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

TMT Weekly: 3 Things that Stood Out The Week of 1/8/2021

Facebook 4Q20: Trying to Take a Bite Out of the Apple

Whatever Happened to FANG? Why Its Time to Reload on Large Cap Growth

Facebook and Antitrust - The Beginning of the End for Big-Tech?

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

Meta Platforms (Facebook) / Equity Bottom-Up

<p>Sheesh! The media pays attention to the faux antitrust lawsuits that have been sprouting the past month against the tech platforms…none of which will actually alter the respective competitive positions for Amazon, Google, Facebook, and Apple.</p><p>However, Apple’s once delayed but now imminent rollout of “opt-in” for ad-tracking seems to be an actual near term threat for Facebook given Facebook’s vociferous responses over the past week or two. Or is it?</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>

Sheesh! The media pays attention to the faux antitrust lawsuits that have been sprouting the past month against the tech platforms…none of which will actually alter the respective competitive positions for Amazon, Google, Facebook, and Apple.However, Apple’s once delayed but now imminent rollout of “opt-in” for ad-tracking seems to be an actual near term threat for Facebook given Facebook’s vociferous responses over the past week or two. Or is it?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.

Meta Platforms (Facebook)

Facebook: Apple Threat Fact or Fiction?