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

Facebook 4Q21: Trending on TikTok ‘How to Lose $200B in Market Cap’

Snapchat 4Q21: A Quick Turnaround…And Why Facebook Didn’t Snapback

Musk Buys Twitter, You Should Buy Facebook

Facebook 2Q21: “Significant Deceleration?” Cmon.

SNAP 1Q21: Spotlight on Spotlight…Why Snap Is Still a Multi Bagger

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

<p>An old saying in stock investing is wait three days after a blowup to buy. OK…well Snap blew up 10 days ago…and Facebook last week. So, which to buy? Well, go buy Google first. It’s a better company than either Snap or Facebook, isn’t impacted by Apple’s changes, and has the more compelling growth adjusted valuation. But Snap or Facebook? We bought both.</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>

An old saying in stock investing is wait three days after a blowup to buy. OK…well Snap blew up 10 days ago…and Facebook last week. So, which to buy? Well, go buy Google first. It’s a better company than either Snap or Facebook, isn’t impacted by Apple’s changes, and has the more compelling growth adjusted valuation. But Snap or Facebook? We bought both.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.

Snap

Do You Buy Snap or Facebook or Both?