Kevin LaBuz @kjlabuz
IR & Corporate Development @1stdibs. Ex. @etsy, @indeed, and internet equity research at @DeutscheBank. Writing Below the Line: https://t.co/dhapH1Xkem kjlabuz.substack.com/subscribe Brooklyn, NY Joined August 2011-
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$BRK Q1 2024 share repurchase update: - Repurchased $2.6B in Q1, up from $2.2B in Q4, but down from $4.5B Y/Y - Buying back B shares in the $370-$410 range vs. market of ~$400. $BRK.A $BRK.B
"Buffett asked about the customer-retention rate of iPhone users. When he learned it was approximately 95%, he really became intrigued." $AAPL $BRK wsj.com/finance/stocks…
$ETSY once again calling out pressure on consumer discretionary spending.
E-commerce is hard, logistics is harder: "The physical world is messy and everything is an edge case." - $DASH CEO @t_xu open.spotify.com/episode/0Iagfb…
$BRK Q4 2023 share repurchase update: - Repurchased $2.2B in Q4, up from $1.1B in Q3 - Repurchased $9.2B in 2023 vs $7.9B in 2022 and $27.1B in 2021 - Buying back B shares in the $350-$360 range vs. market of $420. $BRK.A $BRK.B
"When you don’t watch the market every day, you can finally see with unquestionable clarity that what you would have expected to happen didn’t. The unexpected did." - @jasonzweigwsj wsj.com/finance/invest…
$BRK Q3 2023 share repurchase update: - Repurchased $1.1B in Q3, down from $1.4B in Q2 and $4.5B in Q1. - YTD repurchases of $7.0B, up from $5.2B y/y. - Buying back B shares at an average price of $357 vs. current price of $352. $BRK.A $BRK.B
“If you’re going to be small, you have to be fast.” spotify.link/Z5dXBSsdNDb
Good read on A/B testing: The Worst Outcome is a Mediocre Success from @athomasq pivotal.substack.com/p/the-worst-ou…
Instant delivery, exhibit A of the age of excess: “We’ve turned a chapter on excessive growth and excessive capital commitments,” said one of the people, adding that the rapid grocery delivery sector was “exhibit A of the age of excess”. ft.com/content/6037ca…
Another down round in instant grocery delivery. This time JOKR. Shocked. SHOCKED! Here's a look at JOKR's business model: kjlabuz.substack.com/p/jokr
"One of the hardest-won insights of my career is that there’s surprisingly little relationship between something sounding smart and being correct." - @tomowenmorgan whatsimportant.substack.com/p/six-rules-fo…
PSA: private valuations ≠ public valuations $CART
PSA: private valuations ≠ public valuations $CART
Key e-commerce trends from Q2 earnings: - Growth improving - Staples outperforming discretionary - Major cost cuts in the rearview mirror - Firms harvesting gains from leaner cost structures $AMZN $EBAY $ETSY $FTCH $REAL $SHOP $W kjlabuz.substack.com/p/158-harvest-…
"Facing competition across genres and formats, Spotify found that exclusive podcasts generally don’t draw subscribers away from its rivals." $SPOT wsj.com/business/media…
Most executives talk in dollars. Costco executives talk in cents. It’s ingrained in the business that every cent matters. - @AcquiredFM $COST open.spotify.com/episode/6S1zMv…
$BRK Q2 2023 share repurchase update: - Bought back $1.4B in Q2, down from $4.45B in Q1. _ YTD repurchases of $5.85B, up from $4.19 y/y. - Buying back B shares from ~$308-$335. $BRK.A $BRK.B
$ETSY Q2 2023: GMS was negative y/y in April, but inflected positive y/y and May. Growth continued in June and July. GMS in Q2 down 0.6% y/y. s22.q4cdn.com/941741262/file…
"So much of long-term success relies on accepting and preparing for cyclicality versus assuming it can be prevented." - @morganhousel collabfund.com/blog/everythin…
Travel spend still on 🔥 per American Express $AXP s26.q4cdn.com/747928648/file…
Mostly Borrowed Ideas @borrowed_ideas
132K Followers 2K Following Equity Analyst. I publish one in-depth research on a public company every month. Subscribe: https://t.co/bBHyta1Omy
Brandon Beylo @marketplunger1
74K Followers 2K Following Writer | Investor | Listener || ~ There are no great businesses, only great bets. Nothing you read here is investment advice. Read 👉 https://t.co/rVOdJUnxQI
Alex Morris (TSOH Inv.. @TSOH_Investing
55K Followers 4K Following Founder of the TSOH Investment Research Service Long-term equity research and 100% portfolio transparency https://t.co/AVAjy2LgI1
Bill Brewster @BillBrewsterTBB
48K Followers 2K Following “I know this game got valleys and peaks; Expectations for dips; For precipitation we stack chips, hardly.” Be curious, not judgmental. NOT INVESTMENT ADVICE.
