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Quick Thoughts: Google’s New ABCs

The announcement that Google would reorganize itself and take the name Alphabet had the ring of one of the company’s infamous April Fool’s pranks, posted to the same company blog used for the annual tomfoolery. The name itself is whimsical,

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Quick Thoughts: Everybody Hates Twitter

The monomaniacal focus on MAUs does TWTR a disservice – it is a lot more like YouTube than Facebook, and no one cares about Google’s MAUs. Project Lightning and an aggressive marketing campaign to educate consumers should stimulate engagement and keep the

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Quick Thoughts: The Emperor’s New Watch

The Apple Watch – Everybody has an opinion. Here is mine. So how is the new Apple Watch doing after its first three months? Two weeks ago, market research firm Slice Intelligence roiled the waters with a report which, based

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EBAY & PYPL: The Divorce is Final

After a strong 2Q15, PYPL heads to its Monday spin with significant business momentum. Given the near term trajectory of e-commerce, and competitive moat of its small business focus, 2015 estimates look easily achievable and 2016’s are plausible, likely a

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TMT: 2Q 2015 Earnings Preview

1Q15 shook things up with unexpectedly weak digital ad spending and an unexpectedly strong shift to the enterprise cloud. This quarter, we expect digital ads to get back on track in the US against somewhat muted expectations, with the cloud

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TMUS: Wireless Ain’t What it Used to Be

We believe that TMUS is worth $55-60 based on projected future market share gains and margin improvements. It is winning a zero-sum game in the increasingly stagnant US wireless market, as consumer priorities shift from voice coverage to data service,

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Mobile Payments: The TMT Perspective

M-payments offer very little benefit to consumers or merchants today. Uptake, even for the widely hyped ApplePay, is disappointing. Meanwhile, retailers, their customers saturated with loyalty cards and engagement falling, see mobile apps as a big opportunity and m-payments as

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GOOG: A Particular Set of Skills

GOOG has levered its dominant prowess in data processing into market leadership in advertising, and plans to extend that leadership by orchestrating a mobile commerce ecosystem, with the potential to generate enormous value for itself and its partners. Investment in

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TMT Model Portfolio Update: The Skeptics Guide

We assessed the valuations of 188 large cap TMT stocks, using our proprietary framework, which separates EV into near term and long term components. Graphed on these axes, the names fall into quadrants with interesting implications for trading. Historically, “Dream”

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SaaS Applications: [Subscription] Software is Eating the World!

SaaS enterprise applications make up a more than $31B market that is growing at more than 30%, and is projected to sustain 20% growth through 2018. SaaS products are a bundle, displacing not just the application, but also the enterprise

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