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@borrowed_ideas

14 Nov

1/7 Thread: Bad reason to own the big tech

There are perhaps many good reasons to own the big tech, but one consistently bad reason that I heard is in order to beat the index, you have to own big tech because they have such high weight to the index.

2/7 The "logic" goes like this: since big tech has such high weight in index, their performance drives the index. If you have no exposure to them and they did really well, it's very hard to beat the index.

This logic doesn't make much mathematical sense for most investors.

3/7 It may have some rational basis if you are managing hundreds of billions. Since vast majority of investors aren't managing such amount, this argument hardly applies to anyone.

Let me explain with a simple example.

Read 7 tweets

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@borrowed_ideas

8 Nov

1/9 Thread: My Ottawa days

When I'll think about Ottawa in the future, I'll probably remember my afternoon walks. Whether it rained, snowed, or the sun smiled, I tried to walk for an hour everyday in the same route. Even after ten months, I didn’t quite get bored.

2/9 I would start from my place, walk for 5 mins to pass the Supreme Court, then watch the grandeur of the National Assembly, and take the side walk of Fairmont Chateau to continue to walk through the bridge and end up strolling by the Rideau canal.

3/9 Ottawa is serene and uneventful. It hardly surprises you.

As I am leaving tonight, I so wanted to hold onto my usual walk that I did two rounds yesterday (afternoon and evening).

Read 9 tweets

Mostly Borrowed Ideas

@borrowed_ideas

5 Nov

1/ Thread: $IAC/ $ANGI 3Q'21 Update

Probably not the best idea to post an earnings thread on Friday evening, but for the sake of consistency, let me post anyway.

Here are my notes.

2/ Dotdash

"Dotdash executed phenomenally well growing revenue double digits for 18 straight quarters while expanding margins and generally outpacing the growth of its competitors"

"Dotdash content has a relevant shelf life measured not in days or hours, but months or years."

3/ "of Dotdash’s top 25 advertisers in 2019, all
have spent in 2020 nearly all have spent in 2021 and their spend has grown 29%."

Not much of an impact of IDFA.

"Those advertisements perform cookie or not"

Read 15 tweets

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@borrowed_ideas

5 Nov

1/ Thread: $SQ 3Q'21 Earnings Update

Cash App and seller ecosystem continue to grow at an impressive rate. My notes from this call.

2/ "mid-market sellers experienced strong growth in the third quarter of 2021, growing gross profit nearly twice as fast as the overall Seller business on a two-year CAGR basis. Mid market Seller GPV represented 37% of total Seller GPV, compared to 28% two years ago."

3/ "with more than three out of four Square Invoices getting paid within a day vs. the industry average of 25 days for small businesses."

A new software/subscription offering: SQ Invoices Plus.

New international market: France, second largest card markets in Europe

Read 12 tweets

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@borrowed_ideas

4 Nov

1/7 Thread: $TRUP 3Q'21 Update

Even though I am not a pet owner, last month's deep dive on Trupanion introduced me to the fascinating business of pet insurance. My notes from today's earnings call.

2/7 Total revenue +40% YoY
Subscription business +28%; other business +78%

Total enrolled pet +22% YoY; avg monthly retention 98.72% or 78 months (vs 76 months last yr); ARPU +4.5%

Adj operating margin 14.6%, very close to long-term target of 15%

3/7 "In Trutopia, members adding pets or referring friends offsets pets churning off. In the quarter, we narrowed the gap to Trutopia to a mere 0.28%."

Read 7 tweets

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@borrowed_ideas

31 Oct

1/8 I bought Oculus Quest 2 and wanted to share my first impression as user. Since I don't play much video games, this is going to be mostly non-gaming experience of Quest.

2/8 The first glimpse of my "home" at Oculus felt incredible. That "Oculus home" appears much more luxurious than my actual home.

Then I watched this. I'm the kind of guy who avoids roller coaster in theme parks at any cost. I felt sick watching this.

3/8 Before throwing my Quest 2 away, I decided to try more videos. I watched YouTube (non-VR) for a while. It felt nothing unspectacular. I mean it's large screen and all, so much better than watching on laptop/TV. But nothing too amazing!

Read 8 tweets

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