January, 2024 Update
Happy New year. Just a few quick updates to start 2024:
- My next Deep Dive is on CoStar Group (Ticker: CSGP) which I hope to publish by January 23rd. Following CSGP, I plan on studying AppFolio (Ticker: APPF) in February.
- Someone asked me about the mix of subscribers at MBI Deep Dives. I meant to include this chart on my Annual Letter, but forgot about it later. Approximately half of MBI Deep Dives subscribers is professional investors, and the other half is individual investors.
- Over the last few months, I have heard a specific feedback from a number of subscribers about navigation on my website. Some suggested whether I could make it easier for new subscribers to follow my portfolio changes in the past. For example, I published a Deep Dive on Adyen in May 2022, but only started buying the stock in August 2023. For new readers, it was hard to figure out earlier why I changed my mind and which post to go to in order to understand the rationale for changing my mind on Adyen. The "Portfolio" tab on the website will help you navigate that more easily now. This will allow you to also see my portfolio's evolution over time.
- One other feedback that I have heard from multiple subscribers is many readers would like to receive more updated opinions on the companies that I have covered in the past. One of the features about my investing process at MBI Deep Dives is I am leaning more towards breadth than depth since as a generalist, a better breadth than specialists is how we mostly can add value. While I do keep my eyes on companies that I have covered in the past, it may impede the speed at which I increase my breadth if I go back to updating past coverage too frequently. But I do want to acknowledge that I would like to toggle between new and past coverage a bit more frequently than I have done so far. While there is no change in my process for 2024 and you can expect just 12 new Deep Dives in 2024, I plan on making some changes from 2025. From 2025, I will do 11 new Deep Dives every year and choose to update coverage of three companies that I did since 2020. I will see how it goes and perhaps in 2028-30, I may lean to update 6 companies and do 10 new Deep Dives per year. While these are not yet certain, I just want to convey to my readers how I am thinking about it.
- Finally, if you are a new subscriber, I just want to highlight that you can access all the past 42 Deep Dives, including their financial models, here.
Thank you so much for your support.