DECK & REPLAY: CLICK HERE
The emphasis of this call was to review the major themes and incremental developments to each of our Best Idea Long (TWTR, BKNG, SPOT) and Short (YELP) theses, with a particular emphasis on identifying the major catalysts and risks to each position over the near-to-intermediate term.
We didn't address MTCH during the call since we have nothing incremental to add since our original call back in June (deck & replay below). Also note that for the sake of time we had to omit much of the supporting detail, but we have included links to the expanded decks for each below.
TOPICS OF DISCUSSION & TIMESTAMPS
- TWTR (01:53–17:54): Accelerating growth tempered by soft 2018 outlook. Why and when we expect TWTR to solidify its recovery story.
- YELP (17:55–37:22): Structural shift in monetization tactics to accelerate its blowup, but wider range of potential near-term outcomes until then.
- BKNG (37:24–59:56): Consensus finally offering some breathing room as BKNG poised to reaccelerate room night growth.
- SPOT (60:00–75:00): Meh. We're long but not loving the story/setup. Why and when we may be looking to exit.
BEST IDEA DECKS & REPLAYS
- TWTR | CLICK HERE
- YELP | CLICK HERE
- BKNG | CLICK HERE
- SPOT | CLICK HERE
- MTCH | CLICK HERE