Corry Wang @corry_wang
25K Followers 254 Following Strategy @ Google | Formerly tech equity research @ Bernstein Research. All opinions expressed are my own, and do not represent Google's
Mike @NonGaap
32K Followers 2K Following Mostly tweet about investing, governance, strategy, board dynamics, & random equity research topics. DM open..
Sleepwell🛌 @SleepwellCap
22K Followers 619 Following Looking for investments to sleep well. Mostly Music, Tech, Financials & Luxury. Musician and engineer. Opinions my own, please see disclaimers on Substack.
Sleadirt @SleadirtTdmlQv
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Theesue @TheesuerZPnwo
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Steashoagl @steashoagl7703
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Lynette Habersham @HabershLynet
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Shiseth @ShisethYYy
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AbigailRhodes @AJW34wsB96196
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Tealeesh @TealeeshGfpZN
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SimonaKipling @66baomX1o5l4ck
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Billie Rodarmel @BillieRodar
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BelleNeedham @vkYrQjSD3G31q
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Drake @teradatesh93883
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Toutheesm @Toutheesmw_TO
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GenevieveLucia @GcSm83Z8cBt36
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Sausop @SausoppxgiY
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Tathough @TathoughcTQc3I
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Seren Teters @seren_tet
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Thathel @Thathel163464
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McRyphee @McRypheeQkez
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Seese @Seese6GKmstK
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Searoughs @SearoughsfFqzC
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Seyseau @SeyseaulBvhqc
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Enid Rude @enid_rud
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Dale Cabiltes @cabil_da
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Modesta Krigbaum @KrigbaumMo90676
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Florene Mesina @MesFloren
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Lisa Smithingell @LSmithinge82052
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ovk6urhuwr7k @lgpitd91oj3v
6 Followers 882 Following We first transfer USDT to you TRC20, you return 90% to BEP20, you get 10% , 2K per day Our co hv a large amt of USDT need to from TRC20 convert to BEP20 network
Inez Lorino @InezLorino33957
85 Followers 5K Following
Bobbye Parry @BobbyeParr35639
82 Followers 5K Following
Emeli Debem @DebemDeb
60 Followers 5K Following
Vivien Field @97kygdd5s7zg
3 Followers 246 Following Startups | Fintech | E-commerce | Operator and investor
Honey Strong @strong81285
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Alys Vashon @vashon68950
54 Followers 5K Following
Nimrat Biel @NimratB36352
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Sherice Mcivor @sher_mciv
74 Followers 5K Following
Tatum Ousley @TatOusle
55 Followers 5K Following
Marcia Baldonado @BaldonadoM93076
74 Followers 5K Following
Natalia Hinchey @nata_hinc
81 Followers 5K Following
Frederik Christopher .. @NeckarValue
85K Followers 1K Following ✍ money & a meaningful life The world as we know it is dying, a new one will be born.
Gavin Baker @GavinSBaker
126K Followers 4K Following Managing Partner & CIO, @atreidesmgmt. Husband, @l3eckyy. No investment advice, views my own. https://t.co/pFe9KmNu9U
Mostly Borrowed Ideas @borrowed_ideas
132K Followers 2K Following Equity Analyst. I publish one in-depth research on a public company every month. Subscribe: https://t.co/bBHyta1Omy
Brandon Beylo @marketplunger1
74K Followers 2K Following Writer | Investor | Listener || ~ There are no great businesses, only great bets. Nothing you read here is investment advice. Read 👉 https://t.co/rVOdJUnxQI
Alex Morris (TSOH Inv.. @TSOH_Investing
55K Followers 4K Following Founder of the TSOH Investment Research Service Long-term equity research and 100% portfolio transparency https://t.co/AVAjy2LgI1
Jerry Capital @JerryCap
42K Followers 577 Following Not selling anything. Not investment advice. My personal but public journal. Arguing with you to spare my family. DMs open. DM a mutual friend to unblock.
