Facebook’s User Network and User Data

Facebook’s strengths rest in two very distinct areas: the user network and user data. If you want to determine whether Facebook is healthy, you need to ignore the headlines and focus on these two aspects. Is the user network still intact? Is the user data still...

Update on Match and Tinder

When I first wrote about Tinder’s parent company, Match, I believed there were two risks. I know I made a mistake with the first risk, and I believe there are lessons to be learned from both risks I identified. First, Tinder operates a freemium network user business...

Burgers, Fries and Shakes

Shake Shack (“Shak”) is a burger joint that is much more than a burger joint. It’s tough to describe if you haven’t eaten there. At the end of 2018, Shak will have about 123 domestic (U.S.) company-owned locations and about 85 Licensed Shacks (the majority of the...

VRSN Follow-Up

VRSN reported their quarterly results last night with a brief 30 minute conference call (you could also read the transcript in about half that time).  The remarkable thing about VRSN is really how unremarkable it is. The business is highly focused on managing the .com...

Alibaba is Cheap, and Altaba Makes it Cheaper

I have been buying shares of Altaba (AABA) over the last couple weeks. Altaba is the leftover stub that used to be Yahoo. It is now basically a holding company that owns stock in Alibaba. The NAV of AABA trades for a sizable discount to their stake in BABA. And even...

JD Update

Here is a note I sent to my investors just now, and I wanted to share it here with readers. Below is a copy of the note. Dear Investment Partner: I hope you had an enjoyable summer. I wanted to send a brief note with a few comments. One, I took a trip to China over...