Spring 2021

Dolby has significant hidden operating leverage with a majority gross margin licensing business. Despite recent margin erosion, the underlying 'New Dolby' business is growing revenue at approximately 15% CAGR with 60% in…

Angi Inc. is transitioning from a lead generation model to a pre-priced transaction model, which is expected to improve economics significantly. With a large and growing total addressable market (TAM) of $500 billion, dr…

ANGI is positioned to dominate the home services market through its pre-priced model, which enhances user experience and drives transaction frequency. The company is expected to significantly improve its lifetime value t…

Home Depot has a strong competitive advantage due to its significant revenue generated from pro contractors, who account for only 4% of its customers but contribute 45% of its revenue. The company has shown resilience an…

Alphabet has been a long-term holding due to its strong cash flow generation and the need for optimization in its business model. The appointment of Ruth Porat as CFO was seen as a positive move to enhance operational ef…

Dolby is positioned for significant growth due to its transformation from a standards licensing business to a provider of premium audio and visual products. The upcoming adoption cycle, driven by increasing internet spee…

Costco has outperformed Walmart in stock performance by prioritizing employee compensation and benefits, which has led to better stakeholder relationships and long-term value creation.

Landstar Systems operates in a unique space similar to Charles Schwab's institutional business, leveraging a network effect to create value and competitive advantages.

MasterCard is a high-quality business with strong growth potential and excellent profit margins. The investor believes that many people underestimated its true value and the appropriate valuation it should trade at.

The investor gained confidence to invest in Netflix after realizing that legacy media companies like Time Warner were not willing to compete effectively against it. Netflix's ability to raise prices in a no-inflation env…

Disney has made a strategic shift by cutting its dividend to invest in Disney Plus, demonstrating a recognition of the need to adapt to changing market conditions and competition.