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

Roblox 1Q22: Acceleration Coming, But How Much?

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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

<ul>
<li>Roblox was crushed on 4Q21 earnings, owing to a weak guidance for January due to tough Covid comps.</li>
<li>We think the selloff is overdone given the still strong user growth and the "of course" normalization that was due to occur after incredible growth for the past two years.</li>
<li>Once growth normalizes midyear, the platform narrative will resume as reaccelerating core growth and 2023 advertising growth comes into view. A likely double from here.</li>
</ul>


Roblox was crushed on 4Q21 earnings, owing to a weak guidance for January due to tough Covid comps.
We think the selloff is overdone given the still strong user growth and the "of course" normalization that was due to occur after incredible growth for the past two years.
Once growth normalizes midyear, the platform narrative will resume as reaccelerating core growth and 2023 advertising growth comes into view. A likely double from here.


Roblox 4Q21: Metaverse or Optical Illusion?

ROBLOX

Roblox 4Q21: Metaverse or Optical Illusion?