ROIC
6 posts
NYT Write-Up
barriers to entry
For the first time in years, investors have become pessimistic on the main drivers of NYT’s business model – its digital news subscriber potential & its digital news pricing power. This write-up examines base rates for both of these drivers.
Unit Economics & Cohort Retention Curves
cohort retention curves
Churn cannot be reduced to a single number because customer retention is a curve, not a constant.
24 min read
What's Priced In?
Valuation
Stock prices are the clearest and most reliable signal of the market’s expectations for a business’s future performance. Ignore them at your peril!
10 min read
What Makes Stocks Go Up?
Investing
If you read the title of this and are hoping for a magic formula that mints money, then read no further. You’re not going to find what you’re looking for in
The Nature of Content: New York Times vs Netflix
Investing
How does the nature of content impact long-term margins at media businesses? All else equal, the more durable your content, the less you need to continually spend on content creation. Let's explore that.
The Seven Deadly Sins at Tinder and PokerStars
Investing
Investors want to know why customers use a company’s products/services. Often this is referred to as the ‘customer value proposition’ or the ‘customer ROI’. The Seven Deadly Sins helps us understand situations where that value proposition isn't entirely rational.
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