nysespot
What’s New In Activism – ValueAct Takes Stake In SpotifyValueAct Capital Management took a stake in music streaming company Spotify Technology SA (NYSE:SPOT) in a move expected to push for a tightening on spending and overall efficiencies. The new position was disclosed by the hedge fund’s CEO Mason Morfit during a Friday presentation at Columbia University in New York. Q4 2022 hedge fund letters, conferences and more "Spotify's superpower was combining engineering breakthroughs with organizational abilities — it organized creators and copyright owners to build an entirely new economic model t...
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Spotify Technology SA (NYSE:SPOT)’s first quarter revenue rose 19% to €2.7bn, ignoring the impact of currency changes. That was better than management’s guidance, and reflected double-digit growth in both Premium and Ad-supported revenue. Monthly Active Users (MAUs) also grew beyond expectations. Gross margins of 25.2% were also ahead of guidance, but lower than last year. The group swung from operating profits of $14m to a $6m loss, reflecting increased costs. Q1 2022 hedge fund letters, conferences and more Spotify expects to add 14m MAUs in the current quarter, excluding the impact of the o...
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Rowan Street commentary for the year ended December 31, 2021. Q4 2021 hedge fund letters, conferences and more “Nobody buys a farm based on whether they think its going to rain next year. They buy because they think its a good investment over 10 or 15 years. It’s the same with stocks. Think of stocks as a part ownership of a business. It’s not that complicated.” - Warren Buffett Dear Partners, I think we can all agree that since the pandemic started in the beginning of 2020, it has been a very challenging operating environment for most businesses, and the stock market has had a very difficult ...
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Rowan Street commentary for the third quarter ended September 2021. Q3 2021 hedge fund letters, conferences and more Dear Partners and Friends, Rowan Street Performance UpdateRowan Street was down -13% in Q3, causing our fund to decline -9.2% (net) year-to-date as of September 30. This decline is normal and is to be expected, especially after a solid performance year we had in 2020, where our fund outperformed the market by 30% net of fees. We would like to remind all our partners, especially the ones who have recently joined our partnership, that the sole focus of the fund is to compound our ...
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Spotify Technology SA (NYSE:SPOT)’s second quarter revenue rose 23% to €2.3bn compared to last year. That reflects a 17% increase in revenue from premium ad-free accounts, and ad-supported revenues more than doubling. However, monthly active user growth was slower than expected, largely because of Covid disruption, including the pausing of some marketing. A technical issue also impacted MAU growth. Q2 2021 hedge fund letters, conferences and more Operating losses swung from €167m loss to profit of €12m. The group forecasts revenue of €2.31-€2.51bn next quarter. The shares fell 1.6% in pre-mark...
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Rowan Street Capital commentary for the first half ended June 30, 2021. Q2 2021 hedge fund letters, conferences and more Dear Partners and Friends, Rowan Street Capital celebrated its 6 year anniversary in March. It’s been an amazing and truly rewarding journey full of lessons, ups and downs, successes and challenges. In our very first letter to partners back in 2015 we wrote: “Our vision is to build something special at Rowan Street Capital where our partners can visualize themselves as part owners of a business they expect to stay with for a long time, just like they would if they owned a re...
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Despite announcing a merger target, PSTH stock still looks to be all about investor’s belief in Bill Ackman Q1 2021 hedge fund letters, conferences and more The last time I wrote about Pershing Square Tontine Holdings (NYSE:PSTH) was at the beginning of May. At the time, PSTH stock was down 27% from its February high. But without a target, investors were losing patience. That began to change in early June. Bill Ackman, the SPAC’s founder, announced his intention to buy a stake in Universal Music Group (UMG) from parent company Vivendi (OTCMKTS:VIVEF). There are many elements of this deal that ...
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JDP Capital Management’s interview with with Matthew Drengler of Podsights Inc., disucssing the opportunities in podcast advertising. Q1 2021 hedge fund letters, conferences and more Dear Partner, JDP's strategy is to make investments in a handful of businesses that we believe have years of runway to compound earning power faster than the S&P. Much of our time is spent researching and thinking about where our investments are on their lifetime value-creation journey versus the price we paid. An important part of our research process is talking to entrepreneurs within the ecosystem of our portfo...
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