Independent Research, US Dominant Players, Investment Talk

Investment Talk

I am a 27-year-old who grew up in Germany & England before migrating back to my homeland of Scotland. I have worked since the age of 14, spent five years as a student of economics, and have served in various roles across the fintech and start-up landscape. I am currently a product manager and head of partnerships at Koyfin, and have been writing consistently since 2020. Investment Talk was my first newsletter, and I later started writing NTS. Investment Talk is where I write articles about the stock market, the companies within it, and human behaviour. I focus on writing about what I find interesting, in a way that will be both enjoyable and informative to the reader.

Independent Research, US Dominant Players

Investment Talk is for readers who wish to learn about companies that are potentially outside of their own circle of research, as well as those who are longing to become part of a community of like-minded investors and learn more about investment research. I would describe myself as a long-term investor who typically takes a 3Y to 5Y outlook, before reassessing once that period matures. I follow the adage that one should research, reach a conclusion, and then verify and continue to hold so long as the thesis remains intact. My own investing style is one that seeks to find dominant players within their respective market who have shown signs of monopoly or oligopolistic behaviour, unlikely to be disrupted, in tandem with discovering market disruptors who have a high likelihood of disrupting their respective market. Equally (and weighted accordingly) I seek to discover more nuanced, misunderstood, situations with a shorter time frame.

Equity Bottom-Up

<ul><li>It is my opinion that the pull-forward exhibited in <em>this business</em> stands to be a net positive, regardless of how the share price might behave in the interim.</li><li>The last 24 months have brought in 43M new active buyers to the Etsy marketplace, as well as 2.6M new sellers for a grand total of 90.1M buyers (+9.2M YoY) and 5.3M sellers (+900K YoY)</li><li>Etsy managed to surprise investors in Q4, putting up greater than anticipated revenue ($717M/+16%) for the period, as well as record GMS ($4.2B/+17%)</li></ul>

It is my opinion that the pull-forward exhibited in this business stands to be a net positive, regardless of how the share price might behave in the interim.The last 24 months have brought in 43M new active buyers to the Etsy marketplace, as well as 2.6M new sellers for a grand total of 90.1M buyers (+9.2M YoY) and 5.3M sellers (+900K YoY)Etsy managed to surprise investors in Q4, putting up greater than anticipated revenue ($717M/+16%) for the period, as well as record GMS ($4.2B/+17%)

Etsy Inc

Etsy: House of Brands, Revisited.