MBI Deep Dives (Page 8)

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Brown & Brown: A Decentralized, Boring, Money Making Machine

Disclosure: I am long shares of Brown & Brown You can listen to the Deep Dive here Subscribe When I first read Leonard Read’s seminal essay: “I, Pencil”, it became abundantly clear to me that people who solve the co-ordination problem in capitalism are of paramount importance (if you

Meta's Moat

It's not "network effects". Disclosure: I own Meta’s shares and January 2025 $50 Call Options Subscribe During the weekend, I asked my twitter followers: What do you think Facebook's DAU to MAU ratio was in 2009? The number that got the highest votes

Adobe 2Q'23 Update

Disclosure: I am long shares of Adobe First things first, while as of this writing I do own Adobe shares, I have gradually trimmed half of my Adobe holdings for the last couple of weeks. By the time I will publish my Deep Dive next week, it is likely that

Tyler Technologies: Selling Software to the Government

You can listen to the Deep Dive here Subscribe My friend Liberty once mentioned to me that if someone reads William Thorndike’s “The Outsiders”, they should also read Phil Rosenzweig’s “The Halo Effect”. Reading just either, instead of both, of them may run the risk of creating lopsided

Amazon 1Q'23 Earnings Update

Disclosure: I own shares, and Jan 2025 call options of Amazon An Analyst asked a legitimate question to Amazon management: “Does the company ever think about breaking out all the big investments so that we have more clarity on the retail margin structure?” Andy Jassy provided a word salad in

Meta 1Q'23 Earnings Update

Disclosure: I own shares, and Jan 2025 call options of Meta “There are two major technological waves driving our road map: a huge AI wave today, and a building metaverse wave for the future.” Mark Zuckerberg (1Q’23 Earnings Call) Here are my notes from tonight’s earnings. Subscribe Users

Alphabet 1Q'23 Earnings Update

Disclosure: I own shares, and Jan 2025 call options of Alphabet Google Search is still growing, but YouTube ads was down YoY for three consecutive quarters now. Thankfully, Google Cloud maintained the momentum with +28% topline growth. Subscribe The big news in this quarter is Google Cloud became profitable for

Spotify 1Q'23 Earnings Update

Disclosure: I own shares of Spotify Over the last 6 months, Spotify stock has doubled. The business, however, remains largely work-in-progress with users accelerating but operating efficiency yet to reflect in the financials. Here are my notes from today’s earnings. Subscribe Users Spotify experienced its largest two MAU growth

Microsoft: The Quintessential Technology Company

Subscribe You can listen to the Deep Dive here “The personal computer revolution had begun with a game played on a small blue box with blinking lights named after the brightest star in the constellation. 30 years earlier, people in Albuquerque had witnessed the sun come up in the South

Readers' Feedback, and A Simpler Amazon Model

Disclosure: I own shares and January 2025 call options of Amazon There has been a persistent misperception among investors who mostly observe Big Tech from a distance that Big Tech is "consensus" investment. But if you look at realized volatility in some of the Big Tech stocks over