Mostly Borrowed Ideas Deep Dives, MBI Deep Dives

MBI Deep Dives

Mostly Borrowed Ideas Deep Dives

MBI is the abbreviation for “Mostly Borrowed Ideas”. Why “Mostly Borrowed Ideas?” As a generalist, I do not have a background in any particular sector. I enjoy navigating across industries, businesses, and countries to learn, understand, and connect the dots. In any case, most ideas and innovations are incremental in nature. Very few of us are smart enough to come up with truly original or groundbreaking ideas. I am Abdullah Al-Rezwan. I was born and brought up in Bangladesh. I went to University of Dhaka for my undergrad and majored in Finance. After working three and half years in Equity Research (Sell-side) covering Financial Sector in Bangladesh, I left Bangladesh to pursue my MBA in the US. I graduated within top 10% of the class from Cornell University's two-year MBA program and worked on the buy-side following my graduation. During my time at Cornell, I won two stock pitch competitions and also became finalists in four other competitions. I thoroughly enjoyed my stint as a generalist in the US large cap team at Madison Investments and covered a wide range of companies from UnitedHealth to Amazon and Boeing before US immigration reality paused my career in investment management. As my work authorization expired, I moved to Canada in January, 2021. Then in early 2022, I was able to return to the US.

Equity Bottom-Up

<ul><li>While not exactly Meta-like twists and turns, Spotify’s rise from the ashes of late 2022 perhaps slipped through many investors’ mind.</li><li>The stock was at ~$70 in December, 2022. Today, it closed at $232.</li><li>Before I get to my highlights from today’s call, let me first mention that I am no longer a shareholder of Spotify as I sold my shares today at $243</li></ul>

While not exactly Meta-like twists and turns, Spotify’s rise from the ashes of late 2022 perhaps slipped through many investors’ mind.The stock was at ~$70 in December, 2022. Today, it closed at $232.Before I get to my highlights from today’s call, let me first mention that I am no longer a shareholder of Spotify as I sold my shares today at $243

<ul><li>First some caveats: while we have all probably read Charlie Munger’s quote “I never allow myself to hold an opinion on anything that I don't know the other side's argument better than they do”, the reality is this is exceptionally uncommon and challenging.</li><li>In fact, when investors mention risks about a company they like, they often deliberately choose strawman arguments from the other side and advertently or inadvertently ignore steelman arguments.</li><li>I will try to avoid strawman bear cases (and boy there are many), and only outline the bear cases that indeed concern me as a shareholder.</li></ul>

First some caveats: while we have all probably read Charlie Munger’s quote “I never allow myself to hold an opinion on anything that I don't know the other side's argument better than they do”, the reality is this is exceptionally uncommon and challenging.In fact, when investors mention risks about a company they like, they often deliberately choose strawman arguments from the other side and advertently or inadvertently ignore steelman arguments.I will try to avoid strawman bear cases (and boy there are many), and only outline the bear cases that indeed concern me as a shareholder.

US Tech Company Research, MT Capital

MT Capital

US Tech Company Research

I demystify the world's most interesting tech companies, providing in-depth, no-nonsense, un-biased analysis on the most interesting Tech Companies available for investment today. I am a Mechanical Engineer by education, Software Engineer by trade and a self-trained Financial Analyst.

<ul>
<li>With Spotify’s newfound all-things-audio ambition, we can take note of some noticeable happenings within the broad media category as a whole</li>
<li>Starting off high-level, the company offers users access to its platform in two distinct manners, with a free membership or through a premium counterpart</li>
<li>In short, Spotify is on a quest to capture the opportunity provided by an industry that is rapidly expanding in all directions</li>
</ul>


With Spotify’s newfound all-things-audio ambition, we can take note of some noticeable happenings within the broad media category as a whole
Starting off high-level, the company offers users access to its platform in two distinct manners, with a free membership or through a premium counterpart
In short, Spotify is on a quest to capture the opportunity provided by an industry that is rapidly expanding in all directions


