TSOH Investment Research Service

Complete access to the investment research and portfolio decision-making of a knowledgeable, experienced investor. If you're looking for thoughtful analysis on high-quality, publicly traded companies, this service is for you.

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TSOH Investment Research Service 18 likes 02 May 22
Amidst a period of heightened angst among market participants, Microsoft reported strong Q3 FY22 financial results that reminded Mr. Market why the tech giant has been one of the best performing mega cap stocks over the past decade. The highlight for the quarter, as has been the case for much of the past five-plus years, was astounding results in the company’s cloud businesses: In Q3, Microsoft Cloud run rate revenues reached ~$94 billion (+35% YoY in constant currencies) –
TSOH Investment Research Service 17 likes 09 May 22
“The product-market fit and power questions are different questions; one doesn’t necessarily answer the other… When you have a business model that gets you to product-market fit, there may be a power opportunity embedded in that and there may not be. Those are two very different problems
TSOH Investment Research Service 15 likes 05 May 22
In “Meta: A Precarious Position”, I concluded with the following: “A thoughtful discussion on Meta must now address concerns around FoA user growth and engagement (most notably for the blue app), a competitive threat from TikTok, the impact of IDFA and regulatory headwinds on revenue growth, the massive expense ramp (which will continue into FY22), and the ~$10 billion of annual losses at FRL (with very little that we can tangibly point to as the output from that investment). That’s a lot to work through.
TSOH Investment Research Service 13 likes 23 May 22
Note: Last week, I recorded a podcast with Andrew Walker focused on the media industry (NFLX, DIS, etc.). You can listen to the episode here. In Q1 FY22, the global leader in alternative travel accommodations reported the strongest quarter in the company’s history, with Nights & Experiences (N&E) booked through Airbnb crossing 100 million for the first time (+59% YoY); this reflects strength in LatAm, North America, and EMEA, offset by weakness in APAC due to subdued cross-border travel. As shown below, trailing twelve month (TTM) N&E booked were 338 million,
TSOH Investment Research Service 13 likes 19 May 22
In “The Magic Happens on the Screen”, I wrote the following: “Is there some way to tweak the equation, both in terms of the dollar amount spent over the product’s useful life and the mix between upfront and recurring monthly costs, that results in a more attractive customer value proposition
TSOH Investment Research Service 12 likes 16 May 22
As noted in this morning’s write-up (“Just Keep Swimming”), I’ve decided to make a few portfolio changes (the trades will be executed tomorrow morning). The graphic shown below is my portfolio allocation as of Monday’s close; as a reminder, it includes every dollar of investable assets to my name outside of a checking account
TSOH Investment Research Service 10 likes 16 May 22
(Recent Disney Posts: Q1 FY22, Q4 FY21, Q3 FY21, Theatrical + IP) In Q2 FY22, Disney+ reached ~138 million global paid subscribers (+33% YoY); inclusive of Hulu SVOD and ESPN+, Disney’s DTC services have more than 200 million paid subs. As these numbers suggest, and the charts below show, Disney has gained a lot of ground on the industry leader, cementing its position as a top player in the global VOD business. (