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...

Facebook Earnings and Some General Thoughts

“What company? That one. The company that shows up once in a very long while — the Google of yesterday, the Microsoft of long ago… That company that’s on the cusp of Changing the World, that’s still small enough where each employee has a huge impact on the...

Talk at Markel and Some Quick Thoughts

A few weeks ago, my good friend Saurabh Madaan (a former Googler who now works at Markel with Tom Gayner) invited me to come to Richmond to chat about a few investing ideas with Mr. Gayner and a few other “Markelers” (if there are Googlers, why can’t...

Widely-Followed Stocks and Apple Update

I feel like I've talked a lot in the past year or so about the idea that even well-known companies can get misplaced. One of the posts I wrote was about the concept of edge. Most people focus on trying to gain an information advantage, which I believe is the most...