Patrick OShaughnessy @patrick_oshag
268K Followers 2K Following backing leaders doing their life’s work @psumvc 🟣 @joincolossus 🎙️ “do unto others…and do it first”
modest proposal @modestproposal1
101K Followers 807 Following I shall now therefore humbly propose my own thoughts, which I hope will not be liable to the least objection. https://t.co/NuC25VaSff
Pythia Capital, Baron.. @PythiaR
55K Followers 688 Following Multibillionaire space pirate. CIO of Vader Capital LP. Activist engagements include Jeddha and Alderaan.
Bill Brewster @BillBrewsterTBB
48K Followers 2K Following “I know this game got valleys and peaks; Expectations for dips; For precipitation we stack chips, hardly.” Be curious, not judgmental. NOT INVESTMENT ADVICE.
The Rational Walk @rationalwalk
36K Followers 82 Following Finance, Investing, Books, History, Philosophy All new articles are published at: https://t.co/VylFcuhm6y Free subscription at: https://t.co/pcdXMOlpzP
Michael Fritzell (Asi.. @MikeFritzell
22K Followers 2K Following Your eyes and ears in Asia. Author of Asian Century Stocks (https://t.co/SECHidnjZ4).
Ian Cassel @iancassel
255K Followers 606 Following Christian | MicroCap Investor 📈 | Founder @MicroCapClub & CIO @IntelligentCM
Morgan Housel @morganhousel
521K Followers 703 Following @collabfund The Psychology of Money: https://t.co/Q2XICE6VhE Same As Ever: https://t.co/1HOKjvZAcU Director at Markel Group
Corry Wang @corry_wang
25K Followers 254 Following Strategy @ Google | Formerly tech equity research @ Bernstein Research. All opinions expressed are my own, and do not represent Google's
Mike @NonGaap
32K Followers 2K Following Mostly tweet about investing, governance, strategy, board dynamics, & random equity research topics. DM open..
Sleepwell🛌 @SleepwellCap
22K Followers 619 Following Looking for investments to sleep well. Mostly Music, Tech, Financials & Luxury. Musician and engineer. Opinions my own, please see disclaimers on Substack.
Liberty 💚🥃 @LibertyRPF
29K Followers 877 Following OSV | I write about business & investing 🏦 💰, science & technology 🧪🔬, and the arts 👉 https://t.co/1cGQKu5z98 (free 1x/week, podcast, 23,200+ subscribers)
Kristin Posehn @artinnernet
1K Followers 337 Following conceptual art + architecture https://t.co/331EnK1woq🔸writing on dreams, creativity, neurostuff & the ineffable https://t.co/JAgCYAoQ5i
Atlanta Fed @AtlantaFed
87K Followers 84 Following Serving communities across the southeastern U.S. 🚜 Likes/RT ≠ Endorsement.
Ali Hamed @AliBHamed
17K Followers 1K Following @Keelinbannon sidekick | Invests @CoVentureVC & @crossbeamvc; trying to keep my IRR above my BMI | Opinions mine, not CoVenture's
Jesse Beyroutey @beyroutey
2K Followers 288 Following partner @iaventures. inspired by an ounce of dissatisfaction with the state of things.
Capital Camp @CapitalCamp
11K Followers 0 Following Detailed, uncensored, and actionable investing conversations in shorts and sandals. 🏕 Come with an open mind, not an agenda.
Brent Beshore @BrentBeshore
116K Followers 1K Following @PermanentEquity // @CapitalCamp // @MainStSummit // Author of "The Messy Marketplace" // Former atheist who now follows Jesus
Brie Wolfson @zebriez
9K Followers 1K Following weird & warm, used to @stripe @stripepress @figma and wax about company culture (https://t.co/r0dbKeCSRE), 1/3 host of @redqueenpod
Graham Duncan @GrahamDuncanNYC
15K Followers 1K Following Compulsively seeking new ways of seeing reality
Dwarkesh Patel @dwarkesh_sp
56K Followers 704 Following Being pretrained Host of Dwarkesh Podcast https://t.co/3SXlu7fy6N https://t.co/rEhnfYywXY https://t.co/hQfIWdM1Un
Conch Shell Capital @TMTMoats
4K Followers 130 Following I Talk About the TMT Sector & Deconstructing the Investment Process. Covering TMT for 15+ years. All Views/Opinions are not Investment Advice.
Abraham Thomas @athomasq
5K Followers 1K Following Angel investorㅣex founder at Quandl (acq Nasdaq)ㅣex PM at large quant hedge fundㅣinterested in data, markets, tech, startupsㅣoptimism, curiosity & kindness.
