Investment Research
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The last time I shared my updated Airbnb model was October 2025. As the stock has gone up ~50% since then, investors need to re-underwrite the assumptions today. As promised last week, I am going to share my updated model and lay out what you need to believe to get to a reasonable IRR from current price behind the paywall.
I want to highlight a couple of pieces which I found to be quite intriguing.
Uber’s decision to divest its stake in Serve, the autonomous delivery robot company that was spun out of Uber in 2021, was more interesting than it may appear at first glance.
Programming Note: MBI Deep Dives will be off during the weekend and I will resume the daily posting cadence from Monday next week.
Back in 2021, I once responded to someone on X (formerly twitter) why I didn’t want to engage in trading options.
Constellation Software (CSU) delivered a quarter that can be considered bit of a Rorschach test. Organic growth printed the weakest number in nearly 6 years while capital deployment pace is running pretty hot. I cannot speak for other shareholders, but if you own it (as I do) for CSU’s ability to deploy ever increasing amounts of capital at attractive ROIC, I do not expect you will lose much sleep…
While looking at Artificial Analysis Intelligence Index, I was quite struck by what they all have in common.
Following its IPO last year, Figma reported two consecutive quarters of revenue growth deceleration.
As I do after every quarter, let me share the snapshot of the overall digital advertising industry.
Shopify’s Gross Merchandise Value (GMV) maintained its almost miraculous 30% growth (FXN) in 2Q’26.
