TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

Thematic (Sector/Industry)

<div><p>This week we highlight Match Group's independence, YouTube TV's price hike, and the sheer insanity of Spotify's 80% move. </p></div><div><div><div class="content-highlight"><p>Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.</p></div></div></div>

This week we highlight Match Group's independence, YouTube TV's price hike, and the sheer insanity of Spotify's 80% move. Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.

TMT Weekly: 3 Things that Stood Out The Week of 7/3/​​​​2020

<div><p>Some datapoints that caught our eye last week in TMT.</p></div><div><div><div class="content-highlight"><p>Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.</p></div></div></div>

Some datapoints that caught our eye last week in TMT.Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.

Beyond the Virus: 3 Things from TMT Land that Stood Out Week of 5/1/​​​​​​​​2020

Beyond the Virus: 3 Things from TMT Land that Stood Out Week of 4/​​​24/​​​​​​​2020

<div><p>In our weekly notes, we’ve been circling around an insight that is beginning to crystallize. Covid 19 is an accelerator of secular shifts in consumer preferences that is magnifying (or will magnify) those business models most equipped to benefit from them.</p></div><div><div><div class="content-highlight"><p>Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.</p></div></div></div>

In our weekly notes, we’ve been circling around an insight that is beginning to crystallize. Covid 19 is an accelerator of secular shifts in consumer preferences that is magnifying (or will magnify) those business models most equipped to benefit from them.Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.

Coronavirus as Secular Accelerator II: US Media/Telco Edition

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<p>The S&amp;P 500 continues its march higher, however the troops have been unable to keep up with the generals and with this is an ounce of concern. Sending the generals into battle often ends up with no more leaders. Our view of the markets is to deploy a barbell approach of growth and safety. While growth continues to outperform, it does so without the small-caps. Meanwhile utilities and staples continue to march just behind the growth areas of the market, and have been unable to reach new RS highs since the December decline. In this report we detail our investment thesis and outlook for U.S. equities, highlighting our favorite sectors and bottoms up ideas.</p>

The S&amp;P 500 continues its march higher, however the troops have been unable to keep up with the generals and with this is an ounce of concern. Sending the generals into battle often ends up with no more leaders. Our view of the markets is to deploy a barbell approach of growth and safety. While growth continues to outperform, it does so without the small-caps. Meanwhile utilities and staples continue to march just behind the growth areas of the market, and have been unable to reach new RS highs since the December decline. In this report we detail our investment thesis and outlook for U.S. equities, highlighting our favorite sectors and bottoms up ideas.

U.S. Equity Strategy: Growth And Safety Are The Plays To Stay With

United States

Comcast Corporation provides media and television broadcasting services. The Company offers video streaming, television programming, high-speed internet, cable television, and communication services. Comcast serves customers worldwide.

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Comcast Corp Class A (CMCSA US)

TMT Weekly: 3 Things that Stood Out The Week of 7/3/2020

This week we highlight Match Group's independence, YouTube TV's price hike, and the sheer insanity of Spotify's 80% move. Obex’s fundamental...

Aaron Gabin

Beyond the Virus: 3 Things from TMT Land that Stood Out Week of 5/1/2020

Some datapoints that caught our eye last week in TMT.Obex’s fundamental research process is focused on secular change in the TMT and Consumer...

Aaron Gabin

Beyond the Virus: 3 Things from TMT Land that Stood Out Week of 4/24/2020

Some datapoints that caught our eye last week in TMT.Obex’s fundamental research process is focused on secular change in the TMT and Consumer...

Aaron Gabin

Coronavirus as Secular Accelerator II: US Media/Telco Edition

In our weekly notes, we’ve been circling around an insight that is beginning to crystallize. Covid 19 is an accelerator of secular shifts in...

Aaron Gabin

U.S. Equity Strategy: Growth And Safety Are The Plays To Stay With

The S&P 500 continues its march higher, however the troops have been unable to keep up with the generals and with this is an ounce of concern....

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TMT Weekly: 3 Things that Stood Out The Week of 7/3/​​​​2020

This week we highlight Match Group's independence, YouTube TV's price hike, and the sheer insanity of Spotify's 80% move. Obex’s fundamental...

Aaron Gabin

Beyond the Virus: 3 Things from TMT Land that Stood Out Week of 5/1/​​​​​​​​2020

Some datapoints that caught our eye last week in TMT.Obex’s fundamental research process is focused on secular change in the TMT and Consumer...

Aaron Gabin

Beyond the Virus: 3 Things from TMT Land that Stood Out Week of 4/​​​24/​​​​​​​2020

Some datapoints that caught our eye last week in TMT.Obex’s fundamental research process is focused on secular change in the TMT and Consumer...

Aaron Gabin

Coronavirus as Secular Accelerator II: US Media/Telco Edition

In our weekly notes, we’ve been circling around an insight that is beginning to crystallize. Covid 19 is an accelerator of secular shifts in...

Aaron Gabin

U.S. Equity Strategy: Growth And Safety Are The Plays To Stay With

The S&P 500 continues its march higher, however the troops have been unable to keep up with the generals and with this is an ounce of concern....

Vermilion Research

TMT Weekly: 3 Things that Stood Out The Week of 7/3/2020

Beyond the Virus: 3 Things from TMT Land that Stood Out Week of 5/1/2020

Beyond the Virus: 3 Things from TMT Land that Stood Out Week of 4/24/2020