NAR Research @NAR_Research
153K Followers 3K Following Find out what NAR experts are saying about the housing market and economy. Contact us at [email protected] with questions.
(((Tendar))) @Tendar
352K Followers 794 Following Tyrants are my enemies | Si vis pacem para bellum |🇩🇪🇪🇺| Das Böse triumphiert allein dadurch, dass gute Menschen nichts unternehmen |Military & History
Def Mon @DefMon3
250K Followers 389 Following Money, Men and Munition is needed to win against Russia. Not Tom Clancy My Russophobia is not based on fear.
Andrew Perpetua @AndrewPerpetua
120K Followers 674 Following If you think I deserve a tip: https://t.co/yZHw1x6jYZ to view my map: https://t.co/fEtAaykiX1
Eliav Assouline @assouline99
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Michael Weiss @michaeldweiss
251K Followers 4K Following Editor @insidereng, @foreignoffpod. ISIS: Inside the Army of Terror: https://t.co/zOgJMJGUl5. Next book: GRU @twelvebooks. [email protected]
NYC DOT @NYC_DOT
164K Followers 983 Following Official Twitter of NYC Department of Transportation. Call 911 for emergencies & @NYC311 for non-emergencies. Not monitored 24/7. Occasionally out of pocket.
Cedric Chin @ejames_c
10K Followers 539 Following Writes https://t.co/jDXGXZVHqH. Tweets about books & the art of business, from the perspective of an operator. https://t.co/8gO6sUlhUM
Joe Weisenthal @TheStalwart
356K Followers 7K Following One half of Bloomberg's Odd Lots Podcast. One quarter of Light Sweet Crude.
Pittsburgh Steelers @steelers
3.8M Followers 316 Following World Champions: IX, X, XIII, XIV, XL, XLIII
Mike DeFabo @MikeDeFabo
13K Followers 1K Following Steelers beat writer for @TheAthletic. Recovering hockey writer. @AmericanU grad. @LatrobeHighPost alum.
Billy Oppenheimer @bpoppenheimer
117K Followers 127 Following writing/research assistant to @ryanholiday | my newsletter: https://t.co/uq7u9HbTfQ
WarMonitor🇺🇦 @WarMonitor3
559K Followers 288 Following Reporting On Wars-Currently #UkraineWar #OSINT
The Atlantic @TheAtlantic
2.1M Followers 1K Following Exploring the American idea through ambitious, essential reporting and storytelling. Of no party or clique since 1857. https://t.co/uHeZCz8ahz
boaz weinstein @boazweinstein
44K Followers 923 Following Boaz Weinstein is the founder of Saba Capital Management.
Ravi Gupta @GuptaRK22
21K Followers 411 Following @Sequoia || @Instacart COO/CFO before || @benchling, @faire_wholesale, @instacart, @meter, @remote, @sierraplatform, @tryramp & others || https://t.co/nbHEiIMCUT
George Barros @georgewbarros
33K Followers 681 Following Russia Team & GEOINT Team Lead @TheStudyofWar studying 🇺🇦,🇷🇺, & 🇧🇾. Led grassroots effort for Ukraine Javelins in 2014. W&M alum. Opinions mine.
Justin Wolfers @JustinWolfers
227K Followers 2K Following Professor @UMichEcon & @FordSchool | Senior Fellow @BrookingsInst & @PIIE | Intro Econ textbook author | Think Like an Economist podcast.
John W. Rich (Wealthy.. @Cokedupoptions
213K Followers 2K Following Chairman of the Board at Yahoo! and AOL | Wealthiest man in the world on a divorce-adjusted basis | PARODY
The Latticework @LTCWRK
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Jonathan Haidt @JonHaidt
413K Followers 2K Following Social psychologist at NYU-Stern, working to roll back the phone-based childhood. Please visit https://t.co/ZjBuXdDr8I & https://t.co/7aVAmOTlnl
Making Media @MakingMediaPod
388 Followers 16 Following How to build a media business by two outsiders learning the craft. We talk to great media operators to share & learn their lessons. A @joincolossus production.
Kyle Harrison @kwharrison13
17K Followers 843 Following Investor. // Building @contrary, @Contrary_Res // Former Index, Coatue, TCV // Husband, Father, Christian @ch_jesuschrist
Matt Reustle @ReustleMatt
5K Followers 1K Following CEO @joincolossus | Former: Raven Capital + GS Research
Speedwell Research @Speedwell_LLC
5K Followers 173 Following 📖 Free Newsletter & Memos: https://t.co/CDu3UvpBhu 🎧 The Synopsis Podcast: https://t.co/KBOlX3WDbJ ⬇️ for Research. By Drew Cohen & @kevg1412
NOELREPORTS 🇪🇺 .. @NOELreports
432K Followers 356 Following Media platform covering global conflict zones. Focus on the Russian-Ukrainian war. If you'd like to support our voluntary work: https://t.co/PmM2wwDA1Y.
