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Offshore
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Stock Analysis Compilation
Artisan Partners on MGM $MGM US
Thesis: MGM’s strong free cash flow, solid fundamentals, and exposure to growing online gambling position it as a value play despite near-term macro concerns
(Extract from their Q3 letter) https://t.co/h3wdodRrB5
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Artisan Partners on MGM $MGM US
Thesis: MGM’s strong free cash flow, solid fundamentals, and exposure to growing online gambling position it as a value play despite near-term macro concerns
(Extract from their Q3 letter) https://t.co/h3wdodRrB5
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Offshore
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App Economy Insights
What are you watching this week?
• Wednesday: $BIRK, $GIS, $MU.
• Thursday: $ACN, $DRI, $FDX, $NKE.
• Friday: $CCL.
All visualized in our PRO coverage next Saturday! https://t.co/604t78awCt
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What are you watching this week?
• Wednesday: $BIRK, $GIS, $MU.
• Thursday: $ACN, $DRI, $FDX, $NKE.
• Friday: $CCL.
All visualized in our PRO coverage next Saturday! https://t.co/604t78awCt
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Offshore
Video
Startup Archive
Keith Rabois explains his viral "formula for startup success" tweet
In 2017, Rabois had a tweet that went viral. It read:
“Formula for startup success: Find large highly fragmented industry w low NPS; vertically integrate a solution to simplify value product.”
In this interview, he argues that fragmented and low-NPS industries have created massive opportunities for many of the world’s most successful companies:
“If you have a fragmented industry there’s usually structural reasons why, and a bad NPS means customers are not delighted.”
He uses ride sharing companies, such as Uber and Lyft, as an example. The taxi industry was both highly fragmented and had a low NPS, which created an opportunity for Uber and Lyft to simplify the value proposition and stitch together a smooth experience in a vertically integrated way. Square is another example he cites.
He continues:
“I love vertically integrated businesses. They are difficult to build but they’re more successful if they work. Think Apple… What I learned growing up was that in any industry if you want to be successful, you emulate people who are successful. To me, it’s always been shocking that most founders are not emulating Apple… Nobody can compete with Apple because they're vertically integrated.”
Video source: @APompliano (2023)
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Keith Rabois explains his viral "formula for startup success" tweet
In 2017, Rabois had a tweet that went viral. It read:
“Formula for startup success: Find large highly fragmented industry w low NPS; vertically integrate a solution to simplify value product.”
In this interview, he argues that fragmented and low-NPS industries have created massive opportunities for many of the world’s most successful companies:
“If you have a fragmented industry there’s usually structural reasons why, and a bad NPS means customers are not delighted.”
He uses ride sharing companies, such as Uber and Lyft, as an example. The taxi industry was both highly fragmented and had a low NPS, which created an opportunity for Uber and Lyft to simplify the value proposition and stitch together a smooth experience in a vertically integrated way. Square is another example he cites.
He continues:
“I love vertically integrated businesses. They are difficult to build but they’re more successful if they work. Think Apple… What I learned growing up was that in any industry if you want to be successful, you emulate people who are successful. To me, it’s always been shocking that most founders are not emulating Apple… Nobody can compete with Apple because they're vertically integrated.”
Video source: @APompliano (2023)
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Offshore
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Stock Analysis Compilation
Hotchkis & Wiley on Ovintiv $OVV US
Thesis: Ovintiv’s strong free cash flow generation and leading position in key energy resource plays offer significant upside in an undersupplied energy market
(Extract from their Q3 letter) https://t.co/YAFi3D9DDJ
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Hotchkis & Wiley on Ovintiv $OVV US
Thesis: Ovintiv’s strong free cash flow generation and leading position in key energy resource plays offer significant upside in an undersupplied energy market
(Extract from their Q3 letter) https://t.co/YAFi3D9DDJ
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Offshore
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Stock Analysis Compilation
Liontrust on Sweetgreen $SG US
Thesis: Sweetgreen’s tech-driven approach and focus on healthy, customizable food position it as a leading innovator in the fast-casual dining market
(Extract from their Q3 letter) https://t.co/yALkDX3w1q
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Liontrust on Sweetgreen $SG US
Thesis: Sweetgreen’s tech-driven approach and focus on healthy, customizable food position it as a leading innovator in the fast-casual dining market
(Extract from their Q3 letter) https://t.co/yALkDX3w1q
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AkhenOsiris
We're officially back! 🎉
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We're officially back! 🎉
GS: Share of stocks with EV/sales ratios >10x has risen to 13%, near 2021 and Tech Bubble levels. - Mike Zaccardi, CFA, CMT 🍖tweet
Offshore
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Stock Analysis Compilation
Mar Vista on Unilever $ULVR LN
Thesis: Unilever’s improved capital allocation strategy, emerging market scale, and attractive valuation position it for a successful turnaround under new leadership
(Extract from their Q3 letter) https://t.co/8rbpzOF4mT
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Mar Vista on Unilever $ULVR LN
Thesis: Unilever’s improved capital allocation strategy, emerging market scale, and attractive valuation position it for a successful turnaround under new leadership
(Extract from their Q3 letter) https://t.co/8rbpzOF4mT
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Offshore
Video
Startup Archive
Steve Jobs explains the importance of both thinking and doing
“The doers are the major thinkers. The people that really create the things that change this industry are both the thinker-doer in one person.”
This is applicable outside of tech too, and he uses Leonardo DaVinci as an example:
“Did Leonardo have a guy off to the side that was thinking five years into the future about what he would paint or the technology he would use to paint it? Of course not. Leonardo was the artist, but he also mixed his own paints. He also was a fairly good chemist. Knew about pigments. Knew about human anatomy. And combining all of those skills together—the art and the science, the thinking and the doing—is what resulted in the exceptional result… There is no difference in our industry. The people that have really made the contributions have been the thinkers and the doers.”
Jobs speculates that one of the reasons people might mix this up is because it’s easy to take credit for the thinking:
“It’s very easy for someone to say ‘I thought of this three years ago.’ But usually when you dig a little deeper you find that the people who really did it were also the people who worked through the hard intellectual problems.”
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Steve Jobs explains the importance of both thinking and doing
“The doers are the major thinkers. The people that really create the things that change this industry are both the thinker-doer in one person.”
This is applicable outside of tech too, and he uses Leonardo DaVinci as an example:
“Did Leonardo have a guy off to the side that was thinking five years into the future about what he would paint or the technology he would use to paint it? Of course not. Leonardo was the artist, but he also mixed his own paints. He also was a fairly good chemist. Knew about pigments. Knew about human anatomy. And combining all of those skills together—the art and the science, the thinking and the doing—is what resulted in the exceptional result… There is no difference in our industry. The people that have really made the contributions have been the thinkers and the doers.”
Jobs speculates that one of the reasons people might mix this up is because it’s easy to take credit for the thinking:
“It’s very easy for someone to say ‘I thought of this three years ago.’ But usually when you dig a little deeper you find that the people who really did it were also the people who worked through the hard intellectual problems.”
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Startup Archive
RT @foundertribune: "Work Hard, Have Fun, Make History" by @JeffBezos https://t.co/Iq42ul2Z3o
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RT @foundertribune: "Work Hard, Have Fun, Make History" by @JeffBezos https://t.co/Iq42ul2Z3o
https://t.co/Pjbpoy4yYM tweet