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No. of Recommendations: 11
Hi Brittlerock

Just coming back to your Magnite question, ok here goes.

Whilst I love the space and was happy to hold Magnite after making a good return and still see it as relatively lower valued than alternative Ad-tech plays with head room to grow and see them becoming the defacto leader of their side of the coin...

1) Their organic growth rate has fallen to the 20-30% range (whilst TTD is accelerating back to 40-50% growth range)

2) I don't see them as well positioned or equipped to deal with disruptions from Google, Apple etc as TTD

3) They are a recurring acquisition vehicle which is starting to feel like a substitute for organic growth and which also holds execution risk

4) There were other companies I wanted to add to that were growing much faster with stronger conviction (Fivrr, Upstart, Zoom info and Snowflake)

So no massive red flags but all in all given I don't have fresh capital to deploy, it had to go.

Hope that helps.

Cheers
Ant
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