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

Crowdstrike FY2Q22: The Ferrari of Security Platforms

Crowdstrike FY3Q22: Platform, Not Endpoint

Crowdstrike FY4Q22: (Bear) Case Adjourned

Crowdstrike Analyst Day: Really, Just $3B in ARR?

Crowdstrike 3Q21: Like Shooting Fish in a Barrel

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

<p>Another incredibly impressive quarterly performance for Crowdstrike. It crushed consensus and raised guidance by well more than the beat. The recent Gartner Magic Quadrant on endpoint protection shows Crowdstrike head and shoulders above the legacy competition. The high profile cyber attack backdrop doesn't hurt either. The only issue is...the market has caught up to Crowdstrike, and its a bit of a consensus long now. We stay long but recognize further gains are harder because of this dynamic. </p><div class="content-highlight"><p>Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.  </p></div>

Another incredibly impressive quarterly performance for Crowdstrike. It crushed consensus and raised guidance by well more than the beat. The recent Gartner Magic Quadrant on endpoint protection shows Crowdstrike head and shoulders above the legacy competition. The high profile cyber attack backdrop doesn't hurt either. The only issue is...the market has caught up to Crowdstrike, and its a bit of a consensus long now. We stay long but recognize further gains are harder because of this dynamic. Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.  

Crowdstrike Holdings

Crowdstrike 1Q2022: The Best in the Biz