Spotify 4Q'23 Update

While not exactly Meta-like twists and turns, Spotify’s rise from the ashes of late 2022 perhaps slipped through many investors’ mind. The stock was at ~$70 in December, 2022. Today, it closed at $232. Before I get to my highlights from today’s call, let me first mention that

Amazon: Model Update (2024)

Disclosure: I own Amazon January 2025 $55 Call Options Last year, I posted a more detailed work on Amazon in which I provided more in-depth discussion on the structure of my Amazon model that I am going to discuss today. If you find it hard to follow the discussion below,

Meta Platforms: Model Update

Disclosure: I own shares of Meta Platforms So I took this weekend to update my models on Meta and Amazon. I just wanted to leave some brisk thoughts on these updated models. I will start with Meta today and will share my thoughts on Amazon tomorrow. You can find the

Amazon 4Q'23 Update

Disclosure: I own Jan 2025 $55 Call Options of Amazon While many investors remain obsessed with quarterly topline growth of AWS, the real story continues to be North America’s sustained margin recovery. Here’s my highlights from yesterday’s earnings. Subscribe Revenue 1P revenue grew HSD and Amazon’s

Meta 4Q'23 Update

Disclosure: I own shares and 2025 January $50 Call Options of Meta By 3Q’23 earnings, almost everyone understood Meta’s turnaround; the layoffs were behind us, topline growth was accelerating, and thanks to Meta’s “efficiency”, margins were expanding. Yet, the stock has gone up another ~60% since 3Q’

Alphabet 4Q'23 Update

While I have sold my shares in Alphabet last month, I remain a very curious observer. Here’s my highlights from today’s earnings. Subscribe Revenue While almost every single revenue segment grew by double digits, Google Network was down ~2% YoY and ~10% from 4Q’21. The Network business

CoStar: The Art of Creating, Capturing, and Protecting Value

You can listen to this Deep Dive here Jeff Bezos may be the most famous graduate from Princeton’s class of 1986, but the 1986 class had another graduate, Andy Florance, who also embodied a remarkable similarity in relentless ambition. They were, in fact, Physics lab partners at Princeton. After

January, 2024 Update

Subscribe Happy New year. Just a few quick updates to start 2024: 1. 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. 2. Someone asked me about the mix of

2023 Annual Letter

Subscribe 2023 was a year of...relief! Kurt Vonnegut once correctly pondered: "The truth is, we know so little about life, we don’t really know what the good news is and what the bad news is." While 2022 was humbling and bewildering at times for many of

Floor & Decor: A Special Specialty Retailer

You can listen to this Deep Dive here The late Charlie Munger was asked whether there is any current imitator of Costco. Munger mentioned Floor & Decor. Floor & Decor (FND) is a specialty retailer primarily selling hard surface flooring products. Management, however, likes to think they are in a