Investment Writings

  • Industry analyses
  • Macroeconomic outlooks
  • Other portfolio thoughts

The Online Luxury Marketplace Industry

Although the luxury goods industry has not yet reached that stage in online maturity, that could be a reality sooner than people expect. Chances are none of our readers have ever bought from or even heard of the luxury good platforms Farfetch, MyTheresa, Cettire, and TheRealReal (if you have please reach out). These companies are taking the luxury goods market online. This is a peculiar industry as the luxury goods market is designed for the personal tailor-made experience. Walking into a high-end boutique store, one gets the ten-star experience from personal customer service to incredibly ornate wrapping etc. Over the last ten years...

Stock Picking & Macro

If you invested in Amazon in 2001 with this opinion and remained steadfast in your ownership, we are guessing you probably did okay. Even then, we would argue that for you to have maintained conviction in Amazon, you must have had at least a partial macro-opinion. Maybe not of where interest rates are headed but perhaps of how the internet would change the world and how the penetration rate of e-commerce would evolve in the decades ahead. In this piece, we will define what we mean by macro and explain the two dimensions of our macro view: the “inside view” & portfolio positioning. We will conclude...

Traditional IPO, SPAC, or Direct List?

The amount of companies coming public towards the second half of 2020 has been a bit insane to say the least. According to SEC regulatory filings, Q3 2020 has seen 81 IPOs (ex-SPACs) making it the busiest Q3 by deal count since 2000. The average IPO first-day pop has been 37%. The actions from government organizations to shut down economies have devastated industries such as hotels and leisure but have been a boon to sectors such as Healthcare and Tech. As society pushes for a vaccine, more people than ever are now working from home evidenced by screen time on our favorite devices up almost 60% since...