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Stock Analysis Compilation
Artisan Partners on MarketAxess $MKTX US
Thesis: MarketAxess’ leadership in electronic credit trading networks positions it to benefit from the global shift to electronic bond markets
(Extract from their Q3 letter) https://t.co/j0PWEJeDR0
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Artisan Partners on MarketAxess $MKTX US
Thesis: MarketAxess’ leadership in electronic credit trading networks positions it to benefit from the global shift to electronic bond markets
(Extract from their Q3 letter) https://t.co/j0PWEJeDR0
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Startup Archive
Brian Armstrong's best advice for a pre-product/market fit startup
“If you’re pre-product/market fit, the best advice that I have from that period is: action produces information. Just keep doing stuff.”
He borrows this from Paul Graham who said: “Startups are like sharks. If they stop swimming they die.’”
“Even if you’re not sure what to do, just do anything. Because when you do it, it’ll produce some information—people liked it, they didn’t, etc.”
Brian shares that there were many times in the early days of Coinbase when he just shipped something rather than debate it endlessly:
“There were a couple of times where the minute I shipped it, I knew we built it wrong. But I now had an idea of what to do next. And I only would’ve had that idea by actually going through the exercise of building it.”
He concludes:
“My other favorite analogy for this is that it’s like you’re at the base of a mountain that’s shrouded in fog. You’re looking up at the mountain and trying to figure out how to get up there, but you can only see three or four steps ahead because the fog is so thick. So you have to just take steps into the unknown. And when you take three steps, another three steps will be revealed ahead of you. And sometimes you’ll end up on some local maxima and have to retrace your steps… But most people in life don’t take the steps into the unknown because it’s scary.”
Video source: @lexfridman (2022)
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Brian Armstrong's best advice for a pre-product/market fit startup
“If you’re pre-product/market fit, the best advice that I have from that period is: action produces information. Just keep doing stuff.”
He borrows this from Paul Graham who said: “Startups are like sharks. If they stop swimming they die.’”
“Even if you’re not sure what to do, just do anything. Because when you do it, it’ll produce some information—people liked it, they didn’t, etc.”
Brian shares that there were many times in the early days of Coinbase when he just shipped something rather than debate it endlessly:
“There were a couple of times where the minute I shipped it, I knew we built it wrong. But I now had an idea of what to do next. And I only would’ve had that idea by actually going through the exercise of building it.”
He concludes:
“My other favorite analogy for this is that it’s like you’re at the base of a mountain that’s shrouded in fog. You’re looking up at the mountain and trying to figure out how to get up there, but you can only see three or four steps ahead because the fog is so thick. So you have to just take steps into the unknown. And when you take three steps, another three steps will be revealed ahead of you. And sometimes you’ll end up on some local maxima and have to retrace your steps… But most people in life don’t take the steps into the unknown because it’s scary.”
Video source: @lexfridman (2022)
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Dimitry Nakhla | Babylon Capital®
$AMAT is down -36% from its highs 📉
10-Year Rev CAGR: 11.60%
10-Year FCF CAGR: 16.98%
10-Year EPS CAGR: 23.24%
10-Year Stock Price CAGR: 23.20%
5-Year Rev CAGR: 13.21%
5-Year FCF CAGR: 21.74%
5-Year EPS CAGR: 15.71%
5-Year Stock Price CAGR: 23.20%
NTM FCF Yield: 4.77% 💵 https://t.co/yYlEb1Vo8s
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$AMAT is down -36% from its highs 📉
10-Year Rev CAGR: 11.60%
10-Year FCF CAGR: 16.98%
10-Year EPS CAGR: 23.24%
10-Year Stock Price CAGR: 23.20%
5-Year Rev CAGR: 13.21%
5-Year FCF CAGR: 21.74%
5-Year EPS CAGR: 15.71%
5-Year Stock Price CAGR: 23.20%
NTM FCF Yield: 4.77% 💵 https://t.co/yYlEb1Vo8s
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Offshore
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Stock Analysis Compilation
Riverwater Partners on Merit Medical Systems $MMSI US
Thesis: Merit Medical’s new-product pipeline and margin expansion strategy drive steady revenue and shareholder value growth.
(Extract from their Q3 letter) https://t.co/Dw9n14UwAZ
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Riverwater Partners on Merit Medical Systems $MMSI US
Thesis: Merit Medical’s new-product pipeline and margin expansion strategy drive steady revenue and shareholder value growth.
(Extract from their Q3 letter) https://t.co/Dw9n14UwAZ
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Investing visuals
Palantir $PLTR: overview of their key metrics over the past 5 years. https://t.co/LoWboIVN6n
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Palantir $PLTR: overview of their key metrics over the past 5 years. https://t.co/LoWboIVN6n
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Stock Analysis Compilation
RS Investments on Northern Oil and Gas $NOG US
Thesis: Northern Oil and Gas’ capital-efficient model and superior returns position it to thrive across diverse commodity price environments
(Extract from their Q3 letter) https://t.co/gph1KIhsuB
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RS Investments on Northern Oil and Gas $NOG US
Thesis: Northern Oil and Gas’ capital-efficient model and superior returns position it to thrive across diverse commodity price environments
(Extract from their Q3 letter) https://t.co/gph1KIhsuB
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Hidden Value Gems
In my latest Investment Notes I highlight Stella Jones (TSX:SJ) - a leading producer of wooden electricity poles, growing at a double-digit rate with 17-18% EBITDA margin. Trades at 12.6x PE.
Stock is down 5.5% YTD on softer demand this year, likely temporary given huge infrastructure spending ahead.
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In my latest Investment Notes I highlight Stella Jones (TSX:SJ) - a leading producer of wooden electricity poles, growing at a double-digit rate with 17-18% EBITDA margin. Trades at 12.6x PE.
Stock is down 5.5% YTD on softer demand this year, likely temporary given huge infrastructure spending ahead.
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InsideArbitrage
Nissan and Honda $HMC sign memorandum of understanding to consider business integration -
🚗The MOU is to start discussions and considerations toward a business integration between the two companies through the establishment of a joint holding company.
🚗Smaller Mitsubishi Motors, in which Nissan is a top shareholder, was also considering joining the MOU.
🚗Nissan and Honda aim to become a world-class mobility company with sales revenue exceeding 30 trillion yen and operating profit of more than 3 trillion yen.
🚗The companies aim to wrap up talks around June 2025 and then set up a holding company by August 2026.
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Nissan and Honda $HMC sign memorandum of understanding to consider business integration -
🚗The MOU is to start discussions and considerations toward a business integration between the two companies through the establishment of a joint holding company.
🚗Smaller Mitsubishi Motors, in which Nissan is a top shareholder, was also considering joining the MOU.
🚗Nissan and Honda aim to become a world-class mobility company with sales revenue exceeding 30 trillion yen and operating profit of more than 3 trillion yen.
🚗The companies aim to wrap up talks around June 2025 and then set up a holding company by August 2026.
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