Actionable Insights, Assured Alpha, ANTYA Investments

ANTYA Investments

Actionable Insights, Assured Alpha

Investing That Empowers You

ANTYA Investments Inc., regulated by the Ontario Securities Commission, is registered to provide wealth management services in Canada. ANTYA manages institutional, and high net-worth client portfolios on a discretionary basis. Our investment philosophy embraces a Core-Satellite approach.  The core of the portfolio is chosen from a group of fifteen asset classes. A few stock specific asymmetrical investment opportunities comprise the satellite segment. ANTYA invests only in global, large capitalization, and investment grade companies.  

Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/27255" target="_blank" data-smartkarma-citation="entities:27255:1">Tencent Music Entertainment (TME US)</a> was created via a reverse merger whereby <a href="https://www.smartkarma.com/entities/26" target="_blank" data-smartkarma-citation="entities:26:1">Tencent Holdings (700 HK)</a> combined its music apps with those of China Music Corporation to create an online music behemoth. While subscription-based online music is still in its infancy in China, live video streaming appears to be a part of the mainstream. The question that investors need to answer is that given that TME is not really a music subscription service, what multiple should be paid for a fast growing Chinese media company?   </p>

Tencent Music Entertainment (TME US) was created via a reverse merger whereby Tencent Holdings (700 HK) combined its music apps with those of China Music Corporation to create an online music behemoth. While subscription-based online music is still in its infancy in China, live video streaming appears to be a part of the mainstream. The question that investors need to answer is that given that TME is not really a music subscription service, what multiple should be paid for a fast growing Chinese media company?   

Tencent Music: Part 3 – Reverse Merger with China Music Corporation; Idiosyncratic Data Disclosures

<p>Billion-dollar deals fall from the blue skies of China daily. Billion RMB even more so. <a href="https://www.smartkarma.com/entities/27255" target="_blank" data-smartkarma-citation="entities:27255:1">Tencent Music Entertainment's (TME US)</a> agreement to buy Ultimate Music Inc. is a head scratcher that investors need to get a handle on. Yes, it is a Pre-IPO deal, but the same management will be responsible for post-IPO prospecting as well. Happy investing 😊</p>

Billion-dollar deals fall from the blue skies of China daily. Billion RMB even more so. Tencent Music Entertainment's (TME US) agreement to buy Ultimate Music Inc. is a head scratcher that investors need to get a handle on. Yes, it is a Pre-IPO deal, but the same management will be responsible for post-IPO prospecting as well. Happy investing 😊

Tencent Music Entertainment Group: Part 2 -The Curious Case of Acquiring Ultimate Music Inc.

Luxembourg

Spotify Technology S.A. provides music streaming services. The Company offers commercial free music and ad-supported services to subscribers. Spotify Technology serves clients worldwide.

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Spotify (SPOT US)

Spotify 4Q'23 Update

While not exactly Meta-like twists and turns, Spotify’s rise from the ashes of late 2022 perhaps slipped through many investors’ mind.

MBI Deep Dives

Meta's Achilles Heel(s)

I will try to avoid strawman bear cases (and boy there are many), and only outline the bear cases that indeed concern me as a shareholder.

MBI Deep Dives

Spotify ($SPOT): In-Depth Analysis

With Spotify’s newfound all-things-audio ambition, we can take note of some noticeable happenings within the broad media category as a whole

MT Capital

Tencent Music: Part 3 – Reverse Merger with China Music Corporation; Idiosyncratic Data Disclosures

Tencent Music Entertainment (TME US) was created via a reverse merger whereby Tencent Holdings (700 HK) combined its music apps with those of China...

ANTYA Investments

Tencent Music Entertainment Group: Part 2 -The Curious Case of Acquiring Ultimate Music Inc.

Billion-dollar deals fall from the blue skies of China daily. Billion RMB even more so. Tencent Music Entertainment's (TME US) agreement to buy...

ANTYA Investments

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