MBI Deep Dives (Page 14)

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Square: The quest for an inclusive financial ecosystem

Disclosure: I am long shares of SQ In 2012, Jack Dorsey, co-founder of Square, gave a talk to the employees at Square. He discussed the elegance of the Golden Gate Bridge and how design is at the heart of what he builds: “Design is not just visual, design is efficiency.

Boeing: Shadow of an American jewel from yesteryears

“Several years went by before the public grasped what the Wrights were doing; people were so convinced that flying was impossible that most of those who saw them flying about Dayton [Ohio] in 1905 decided that what they had seen must be some trick without significance – somewhat as most people

Roku: A former trojan horse now in open fistfight

On an excellent Acquired Podcast, Ho Nam mentioned,“…I call the great serial entrepreneurs just amazing people who just have not yet found their true life's calling. You could be a serial entrepreneur, have a bunch of fantastic hits but then you will find something and say, oh

The cult of Lululemon is alive and kicking

(Update: Please see May'22 deep dive for latest thoughts) In November 2020, I published my deep dive on Lululemon. On this update, I will mostly skip why I like the business since I have adequately covered it in my earlier deep dive which I encourage you to read

CrowdStrike: Standing tall in crowded cybersecurity

In a NY Times oped in 2018, Zeynep Tufekci wrote, “The early Internet was intended to connect people who already trusted one another, like academic researchers or military networks. It never had the robust security that today’s global network needs. As the Internet went from a few thousand users

Otis: “Lindy” business, but not without concerns

In 236 B.C., Archimedes, the Greek Mathematician, invented a primitive form of elevator which was operated by hoisting ropes, and rotated by manpower. In mid-eighteenth century, Louis XV, the French King, had a “flying table” that let him, and guests dine privately. All they had to do was ring

Shopify: The Anti-Amazon Protagonist

On February 12, 2021, Shopify was trading at ~$1,500/share, an all-time high for the stock. From February 12, 2016 to the day it reached its record high, Shopify generated 7,429.7% for its shareholders (source: KoyFin). I thought to myself, wait, is that ~75x in 5 years?

Autodesk: The Horse for the Infrastructure Decade

Disclosure: Autodesk is the third largest position in my portfolio In 1982, John Walker, along with 12 other programmers, gathered $59,000 to found Autodesk. Today, Autodesk is ~$60 Bn market cap company. More people probably heard about AutoCAD than the company behind the Computer-Aided Design (CAD) software application. Just

Copart: Owner-operator with deep moats but potential long-term risks

In March 1994, Copart became listed in NASDAQ. Since then, the company has generated 19,492% (21.7% CAGR) return for its shareholders. This eye-popping wealth machine was founded by Willis Johnson, who, in many ways, personified the American dream. He was not handed a particularly good hand in life.

Ansys: Picks and Shovels for Innovation

Founded in 1970, Ansys (Ticker: ANSS) came to IPO in 1996. A microcap with only $55 Mn market cap, Ansys has become one of the most successful stocks in the last 25 years. Looking at the CAGR return over different time horizon, it is clear Ansys has created enormous wealth