TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

I have over 20 years’ experience investing in the TMT and Consumer sectors, almost entirely on the buyside. Started at Bernstein covering software in 2001, moved to the buyside at Government of Singapore Investment Corporation (GIC) in 2003, covering hardware, software, and media. 

After getting an MBA at NYU in 2008 and a CFA, I spent 8 years at Coburn Ventures (a market neutral TMT/Consumer hedge fund). In 2015, I joined Deimos Asset Management, a low net multi-strat, where I managed a  TMT/Consumer portfolio.

I've spent the past few years at Obex Capital Management providing independent investment research to TMT and Consumer investors.

TMT & Consumer Independent Equity Research Analyst

Loeb Backed Down Quickly…But Is Disney Really in Good Shape?

Disney 4Q2022: Cord Cutting Exacerbating DTC Losses

Disney: Streaming Trapped Between a Rock and Hard Place

Disney 1Q2022: Knockin It Out of the Park

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

<ul>
<li>This week, Thirdpoint's Dan Loeb wrote a letter to Disney asking it to cut costs, spin ESPN, and buy in Hulu.</li>
<li>We agreed with Loeb two years ago, but don't see the strategic rationale this time around...Disney isn't bloated, needs ESPN's FCF, and doesn't need to spend $9B on Hulu today.</li>
<li>We do agree with Loeb's points about not reinstating the dividend (better use of FCF on Disney + and other investments) and refreshing a (strangely weird) Board of Directors.</li>
</ul>


This week, Thirdpoint's Dan Loeb wrote a letter to Disney asking it to cut costs, spin ESPN, and buy in Hulu.
We agreed with Loeb two years ago, but don't see the strategic rationale this time around...Disney isn't bloated, needs ESPN's FCF, and doesn't need to spend $9B on Hulu today.
We do agree with Loeb's points about not reinstating the dividend (better use of FCF on Disney + and other investments) and refreshing a (strangely weird) Board of Directors.


The Walt Disney Co

Disney: Don’t Listen to Loeb