2022 Annual Letter

Sherwin-Williams: Painting the Wonder of Compounding Decade After Decade

You can listen to this Deep Dive here Subscribe When much of the Silicon Valley or broader tech world is currently under the spell of  the magic of Generative AI or ChatGPT, it may be somewhat monotonous to study a company that was founded in 1866 in Cleveland, Ohio. Some

Adobe 4Q'22 Update

Disclaimer: I own shares of Adobe Subscribe "It is the golden age of design. Everybody would like to express themselves." Shantanu Narayen, CEO of Adobe While the days of 20%+ topline growth is clearly behind us, Adobe remains the juggernaut in creativity software industry. Digital Media, Digital Experience,

Some thoughts on SBC

Subscribe I have received quite a few messages and emails on Stock Based Compensation (SBC) over the last few weeks. Two things prompted me to write a separate post on SBC: a) it is a much more efficient way to respond to messages/emails on this topic, and b) there

Autodesk 3Q'FY 2023 Earnings Update

Disclosure: I own shares of Autodesk Autodesk had bit of a mixed quarter. While they typically beat the high end of their guidance, Q3 topline was near the low end of the guidance. Moreover, guidance appears to be weak too as Q4 implied topline growth is HSD i.e. ~7-9%

Datadog: Leading the Cloud Infrastructure Dogfight

You can listen to this Deep Dive here Subscribe Olivier Pomel and Alexis Lê-Quôc, the two co-founders as well as CEO and CTO of Datadog respectively, used to work at Wireless Generation, a NY-based SaaS company focusing on the education sector. Olivier was running a team of Developers there whereas

IAC 3Q'22 Earnings Update

Disclosure: I own shares of IAC Subscribe Perceptions of both IAC and Angi have swung from extreme confidence to extreme skepticism. We could all challenge the rationality of the extremes, but the general shift in sentiment has been warranted: Joey Levin Here are my highlights from the recent shareholder letter

Amazon 3Q'22 Earnings Update

Subscribe Disclosure: I own shares of Amazon When faced with an uncertain economy or some kind of discontinuous event, customers tend to double down on companies that they believe have the best customer experience and that take care of them the best As Bezos said, long-term shareholders and customers interests

Shopify 3Q'22 Earnings Update

Disclosure: I own shares of Shopify By and large, things are in the right direction for Shopify. Here are my highlights from the latest earnings. GMV GMV grew 11% YoY, ~15% FXN. 2-yr CAGR and 3-yr CAGR were ~22% and 46% (52% FXN) respectively which lets you peek beyond the

Meta 3Q'22 Earnings Update

Subscribe Disclosure: I own shares of Meta "...I think that those who are patient and invest with us will end up being rewarded." Mark Zuckerberg From October 26, 2015 to today (after-hours), the stock is flat. The "reward" remains elusive. Here are my highlights from 3Q&