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

DoorDash 1Q22 Earnings: Are Delivery Platforms More Profitable than Ride Sharing?

Is Grubhub’s Uncertain Future Opportunity for Uber?

DoorDash: Why Is Doordash 14x Sales and Uber 4x?

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

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>Amazon announced a partnership with TKWY’s Grubhub where Amazon Prime members will get one year free of Grubhub+ membership.</li>
<li>Amazon has the option to take a 2% stake in Grubhub which could grow to 15% depending on performance conditions.</li>
<li>Deal is a direct shot at DoorDash's Dashpass subscription program, which is 30% of DASH's customers and accounts for ~50%? of GOV... expect a price cut to stave off churn.</li>
</ul>


Amazon announced a partnership with TKWY’s Grubhub where Amazon Prime members will get one year free of Grubhub+ membership.
Amazon has the option to take a 2% stake in Grubhub which could grow to 15% depending on performance conditions.
Deal is a direct shot at DoorDash's Dashpass subscription program, which is 30% of DASH's customers and accounts for ~50%? of GOV... expect a price cut to stave off churn.


Amazon’s Grubhub Deal Worse for DoorDash than Uber