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

Amazon Update (amended)

Disclosure: I own shares and January 2025 call options of Amazon (Note: In addition to this piece, I encourage you to read this update here) First of all, thank you for the feedback and inputs on yesterday’s update on Amazon. One such interaction led me today to re-write some

Amazon Update

Disclosure: I own shares and January 2025 call options of Amazon (Note: there are some material changes that I made after receiving feedback which I published here. I encourage you to read the amended post to understand the full context) In the first earnings press release following the pandemic, Jeff

Adobe 1Q'23 Update

Disclosure: I am long shares of Adobe In 2001 and 2002, Adobe's topline went down 3% and 5% respectively. In 2009, revenue went down by 18%! Thanks to shift to subscription and a continued secular momentum in digital content, Adobe will perhaps prove to be a quite resilient

Alphabet Update

Disclosure: I own January 2025 Call Options and Shares of Alphabet Inc. Subscribe To an economist, every monopoly looks the same, whether it deviously eliminates rivals, secures a license from the state or innovates its way to the top. I'm not interested in illegal bullies or government favorites:

Meta Needs A Decade Of Efficiency

Disclosure: I own January 2025 Call Options and Shares of Meta Platforms This is Part-1 of my four-part series on Big Tech. Part-two, three, and four will be on Alphabet, Amazon, and Microsoft respectively. While this post is made public, the rest of the series will be behind paywall. Subscribe

Autodesk 4Q'FY23 Update

Disclosure: I am long shares of Autodesk Subscribe Autodesk met their high end of the topline guidance. While topline grew at High Single Digit (HSD) rate YoY, it was +12% FXN. Subscription revenue, which is ~92% of revenue, was +14% FXN. While Media &Entertainment (M&E) segment was

Fastenal: Compounding Nuts and Bolts

You can listen to this Deep Dive here On "Invest Like The Best", Charlie Songhurst mentioned an interesting framework which I think is quite apt as a starting point for Fastenal Deep Dive (emphasis mine): if you pick two axes, one co-axis is boredom and the other is

Shopify 4Q'22 Earnings Update

Subscribe "If you look at our 7 years since IPO, we were profitable 5 out of the 7." -Harley Finkelstein (4Q'22 Call) Except that's not true! Shopify was profitable only 2 out of 7 years since IPO. Perhaps he was adding back SBC? You

IAC 4Q'22 Earnings Update

Subscribe Disclosure: I own shares of IAC The world was priced for perfection, digital companies broadly focused on growth at all costs, and “basic” was a tacit insult. Not anymore! IAC's theme for 2023 is "Back to Basics: clear objectives, relentless prioritization, focus on profitability and return