Not much chatter on $IAC anymore

Which isn't surprising

Stock is down 64% in the last three years

$QQQ is up 43%

But I think the stock is cheap, especially compared to the broad indices

Here's why ⬇️ Current market cap: $4.89 billion

Net out cash and debt

Estimate Vivian stake at $300 mil

Use market values for $ANGI and $MGM (both deserve to trade at their current multiples IMO)

You are left with ~$1.17 billion

$NTDOY Q2 CC is out, for those who missed it

nintendo.co.jp/ir/pdf/2023/23…
"Regarding the balance between maximizing IP value and the risk of causing devaluation, it is important to continue developing projects one by one, being careful to prevent excessive exposure of the IP and to not let down our game fans, given their expectations...

Shares of Nelnet $NNI recently hit all-time highs and are now up on the year

But the stock is still incredibly cheap

Here's why⬇️ For context, as of this writing, $NNI has a market cap of $3.54 billion

Yesterday we released our monthly Arch Capital episode outlining why we own $ADSK

Here are X reasons why we think the stock is cheap today and why we believe it is possibly the highest-quality software company in the world right now⬇️ First, make sure to check out our fund website and read our disclosure:

archcapitalfund.com/holdings

Nintendo just released its annual 50-page investor presentation

Here are 11 big takeaways from the report $NTDOY 1. FY 2023 revenue and net profit guidance were raised, mainly due to Fx movements

Hardware guidance was reduced due to semiconductor constraints, but (most importantly) software/game unit guidance was unchanged

$MTCH is down 75% over the past year and is one of the worst-performing stocks in the S&P 500

Investors have soured on this online dating conglomerate. However, we are still optimistic about the stock's prospects

Here are 10 positive signs from the recent earnings report⬇️ 1. Revenue is still growing 10% on a FX neutral basis and 16% FX neutral at Tinder, its most important app

Some notes on price-to-sales ratios and why investors should care about them ⬇️ The market is currently at an all-time high valuation on a P/S basis

However, corporate profit margins have also reached all-time highs (ignoring 2020 as an outlier)

On yesterday's @chitchatmoney I talked about this @mjmauboussin essay on the role of intangible investments:

morganstanley.com/im/publication…

Here are some further thoughts on the topic⬇️ Quick aside: if you want to hear the author talk about the essay at length (and definitely do a better job of explaining it than I ever could), listen to his appearance on Invest Like the Best

open.spotify.com/episode/1dGqfl…

Today's 10-K, another cannabis company, Aphria $APHA.CA: 1. Aphria is another Canadian grower/seller of cannabis brands. They focus on adult-use and medical products

Today's 10-K: Cronos Group 1. was founded in 2012 in Ontario, Canada. It trades on the Nasdaq and Toronto exchanges

They describe themselves as "an innovative global cannabinoid company"

$SFIX 10-K out recently. Some interesting tidbits I found: - Stitch Fix is less than 10 years old and only available in the U.S. and U.K.

- First new product outside of Fixes (Direct Buy) is barely one year old

A good theory I heard was "investing in companies you think are inevitable."

I think a better revision may be: "Invest in companies you think are inevitable but the market doesn't understand" for example, my top investment from a dollar-return basis has been Square

I believe this is because the market misunderstood what the Cash App was and its inevitability as the "go-to" finance app

chitchatmoney.com/cash-app-is-go…

A thread of companies that spent more on capex than in 2019:

(reminder, Tesla is supposedly currently disrupting the entire auto market, semitruck market, lithium battery market, solar market, and is the leader in FSD) For reference, spent $1.33 billion on Capex in 2019 (via @stockrow1)

GPV for sellers only down 10-15% in July. Good sign GPV for online has been growing at 50% clip last six quarters

9 Things I've learned since I started investing

chitchatmoney.substack.com/p/bretts-may-p…

1. 2.

Axon Enterprises (the maker of Tasers, body cameras, and other non-lethal law enforcement tech) had its annual meeting two days ago.

Here are some of the highlights from the meeting, and why I think the company can be a great investment but also help with this police issue Their ticker is by the way

What is Spotify's end goal?

medium.com/@brett.schafer…

https://twitter.com/chitchatmoney/status/1263532115871895554

1. Owning the spoken word

Just finished a post on some trends that have made my personal portfolio rock-solid during the pandemic. These include:

- decentralized work
- gaming
- telehealth
- SMB partnerships
- Online fashion
- CTV

medium.com/@brett.schafer… Note: I didn't invest strictly for the pandemic, but because I own companies with industry tailwinds

Axon Enterprise (Ticker: ) earnings came out today.

Here are a few reasons why the stock may be up 7% after hours... 1. The top-line beat (27% total growth), while they stated they are keeping the gas on as far as hiring goes

Thoughts on Q1 results... (without reading CC transcript) 1. Solid top-line growth but slower gross profit growth because they had so much Bitcoin revenue that has really low margins

Some notes from the earnings letter...

(for reference, they have a market cap of about $22.75 billion) 1. During the crisis, on Tinder female users under 30 increased 37%, which is very important for the supply/demand problems dating apps tend to have