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Why I bought some puts
Yesterday, I decided to buy some puts. I will share my rationale and the details around the puts behind the paywall.
In addition to “Daily Dose” (yes, DAILY) like this, MBI Deep Dives publishes one Deep Dive on a publicly listed company every month. You can find all the 63
Sartorius 3Q'25 Update
It’s been difficult few years post-pandemic for Danaher and Sartorius. Most quarterly earnings call in the last couple of years for these companies were spent on explaining and updating on inventory destocking issues which is certainly not quite a fun exercise.
Fortunately, those days increasingly seem to behind us
ASML's China question
In my ASML Deep Dive last month, I wrote about China’s gigantic and increasing contribution on ASML’s business:
ASML revenue increased from €18 Billion in 2021 to €28 Billion in 2024. During this period, their revenue from China increased by €7.5 Billion; so basically ~75% of ASML’
Why I don't worry (as much) about big tech's depreciation schedule
In early 2025, I wrote about big tech’s deteriorating earnings quality primarily because of their gradual extension of useful lives for their servers in the last five years. Over the course of this year, these concerns have reverberated in many corners of the market. Just last month, The Economist
Gartner may not be "AI loser"
While the broad index makes all-time high almost every other day these days, Gartner shareholders are actually currently experiencing the worst drawdown since the GFC.
Gartner went from trading at almost ~40x LTM EBIT in late 2024 to just ~16x today. As you can imagine, there are all sorts of
AI diffusion
Microsoft recently published an interesting paper on “AI diffusion” which made me appreciate the true diffusion of AI may be higher than most people think and bottlenecks for further adoption may currently be underestimated.
This paper titled, “Measuring AI Diffusion: A Population-Normalized Metric for Tracking Global AI Usage,” introduces the
Rare earth shenanigans
Rare earth materials are again in the news! From WSJ last week:
China’s Commerce Ministry said Thursday that foreign suppliers must obtain approval from Beijing to export some products with certain rare-earth materials originating from China if they account for 0.1% or more of the good’s total
Less is more?
Just yesterday, I was wondering about the profound impact “the cat paper” had on so many companies and wrote “Perhaps someone is going to publish a paper today or in a couple of years that may fundamentally alter the tech landscape 5-10 years from now. This makes analyzing some of
The Cat Paper
I finished listening to Acquired’s final episode on Alphabet yesterday. One of the interesting stories from this episode was the significance of the “cat paper”. Here’s Acquired highlighting this particular moment in history:
You talk to anyone at Google, you talk to anyone in AI, they’re like,
First impression of ChatGPT Agent, and apps on ChatGPT
OpenAI has been at the forefront of AI narrative these days to the extent it is difficult to keep track of their press releases and their implications. So, I first want to go back and discuss something that they launched almost three months ago: ChatGPT Agent.
In their launch post,