Thomas Reiner @treiner5
7K Followers 336 Following Partner at Altimeter Capital, Northeastern alum, curious on all things gaming, travel and leisure. Views are my own, no investment advice. Amateur astronomer
Cory Weinberg @coryweinberg
10K Followers 3K Following senior reporter, deputy bureau chief @theinformation covering IPOs, late-stage startups. @ColumbiaMBA. Let's talk tech (confidentially). Signal: 561 818 3915
Prepared Remarks @Rebrand_As_Y
19K Followers 927 Following
Le Shrub🌳🔥🇺�.. @agnostoxxx
104K Followers 1K Following Founder and CIO of a $1 Trillion Hedge Fun. Account for entertainment purposes only. Explicit language@kjlabuz yes. iTunes (and the follow-on developments) is a classic I totally forgot about.
Today's TSOH research - "Peloton: McCarthy's Missteps" $PTON Munger: "You think more is better, but more isn't necessarily better.’”
Berkshire's share count has fallen ~12% over the past five years
Whenever someone is really up my ass about NPS at work I send them the Peloton stock chart and remind them that they have an NPS of 90+
Bill Gurley: "I remind entrepreneurs that Webvan had the highest NPS scores of any company I’ve ever known. It wasn’t that the consumer proposition didn’t work, it was that the economics didn’t work. They weren’t charging enough for the service level.” 25iq.com/2016/10/14/a-h…
Quiz: calculate Peloton's value using a CBCV analysis. "Average net monthly paid connected fitness subscription churn: 1.2%" "average monthly paid app subscription churn o9.2%" "674,000 paid app subscriptions, net reduction of 44,000 in the quarter." gross margin: 43.1%,
So you could have made a career just owning $BKNG and being short $EXPE
Something something reputation of business survives.
Barry McCarthy out at Peloton...
Markel TTM Share Repurchases $MKL
Run rate revenues for AWS surpassed $100 billion this quarter
AWS messaging notably shifting for first time since slowdown began. No longer optimizations "attenuating", now it's "largely completed". Talking about investing heavily in capex against demand signals, customers resuming large projects, etc. Much more forceful than last few Qs.
Cloud Giants Update: AWS (Amazon): $100B run rate growing 17% YoY (last Q grew 13%) Azure (Microsoft): ~$76B run rate (estimate) growing 31% YoY (last Q grew 28%) Google Cloud (includes GSuite): $38B run rate growing 28% YoY (last Q grew 26%, neither are cc)
$GOOG demonstrating the profitability potential of their core business with even just modest cost discipline: Google Services operating margin of 40% with a whopping 74% incremental profit margin in Q1
If any investor/analyst meets $META management, please try to cure them from “offsetting dilution through buyback” disease as soon as possible. It’s quite ironic and sad that we need to teach this to someone who was paid $23 Mn last year.
very, very unfortunate to see Susan Li talk about offsetting dilution through share buybacks. A big red flag for Susan as CFO. I hope she receives some feedback from investors that it makes ZERO sense.
I am once again asking how many fast-casual, grain-based bowl lunch concepts the market can support
Spotify has added ~100 million ROW MAU's over the past 24 months Incremental (net) paid penetration on those MAU's has been roughly 10%
⚡️BREAKING: Biden signs $61 billion aid bill for Ukraine. U.S. President Joe Biden signed a foreign aid bill containing close to $61 billion for Ukraine into law on April 24, marking the final step of the legislative process.
$SPOT is a good case study of a founder-led company taking cost control seriously (and few believing him) 1400bps margin expansion in 12mo by cutting marketing+content spend, optimized real estate, reducing 25% of employees and firing the CFO. And new CFO hasn't even started!
Two big milestones for the TSOH Investment Research Service - in addition to the three-year anniversary of TSOH, it recently crossed 20,000 readers. Thank you to everybody who has supported TSOH over the years!
Spotify FTE headcount as of Q1 FY24 is down ~25% from the peak $SPOT
Good morning, I didn't pay $8 for this. Making my morning coffee is a ritual I've come to love. And it feels like a metaphor -- some days you nail it, other days you just gotta keep working at it.
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