Sep 24, 2020
Cars, Food, Video Games
Play episode · 13 min

CarMax falls despite strong 2nd-quarter results. Darden Restaurants rises despite 1st-quarter revenue dropping nearly 30%. Maria Gallagher analyzes those stories and discusses recent IPO Unity Software.

Alpha Trader
Alpha Trader
Seeking Alpha
Massive opportunity in 'digital transformation' - Jon Markman joins Alpha Trader
This week's Alpha Trader podcast features hosts Aaron Task and Stephen Alpher talking (mostly) tech with Jon Markman, founder and president of Markman Capital Insight. Before getting into individual stock picks, Markman first looks at the big picture: Going back about 80 years, whenever the Fed steps in to put the brakes on a bear market, one should expect the averages to go up five times over the following ten years. The Fed helped end the bear market, says Markman, on March 23 this year. Applying that 5x multiple to what the Dow (DJI) and the Nasdaq (COMP) were that day leads to 91,000 on the Dow and almost 34,000 on the Nasdaq in roughly 10 years. Before considering that extreme, consider that the S&P 500 (SP500) bottomed in 2009 at 666. Markman's target then for that index was 3,330, which was hit late in 2019. This, of course, doesn't mean that there will be any number of scares and sizable corrections along the way. These should be thought of as buying opportunities, particularly for those companies leading and benefitting from the "digital transformation," which Markman defines as the use of data and software to build new business models. A great example of this is Netflix (NFLX), which over two decades went from being a mail-order DVD business to offering bits of data in the cloud. Tap an image on your electronic device of choice, and the show begins. The company has 193M customers, a $234B market cap, and a stock that's up something like 15,000% over 20 years - all from harnessing the digital revolution. As you might imagine given the major wave he's talking about, Markman doesn't have a ton of interest in Netflix's earnings this week. Over the next 10-20 years, Netflix and others leading the digital revolution - think Amazon (AMZN), Peloton (PTON), and Zoom Video (ZM) to name just three - are all going to be multi-baggers (though Peloton and Zoom might be due for a correction). Now the above are very well-known (and hot) names. Maybe not as well-known, but with an equally great opportunity, is a player like Schrodinger (SDGR), a company delivering healthcare using digital tools. Another digital healthcare play is For those wishing to ride the digital revolution, but undecided about which horse to ride, Markman suggests Visa (V) and Mastercard (MA) as - more than any other companies - perfectly levered to e-commerce and the transformation of money to software. Other digital transformation long ideas discussed in the podcast, include The Trade Desk (TTD), a platform for the buying and selling of digital ad inventory, and enterprise workflow platform operator ServiceNow (NOW). Both have eye-popping charts, but massive opportunity over the next decade still awaits. We couldn't let Markman go without comment on two tech megacaps - Microsoft (MSFT) and Apple (AAPL). He's a fan of Microsoft, giving its post-Ballmer management kudos for moving the focus of the company away from selling devices and instead selling into the high-margin areas of digital space. He's not bullish on Apple though, worried about waning iPhone sales, and questioning the ability of the company to replace that revenue with other devices and services.
41 min
All-In with Chamath, Jason, Sacks & Friedberg
All-In with Chamath, Jason, Sacks & Friedberg
Jason Calacanis
E10: Twitter & Facebook botch censorship (again), the publisher vs. distributor debate & more
Follow the crew: Follow the pod: Sacks' blog post on Section 230: Referenced in the show: NY Post Hunter Biden Story Twitter's explanation for censoring it Facebook's explanation for censoring it Updated CDC survival rates Show Notes: 0:00 The besties catch up on the news 1:29 NY Post Hunter Biden story & censorship by Twitter/Facebook 7:27 What is section 230 & how does it play into the publisher vs. distributor debate 13:23 Distinguishing between publishers & distributors 28:30 Why Twitter & Facebook's actions with the NY Post were a huge blunder & crossed a line, should the laws be rewritten? 37:21 Trump beats COVID, what that means for better treatment options, dueling town halls 46:14 Sacks explains his stance on Prop 13 & Zuckerberg's pro-Prop 15 lobbying 54:34 Thoughts on Amy Coney Barrett & Biden's large lead in the polls
1 hr 4 min
Invest Like the Best
Invest Like the Best
Patrick O'Shaughnessy
Ben Gilbert and David Rosenthal of Acquired - Lessons on Early Stage Investing and Getting Acquired - [Invest Like the Best, EP.196]
My guests today are Ben Gilbert and David Rosenthal. Ben and David are investors but also the duo behind the Acquired podcast, which is one of my favorite podcasts that dives deep into business history and famous acquisitions. I recommend you check it out. In this conversation, we review of some of the greatest corporate acquisitions of all time and also discuss investing lessons Ben and David have learned across their careers. I hope you enjoy my conversation with Ben and David. This episode is brought to you by Koyfin, one of the fastest growing fintech startups. I discovered Koyfin earlier this year when I asked twitter for the best Bloomberg alternative, and the overwhelming winner was an intriguing new product called Koyfin. Koyfin has tons of high-quality data, powerful functionality, and a nice clean interface. If you’re an individual investor, research analyst, portfolio manager, or financial advisor, you should definitely check them out. Sign up for free at This episode of Invest Like The Best is also sponsored by Assure. Assure is changing the way investors manage private transactions. This episode of Invest Like The Best is also sponsored by Assure. Assure is changing the way investors manage private transactions. With Assure, investors can eliminate nearly all the admin cost of private investment. On top of that, they handle all the backend, legal, taxes, accounting, and compliance. All of it, with a straightforward one-time fee. Learn more and try Assure for yourself at For more episodes go to Sign up for the book club and new email newsletter called “Inside the Episode” at Follow Patrick on Twitter at @patrick_oshag Show Notes (2:29) – (First question) – What they look for in new founders based on more experienced managers they’ve worked with (5:07) – Difference between emerging vs legacy market (9:17) – Research steps to determine if a market can get big enough to invest in (12:08) – Working with other firms for doing an initial investment round (15:42) – Recent trends in the supply of capital and number of founders in the VC space (18:56) – Lessons they have learned studying corporate transactions (24:13) – How do startups transform once they are acquired to increase their multiples so much (28:10) – What they learned from deliberations that take place within the acquiring company (30:39) – Most interesting deal for them to unpack (32:44) – What are features of a business that is difficult for others to replicate (35:52) – Any company that are intimidated to go up against (37:37) – Who would they follow (38:52) – Blake Robbins Podcast Episode (39:09) – Missing pieces in their skill set (41:43) – Early green shoots (44:40) – Lessons from Alaska Airlines acquisition and the value of scarcity (47:07) – Kindest thing anyone has done for them Learn More For more episodes go to Sign up for the book club and new email newsletter called “Inside the Episode” at Follow Patrick on Twitter at @patrick_oshag
52 min
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