Latest Write-ups

Balanced research on publicly listed companies.
[BETCO.ST] Better Collective

Better Collective: Riding the Sports Betting Curve

On the affiliate model, sportsbook relationships, the history of Better Collective, acquisitive growth, the iGaming industry, regulatory opportunities, data advantages, and potential return.

[ADYEN.AS] Adyen

Adyen: First Principles Formula

On the payment ecosystem and its history, distributional strategies, the competitive positions of modern players like Stripe, Square, and Adyen, how Adyen is different from the two others, unified commerce, and a brief on the stock price.

[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.

[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.

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