No. of Recommendations: 25
Right or wrong outcome, the discussion was a good one - it wasn't that "I've got too much SHOP and need to sell," it was "SHOP isn't growing as much as its stock multiple demands and that's probably due to cannabis speculation and they're doing some desperate marketing, so I'm moving on to greener and less risky pastures."


I actually really disagree with this. It wasn’t a good quality discussion at all. It was completely wrong.

The reality is neither the fundamentals nor the share price performance has anything to do with marijuana - as they came out and told us Shopify has the 3rd largest GMV in N America behind Amazon and eBay and nothing to do with marijuana. As revealed on release the sales growth decline was not accelerating but decelerating resulting in a shallown glide path in the high 40%s.

That is why the stock took off and why the board discussion was wrong.

Ant
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