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No. of Recommendations: 3
dlbuffy, I had position in ETSY till their report yesterday. All ur analysis is great, and I’m pretty sure that long term Etsy will do fine. However, I think that it does not belong to our board’s portfolios with such growth it guided. With growth in 20s or 30s it will never reach multiples which our companies have.

Bottom line is, with expected growth of 5-15% GMS and 15-25% revs (even if sandbagging) the company does not belong to hyper growth portfolios. In LTBH portfolio it will most likely do fine long-term (depending on further business results), but it just not the way we invest here.

I think that Bear wrote some time ago - don’t overthink investment thesis - stick with simplicity. If numbers do not match (hello FSLY :)), just move on.

Best,
V
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