Archive for February, 2011

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Mobile Advertising: Check In, Then, Check Out

Internet advertising has grown at a better than 17% CAGR over the past decade to comprise 10% of the US market, or ~$24 in 2010.  Comparatively, mobile advertising remains small – eMarketer estimates just $750M in mobile ads for 2010

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Quick Thoughts: More Mobile Cowbell

  Another month, another major industry event.  While these things usually offer nothing particularly earth shattering – the main reason we decided not to foot the bill for a week in Barcelona this year – this week’s news flow filled

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Quick Thoughts: Nokia and Microsoft

This morning, in an entirely telegraphed but still shockingly radical shift in strategy, new Nokia CEO Stephen Elop announced a comprehensive smartphone partnership with his former employer, Microsoft.  Most observers have been justifiably critical of both erstwhile innovation leaders’ efforts

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PFE decides to shrink; HHS ends AWP; Drug pricing hits a speedtrap

PFE’s R&D / sales will fall to 10.5% in 2012, down from 13.9% last year.  Strictly speaking, with R&D returns < WACC, the only ‘right’ R&D / sales ratio is zero.  Assuming R&D returns can be >= WACC (we believe

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Small Cap TMT: The Idiosyncratic Method

TMT investing has historically favored thematic strategies, as innovation repeatedly remakes the landscape in favor of those able to exploit the rapid pace of evolution in the sector.  This is doubly true amongst small cap stocks, as traditional value and

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