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

Palantir – Little Early But Getting Interesting Again

Palantir 1Q22 Earnings: War Supposedly Good for Business?

Palantir 2Q21 Earnings: Do You Buy The Growth?

Palantir 1Q21 Earnings: ARK’s Buying What They’re Selling

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

Palantir Technologies  / Equity Bottom-Up

<ul>
<li>Palantir's ongoing SPAC investment strategy is driving an increasing bifurcation between reported and underlying results... which continues to be ignored by sell side and retail investors. </li>
<li>Revenue growth missed ex-SPAC, while Billings Growth collapsed 31% YoY ex-SPAC investments...unheard of for a software company.</li>
<li>Margin guidance for 1Q22 well below consensus as sales headcount continues to ramp. Stay short.</li>
</ul>


Palantir's ongoing SPAC investment strategy is driving an increasing bifurcation between reported and underlying results... which continues to be ignored by sell side and retail investors. 
Revenue growth missed ex-SPAC, while Billings Growth collapsed 31% YoY ex-SPAC investments...unheard of for a software company.
Margin guidance for 1Q22 well below consensus as sales headcount continues to ramp. Stay short.


Palantir 4Q21 Earnings: Declining Bookings, Shrinking Margins, Eccentric CEO