“Returns and Lessons Learned” wasn't self-flagellation; my objective was to highlight how mistakes planted the seeds for an evolution in my investment…
In June 2004, Netflix announced the first price hike in the company’s history for its standard DVD subscription service (+10%, from $19.95 per month to…
Of all the decisions that we face as long-term investors, there are few that I find more difficult than intelligently reacting to disappointing…
At a recent investor conference, Airbnb CEO Brian Chesky was asked about the company’s eventual roll-out of a consumer rewards / loyalty program. In…
Amidst a period of seemingly heightened uncertainty and shortened time horizons among market participants, Microsoft reported strong Q3 FY22 financial…
“The product-market fit and power questions are different questions; one doesn’t necessarily answer the other… When you have a business model that gets…
A few weeks ago, in preparation for this deep dive, I created a Roblox account. Within minutes, I was immersed in a seemingly unending world of virtual…
On March 11th, 2020, the Oklahoma City Thunder were scheduled to play the Utah Jazz. But that game never happened; 35 minutes after the scheduled start…
In “Meta: A Precarious Position”, I concluded with the following: “A thoughtful discussion on Meta must now address concerns around FoA user growth and…
In December 2021, I wrote the following in the conclusion of my Ally Financial deep dive (“Ally: A Banking Transformation”): “Over the past five years…
Nearly two years to the day from the March 2020 lows, we find ourselves in another brutal market environment (amazingly, the S&P 500 is ~85% higher than…
Last Saturday was a holiday for value investors: the annual release of Warren Buffett’s letter to the shareholders of Berkshire Hathaway. This year, the…