gjangal

In my view, it’s a just a proxy for maintenance capex. This can be used to figure out incremental capital invested in the business and what kind of return are they getting for this incremental invested capital. It’s not very useful nowadays if a lot of the investments are funneled through the income statement rather than capital expenditure

PAYX I am still going through the numbers, they still have low double digit growth, good roic and looks like they are using their balance sheet well, cons are obviously they are skewed towards small and medium sized businesses which are going to take a hit. Maybe stock already reflects that. I do a general check of numbers and take a judgement call as to whether the business can maintain competitive position, market opportunity. .Growth/fall in revenue usually reflects that. Asset light business models are very attractive . I also willingly will pay up to 40 pe for good growing businesses in this rate env

Looking to buy ANET, PAYX, BKNG. Haven’t sold anything yet, but I feel this is going to prolong for a while, so buying slowly and in small quantities .Especially valuations may not return to where they were as markets have to price in second wave and 3rd wave scenarios in the absence of a vaccine. Good time for people with substantial cash as they can accumulate slowly SQ and TTD look risky to me as small businesses and ad budgets return slowly. Better to buy stronger players. Thinking about that

And I should add very low investment need for future growth if the duopoly persists

Where are you getting the forward earnings #? Is that consensus earnings? Your estimate of future earnings? Analyst estimates for 2021 before this corona virus situation. In my view next year earnings may be impaired but earning power is not. Betting this will be the first ones to recover when things go back to normal. I see this and MA as a royalty on GDP and Inflation. Terminal growth is nominal GDP + any pricing power they may want to exert

Buying V at a forward pe of 20. For all those who have been waiting for V , this looks like a good chance. Once the case curve flattens, economic activity should return to normal slowly. Given where rates are , this seems like an good price for a good company

The government should come out and send checks to everyone ( at least low wage / gig workers / need based ) . After all that’s what they are doing for the rich people who own assets in terms of QE and lowering interest rates. Small businesses and honest hard working people who serve the community and are not able to do so now because of an act of god shouldn’t suffer

- Bill Gates 4 years ago on the biggest high probability risks

It's kind of funny in these Fed liquidity-driven times for a couple of down days totaling about -4.5% return to be considered a correction. I ll take whatever I get, I can see this being close to 80 in a few years. Maybe it goes to 30 first and then 80 it doesn’t matter. If the thesis is intact I will add. it has enough addressable market size to grow 40% pa for some time,

Planning to add DDOG during this correction

Bought some SAVE, think it’s worth around 60

Making WORK a ~5% position

SAVE is interesting here. Cheap and has some growth in it. It is / has opened flying to a wider set of people. Probably has also increased the frequency of flying for some people. Looks cheap with growth. Plane problems in the future be damned, people wanna fly Thanks for the idea

Added DLTR and AMZN

Sold UNH, CVS, GS. They were mostly valuation plays