Themes

While interpreting lead times is not a science, it still provides useful insights. We’ve been tracking lead times of iPhones and AirPods in 13 countries since mid-February 2020. As of mid-June, Apple’s supply chain and production appears to have returned…

As AAA games evolve from their legacy retail sales model to something that more closely resembles a SaaS business, gaming multiples still lag far behind. This is a long-term positive for gaming investors, as the industry should see multiple expansion…

Apple TV+ has fallen under most investors’ radar, but that should change starting late next year. We expect Apple TV+ to have a measurable impact on FY22 net income growth This November marks the one-year anniversary of Apple TV+. Apple…

Zoom delivered on a high bar for the April quarter with off the charts user growth. Over the past three months, Zoom has schooled Microsoft and Cisco in the art of building a simple and affordable web conferencing platform. The…

As the iPod went mainstream, Apple’s EarPods became a fashion symbol in subways, gyms and on sidewalks around the world. EarPods were a visible sign of Apple’s growing influence in the early 2000s. We even ran an informal survey on…

Over the past two months, game publishers have seen record engagement from their users. A few highlights: Activision Blizzard – Call of Duty: Modern Warfare has sold more units life-to-date than any prior Call of Duty title at this point…

Many investors have written off VR as a niche platform destined to a similar failed outcome as 3D television. Conversely, Zuckerberg has been steadfast in his belief in the transformative power of VR, as evidenced by Facebook’s continued investments into…

Quibi is off to a rough start and it’s the fault of coronavirus, so says the company. To date, Quibi only has 3.5 million downloads and 1.3 million active users a little over a month after launch, but the problem isn’t…

Riot Games just gave a class on what a game release should look like. On April 7th, Riot (known for League of Legends) released a private beta for its latest title, Valorant, a 5v5 first-person shooter set to fully launch…

Being non-consensus and right is the only way to generate superior returns in investing. Even if consensus is right, those who follow it only do as well as everyone else. Howard Marks detailed why in his 1993 memo, “The Value of…

First things first. We’re reminded that analyzing the impact of the pandemic on commerce misses a global truth. The true cost is those directly affected by losing loved ones and to a far lesser extent the disruption around our lives.…

Continuing our pursuit of understanding the new normal and how to think about lasting change in a post-coronavirus world, we conducted a survey about one of the most obviously and heavily affected markets: travel. With global demand for travel at a…