Topic

Portfolio_Change

A collection of 32 issues

Scuttleblurb on Ryan Specialty

It doesn’t happen often, but right after publishing my Deep Dive on Ryan Specialty Group last week, my friend Scuttleblurb also published on the same company. Scuttleblurb’s work is excellent as usual, and there are a couple of things that I want to highlight from Scuttleblurb’s piece

Why I am buying Floor & Decor

Since becoming a public company in 2017, Floor & Decor (FND) is currently going through its largest ever drawdown in its history. The stock is currently down ~65% from its peak in late 2021. However, looking at NTM EV/EBIT multiple, it may appear the stock is still trading at

Constellation Software 4Q'25 Update

Amidst an unprecedented drawdown relative to its history, Constellation Software (CSU) had a rather reassuring quarter. Things are, at least so far, chugging along just fine. The maintenance or recurring revenue segment, which is ~75% of their revenue, grew by 6% (FX adjusted) YoY in 4Q’25 which is a

Why AI Is Unlikely to Kill OTAs

Online Travel Agency (OTA) stocks such as Booking and Expedia both reacted very positively yesterday after The Information reported OpenAI’s retreat from direct checkouts. From The Information: OpenAI is scaling back its plan to introduce shopping directly inside ChatGPT, marking a change in its high-profile effort to put checkouts

Digital Advertising Industry Snapshot 4Q'25

Programming Note: I will be in San Francisco Bay Area next Tuesday. If any of you wants to meet for lunch around Larkspur, please feel free to reach out. Since it will be one-on-one lunch meeting, I may have to decline if there are multiple interests. As I do after

CoStar's Obfuscation, and AI vulnerabilities

While I used to enjoy Andy Florance’s humor during CoStar’s earnings calls, I cannot say I relished listening to the 45-minute prepared remarks by Andy Florance and almost 90-minute earnings call yesterday. Perhaps the stock being flat for almost the last seven years is not helping me find

Walmart’s Trillion-Dollar Mojo

Walmart was the most recent member in the trillion dollar club companies. After coming to IPO in 1970, it took them almost 54 years to reach half a trillion dollar of Enterprise Value (EV). The next $500 Billion took just two years! As they say, the first $500 Billion is

Some Portfolio Changes

Perhaps it’s hardly a surprise if you read yesterday’s piece “Lipstick on Frontier AI Pigs”, but I made some changes to my portfolio yesterday which I will elaborate behind the paywall. In addition to “Daily Dose” (yes, DAILY) like this, MBI Deep Dives publishes one Deep Dive on

Airbnb 4Q'25 Update

Programming Note: I will be traveling with my family for the next three days. Hence, I will take some time off, but will be back on Tuesday next week. Earnings for most internet or SaaS stocks these days appear to be just another event for these stocks to go further

Some thoughts from last week

Phew! What a week. I will share some thoughts behind the paywall. In addition to “Daily Dose” (yes, DAILY) like this, MBI Deep Dives publishes one Deep Dive on a publicly listed company every month. You can find all the 64 Deep Dives here. Subscribe