Published: September 24, 2012
I am recommending a short position in Pandora. At the current valuation, by my estimates, the Company needs to grow its' audience by almost 300% and increase its' mobile pricing by 120% (desktop still grows at 25%). While it may be able to accomplish one or the other, I think it is unlikely that ...
Published: September 06, 2012
Facebook shares sank after BMO Capital analyst Daniel Salmon wrote that many advertisers appear to be reducing the amount of money they're spending on the website. Two out of every three advertisers contacted by Salmon divulged information that was negative for the stock, the analyst wrote.
Published: July 31, 2012
We don't often get the chance to bet against a company on the cusp of experiencing new major competitive challenges. When we do get the chance, most investors know about the threat and position themselves for it.
Published: July 31, 2012
"Facebook is by far the most attractive short I have seen with a market cap in excess of $1 billion. The current valuation implies Facebook is one the highest quality and fastest growing companies in the world. In reality, the company has a poor track record of monetizing user activity, and its g...
Published: April 26, 2012
I like to think of Zynga as an oil company. It has a large collection of assets (games) that are either growing through new discovery or depleting due to use. Although as the OMGPOP acquisition shows, digital assets can deplete much more rapidly than an oil field.
Published: April 26, 2012
I like to think of Zynga as an oil company. It has a large collection of assets (games) that are either growing through new discovery or depleting due to use. Although as the OMGPOP acquisition shows, digital assets can deplete much more rapidly than an oil field.