AlphaSituations-Event/Catalyst Driven Research, AlphaSituations

Robert Sassoon

AlphaSituations-Event/Catalyst Driven Research

AlphaSituations

Since its establishment, AlphaSituations has delivered a track record of outperformance with a hit rate of winners of more than 70% of its portfolio of ideas generating annualized average returns of 20%. In January 2022, AlphaSituations was contracted by Water Tower Research, an investor engagement and stakeholder communication platform to provide coverage of Special Situations

Thematic (Sector/Industry)

<p>Until this year, Special Purpose Acquisition Companies or SPACs had been an under-the-radar segment of the event-driven sector.  In 2020, they have seemingly taken the market by storm and have become the hot new trend. However, closer analysis of this trend indicates that the apparent emergence of SPACs as a value creating investment class should be viewed with caution.</p>

Until this year, Special Purpose Acquisition Companies or SPACs had been an under-the-radar segment of the event-driven sector.  In 2020, they have seemingly taken the market by storm and have become the hot new trend. However, closer analysis of this trend indicates that the apparent emergence of SPACs as a value creating investment class should be viewed with caution.

MergerTalk: SPACs May Have Become The Hot New Trend, But SPAC Investment Requires A Health Warning

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.

Equity Bottom-Up

<div><p>Our investment philosophy attracts us to investing behind THE major secular trend in the world today…offline to online transition of massive TAMs. Even the largest TAMs in the world – groceries, entertainment, autos, commerce, finance, real estate, etc. are still incredibly early in the long term re-platforming of how the global economy functions, but <span>COVID has turbocharged these trends. Gambling has been online in Europe and Australia and parts of Asia for a few years now, but the US is jusssst scratching the surface. We think DraftKings is a great long term holding and had a good tactical entry point yesterday when we wrote this...it was up 9% today on news that Illinois (~4% of the US population) had reinstated remote registration for online gambling, just ahead of the start of NFL season. We think there's still 15%+ upside in our base case, and 56% in our bull case. </span></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>

Our investment philosophy attracts us to investing behind THE major secular trend in the world today…offline to online transition of massive TAMs. Even the largest TAMs in the world – groceries, entertainment, autos, commerce, finance, real estate, etc. are still incredibly early in the long term re-platforming of how the global economy functions, but COVID has turbocharged these trends. Gambling has been online in Europe and Australia and parts of Asia for a few years now, but the US is jusssst scratching the surface. We think DraftKings is a great long term holding and had a good tactical entry point yesterday when we wrote this...it was up 9% today on news that Illinois (~4% of the US population) had reinstated remote registration for online gambling, just ahead of the start of NFL season. We think there's still 15%+ upside in our base case, and 56% in our bull case. 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.

United States

DraftKings Inc. operates as a daily fantasy sports contest and sports betting company. The Company allows users to enter daily and weekly fantasy sports-related contests and win money based on individual player performances in American sports. DraftKings serves customers in the United States.

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DraftKings (DKNG US)

MergerTalk: SPACs May Have Become The Hot New Trend, But SPAC Investment Requires A Health Warning

The SPAC (Special Purpose Acquisition Company) comeback witnessed over the past three years , has turned into a frenzy in 2020.

Robert Sassoon

DraftKings: First Round Pick

Our investment philosophy attracts us to investing behind THE major secular trend in the world today…offline to online transition of massive TAMs....

Aaron Gabin

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