Nice report Jeff and great work pulling out the salient points of recent earnings reports. Agree with your take on all the results for all the companies listed - most of which I own, a few that I wish I owned (Fubo TV and Roku), except perhaps 2 takes that landed me on the opposing side of the trade.The Trade Desk - I actually liked the results (although not necessarily the guidance), it's a complicated story as you say but the like for like numbers taking out the 2019 election impact were still strong with 43%+ growth and a massive profit making churn out to the bottom line producing an almost acceptable p/e ratio - which is pretty much unheard of amongst our portfolio.Lemonade - I really didn't like the results and when Upstart came along it gave me a faster growing better business model to invest in and I exited my entire holding. Possibly a mistake but time will tell.Ant
Hi Ant,I appreciate the thoughts. TTD is a great company and will continue to do well long-term. However, it didn't grow fast enough for me considering how the overall ad market is coming back and the CTV tailwinds. I know Q1 is always seasonably slow but to see it go from 48% to 37% (42% if you exclude political ads) wasn't that great. Guidance was a bit disappointing as well IMO. Meanwhile, Roku is kicking major butt and other growth stories like Upstart, Fiverr, etc look more attractive to me. TTD didn't really stumble, they had a good quarter. But in my humble opinion, in the context of my other stocks (and my watchlist) it lost out. Time will tell if it was a good decision.Lemonade - I'm taking more of a long-term view on this one. I really think car insurance, which I believe is the largest lending market in the world (3X even mortgages) is where Lemonade can really disrupt big-time and that's what I'm waiting for as long as the core kpi's hold up.
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