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

Spotify Analyst Day: We’re Going to Be Huge and Profitable in 10 Years

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

<ul>
<li>Management promises belt tightening! Losing €659M at ~€12B in revenues? And still won't be profitable in 2023?  Why should investors believe this change?</li>
<li>Gross margin guidance misses...again. Two beats in the past 3 years on gross margins.</li>
<li>Podcasting growing 100% in 1Q22 exited 4Q22 growing 30%...and ad-related revenues still just 14% of the total. Why will this move the needle?</li>
</ul>


Management promises belt tightening! Losing €659M at ~€12B in revenues? And still won't be profitable in 2023?  Why should investors believe this change?
Gross margin guidance misses...again. Two beats in the past 3 years on gross margins.
Podcasting growing 100% in 1Q22 exited 4Q22 growing 30%...and ad-related revenues still just 14% of the total. Why will this move the needle?


Spotify

Spotify 4Q22: Speed + Efficiency?