar to Sherlock Holmes]…. There’s this really strong tendency to think that that’s out there. And we see a lot of entrepreneurs cycle through different silver bullets that don’t work. Ben’s point is the answer is probably in firing a whole bunch of lead bullets.”
Marc explains:
“The answer is probably the engineers working later at night for six months and getting the next version of the product out. And the answer is probably for the sales reps to go call on twice as many customers and try to close more deals… I’ve certainly come around to that point of view a lot.”
In other words, there rarely a silver bullet that solves all your problems. So don’t waste a lot of time looking for one. Instead, identify the few key drivers of success for your business and do them extremely well.
Here’s a brief excerpt from Ben’s essay:
“There may be nothing scarier in business than facing an existential threat. So scary that many in the organization will do anything to avoid it. They will look for any alternative, any way out, any excuse not to live or die in a single battle… There comes a time in every company’s life where it must fight for its life. If you find yourself running when you should be fighting, you need to ask yourself: ‘If our company isn’t good enough to win, then do we need to exist at all?’”
Video source: @StanfordGSB (2014)
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Quiver Quantitative
RT @InsiderRadar: 🚨 JUST IN: 3 New Insider Purchases at $IMNM
- $960K purchase by CEO
- $150K purchase by Chief Medical Officer
- $200K purchase by CTO
All three of these trades were filed this morning, shortly before market open.
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RT @InsiderRadar: 🚨 JUST IN: 3 New Insider Purchases at $IMNM
- $960K purchase by CEO
- $150K purchase by Chief Medical Officer
- $200K purchase by CTO
All three of these trades were filed this morning, shortly before market open.
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