Latest Write-ups

Balanced research on publicly listed companies.
[DIS] The Walt Disney Company

Disney: You’ve Got a Friend in Streaming

On Disney’s acquisitive history and digital transformation, how a shift to DTC shifts the economics of the business, and how I would value the company with the subscription business at focus.

[BABA] Alibaba Group Holding

Alibaba: The Sprawling Octopus

On China’s regulatory crackdowns, the history of Alibaba, the arms of the octopus, how Alibaba monetizes its ecosystem, the moat, how Alibaba could fail, how I would value the company, and a note on position sizing.

[ATHM] Autohome Inc

A Comment on Autohome

Many members have asked me about Autohome lately. Here are my thoughts.

[MOMO] Hello Group Inc

Momo Inc: The Story Beyond Live Streaming

On Momo’s two-bet social connectivity, its transformation to a dominant online dating player, how live streaming might hit a wall, the value-added potential of integrating core Momo and Tantan, the moat, and how I would value the company.

[ATHM] Autohome Inc

Autohome: Prospects for Capital Allocation

On how Autohome captures the automobile ownership lifecycle, its big cash position, the capital required for operations, the prospects for future returns on that capital and growth reinvestment, the prospects for returns to shareholders, and how I would value the company.

[FDS] FactSet Research Systems

FactSet Research: Unit Economics Valuation

On how FactSet surfed the wave of data accessibility, the winner-take-most industry, the three main risks of the business, the moat, and how I would value the company through unit economics.

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