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 6/11/​​​​​​2021

TMT Weekly: 3 Things That Stood Out the Week of 6/25/2021

Roblox: If Its in the Game, Its in the Game

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>Our investment process informs us that when our key questions are positively answered and when thesis threats are disproved, conviction in the thesis goes up. Very rarely has a thesis been confirmed so resoundingly, let alone in the first quarter of a public company. Growth in older cohorts and new geographies is rising while a sharp slowdown from the COVID surge isn’t materializing (yet). This morning's strong inflation number might give another entry point.</p><p></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>

Our investment process informs us that when our key questions are positively answered and when thesis threats are disproved, conviction in the thesis goes up. Very rarely has a thesis been confirmed so resoundingly, let alone in the first quarter of a public company. Growth in older cohorts and new geographies is rising while a sharp slowdown from the COVID surge isn’t materializing (yet). This morning's strong inflation number might give another entry point.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.

ROBLOX

Roblox 1Q21: Growing Up