Value Investing Where Seth Klarman has been placing his outside money |
- Where Seth Klarman has been placing his outside money
- Netflix Barriers to entry
- Oaktree Shifts to Distributable Earnings as Primary Metric
- Lessons from 2018
- New research short report on Natus Medical (BABY) by Glasshouse
| Where Seth Klarman has been placing his outside money Posted: 06 Feb 2019 05:46 PM PST |
| Posted: 06 Feb 2019 12:41 PM PST I believe that the benefit of NFLX's CapEx (ie barriers to entry) is overrated. the lifespan of a new production is relatively small (1-2 years) and its amortization is connected to its quality (lower IMDB rating -> shorter lifespan). the cost of switching is negligible and the entrance of a new player (eg Disney) could change the competitive landscape in a matter of months. for that reason, the terminal value in my DCF model is smaller than the one of Street's analysts PS This is the case for most content-based firms (like Spotify) PS2 There is always the upside risk of being bought by a cash-rich company (ie Apple) [link] [comments]  |
| Oaktree Shifts to Distributable Earnings as Primary Metric Posted: 06 Feb 2019 09:02 AM PST "Before I wrap up, I'd like to address the recent decisions by several of our peers to report distributable earnings as their primary earnings metric. We think this is a positive development for the industry, and it aligns well with how we have always thought about our business. In order to simplify our disclosure and enhance comparability, starting with the first quarter of 2019, we will report distributable earnings as our primary earnings measurement and will no longer report adjusted net income or economic net income." +change from a reporting perspective. Anyone have color on who else decided to shift to this approach? [link] [comments]  |
| Posted: 06 Feb 2019 07:33 PM PST What were some lessons you learned from 2018? and what changes have you made to your investment process? [link] [comments]  |
| New research short report on Natus Medical (BABY) by Glasshouse Posted: 06 Feb 2019 08:32 AM PST |
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