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Hidden Value Gems
Too early to go for a victory lap on $ABNB but the progress is encouraging and is in line with what I have outlined earlier.
In the near term, going beyond the Top5 countries (70% of GBV) and benefiting from economy of scale, AI in customer service + concierge.
Longer term, adding new services around and beyond travel. 6bn annual web visits, 1.6bn users - this is a huge and fully monetised platform.
See my earlier reports👇
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Too early to go for a victory lap on $ABNB but the progress is encouraging and is in line with what I have outlined earlier.
In the near term, going beyond the Top5 countries (70% of GBV) and benefiting from economy of scale, AI in customer service + concierge.
Longer term, adding new services around and beyond travel. 6bn annual web visits, 1.6bn users - this is a huge and fully monetised platform.
See my earlier reports👇
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Offshore
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Stock Analysis Compilation
Artisan Sustainable Emerging Markets Strategy on HD Hyundai Electric 267260 KS
Thesis: HD Hyundai Electric is a leading global player in the energy sector, excelling in power transformer manufacturing and poised to benefit from increasing demand in the US as the country transitions to a sustainable energy infrastructure.
(Extract from their Q4 letter)
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Artisan Sustainable Emerging Markets Strategy on HD Hyundai Electric 267260 KS
Thesis: HD Hyundai Electric is a leading global player in the energy sector, excelling in power transformer manufacturing and poised to benefit from increasing demand in the US as the country transitions to a sustainable energy infrastructure.
(Extract from their Q4 letter)
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Startup Archive
Ben Horowitz explains the biggest mistake founders make pitching VCs
“The big mistake people make is they try to appeal too much to the venture capitalists. That’ll drive us crazy because it’s a little bit of a sign of anti-courage.”
Ben shares an example of being pitched by founders who are conservative in their estimates because they know ‘VCs like conservatism.’ However, what VCs want to hear is what you actually believe — not what you think they want to hear.
“Anything that shows a lack of conviction or courage or belief in what you’re doing is what always ends up worrying me. Either you believe it or you don’t. Either you’re committed or you’re not. Either you have the courage to build the company or you don’t.”
Importantly though, as Ben points out, courage doesn’t mean that you don’t feel fear. He recalls the quote from boxing coach Cus D’Amato:
“The hero and the coward both feel the same thing, but the hero uses his fear, projects it onto his opponent, while the coward runs. It’s the same thing, fear, but it’s what you do with it that matters.”
Video source: @kevinrose (2012)
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Ben Horowitz explains the biggest mistake founders make pitching VCs
“The big mistake people make is they try to appeal too much to the venture capitalists. That’ll drive us crazy because it’s a little bit of a sign of anti-courage.”
Ben shares an example of being pitched by founders who are conservative in their estimates because they know ‘VCs like conservatism.’ However, what VCs want to hear is what you actually believe — not what you think they want to hear.
“Anything that shows a lack of conviction or courage or belief in what you’re doing is what always ends up worrying me. Either you believe it or you don’t. Either you’re committed or you’re not. Either you have the courage to build the company or you don’t.”
Importantly though, as Ben points out, courage doesn’t mean that you don’t feel fear. He recalls the quote from boxing coach Cus D’Amato:
“The hero and the coward both feel the same thing, but the hero uses his fear, projects it onto his opponent, while the coward runs. It’s the same thing, fear, but it’s what you do with it that matters.”
Video source: @kevinrose (2012)
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Stock Analysis Compilation
Artisan International Explorer Strategy on Sabre $SBRE LN
Thesis: Sabre is a UK auto insurance company with a 1%–2% market share, boasting the industry's most profitable business due to conservative pricing and a new growth strategy aimed at achieving a 10% profit CAGR without sacrificing underwriting discipline, while currently offering a nearly 10% total yield in dividends.
(Extract from their Q4 letter)
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Artisan International Explorer Strategy on Sabre $SBRE LN
Thesis: Sabre is a UK auto insurance company with a 1%–2% market share, boasting the industry's most profitable business due to conservative pricing and a new growth strategy aimed at achieving a 10% profit CAGR without sacrificing underwriting discipline, while currently offering a nearly 10% total yield in dividends.
(Extract from their Q4 letter)
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Read
RT @TihoBrkan: Alibaba’s $BABA new CEO disagrees with US large tech’s insane R&D and CapEx spend.
If you’re read between the words, he is suggesting that much of those billions is wasted in an arms race which will most likely not deliver ROIs.
Instead of making the best possible model by spending ridiculous amounts of money, the focus should be on real world applications — solving the important issues and problems of humanity.
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RT @TihoBrkan: Alibaba’s $BABA new CEO disagrees with US large tech’s insane R&D and CapEx spend.
If you’re read between the words, he is suggesting that much of those billions is wasted in an arms race which will most likely not deliver ROIs.
Instead of making the best possible model by spending ridiculous amounts of money, the focus should be on real world applications — solving the important issues and problems of humanity.
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