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2025 Annual Letter
Broadly speaking, I tend to reflect on my year in three buckets: a) operating performance of MBI Deep Dives, b) performance of my personal portfolio, and c) my personal health as well as relationships with my friends and family.
For the second consecutive year, MBI Deep Dives has been in
One Year of Parenting!
When the world was celebrating Christmas last year, we welcomed our son Nile to the world! “Oh, a Christmas baby!!”— we kept hearing from the doctors and nurses in the hospital. I didn’t grow up celebrating Christmas, but who knew my greatest cause for celebration would arrive on the
The Ecosystem Advantage
Like “Spotify Wrapped”, ChatGPT yesterday let its users see their 2025 stats which was fun to go through. I almost exclusively use ChatGPT Pro model (with extended thinking) which makes it hard for me to casually chat with ChatGPT as it typically takes 10-20 minutes for each of my queries.
Veeva's Opportunity in Clinical Software
In my Veeva update a couple of days go, I highlighted the below chart to make the point that Veeva clearly expects clinical segment to be their major growth opportunity in their journey to reach $6 Billion revenue run-rate by 2030. Given that context, I wanted to deepen my understanding
Sam Altman's Explanation
Jensen Huang in his recent Joe Rogan podcast had an interesting story from early years of Nvidia:
“we convinced ourselves that chip is going to be great. And so I had to call some other gentleman. So I called TSMC…and I explained to them what we were doing. And
Veeva Update
Most software stocks are in bit of a tough spot in 2025. Even till late October this year, IGV (tech-software ETF) was slightly trailing both SPY and QQQ, but today its YTD is lagging SPY and QQQ by ~10 and ~14 percentage points respectively. Veeva has experienced a more dramatic
Why I am not writing a Deep Dive this month
I was working on this month’s Deep Dive on Nvidia. I was excited to finally study the largest company in the world with focus and patience it deserves, but after spending the last three weeks on the business, I have decided to give up on writing the Deep Dive.
Digital Advertising's "Bitter Lesson" Moment
Eric Seufert recently had an interesting podcast with a couple of professors who authored the paper titled “The Impact of Visual Generative AI on Advertising Effectiveness”.
The authors pursued four specific lines of inquiry to understand how visual Generative AI (genAI) fits into the advertising landscape. Here are the four
The Reality of Meta's Reality Labs
You have all seen the chart of Meta’s Reality Labs (RL) losses. Just as a reminder, ever since Meta started reporting RL as a separate segment, it has reported a cumulative loss of $73 Billion in the last 20 quarters. Obviously, they were incurring losses even before reporting the
CoStar and Zillow's Google Risk
It seems Google’s masks are off now that the regulatory monkeys are increasingly off its back!
Yesterday, Inman reported:
“Real estate data and analytics firm HouseCanary shook up the industry over the weekend with its Google partnership, which prominently displays ComeHome listings at the top of search results for