Sea the Future
Sea Limited is swimming in optionality—a three headed monster that is evolving. Growing three businesses remarkably fast, while still investing in other areas. Can their rapid gains continue? Or will they drown in a sea ...
Mental Models: 58 Ways to Think Clearer
What is a mental model? A mental model is tool used to help you understand the underlying reality. Why do we need mental models? Life is complicated and often doesn’t make sense, but mental models ...
No Pain, No Compounding Gains: On Market Cannibalism
Barnes & Noble knew Amazon was dangerous. They had a choice to make. Do they dilute their profits by competing in the low margin/high cost e-commerce business? Barnes & Noble made the decision to enter ...
Bitcoin: The Currency of Trust
The internet is evolving, yet trust is at an all time low. But don’t worry, Bitcoin is here to save the day. A Brief History Bitcoin was created by someone with the alias of Satoshi ...
In Defense of Optionality
I recently came across some articles speaking ill of optionality. I was triggered. Optionality is one of my favorite ideas and I see it applied everywhere, from sports to investing. Simply put, optionality is low ...
Jack on Track: Why this Time is Different for Twitter
Twitter is an enigma. A company with extreme power, but middling results. Led by a quirky moonlighting CEO. I believe Twitter is strategically placed for the future, but let’s start at the beginning. History Repeats ...
Fear of the Unknown: Etsy and Night Lights
Children are scared of the dark for a reason. In the dark, you can’t see what’s coming. They have a fear of the unknown. That fear is rational! You should be scared of the unknown. ...
Bear Role Play: Concerns On My Stocks
Know what you own or it will own you. Focusing on strengths is great, but you also need to understand weaknesses. The best management teams are always actively working to improve weaknesses. Understanding weaknesses helps ...
Fat Fund Financials – P&Ls
Words are misleading. Play a game of telephone or try to recap an argument with your fiancée and you’ll quickly agree. Luckily in investing we have financials to help avoid having to play a game ...
Blind, Deaf and Dumb: On Going to Cash
Nothing triggers me like seeing someone going into cash because of “high valuations”. I know I shouldn’t get riled up, but I do. Most of the time people admit that they shouldn’t be trying to ...