Network Effects
noun · each new user makes the product more valuable to existing users
Tagged analyses
EQIXBest-in-class interconnection moat, but priced at 1.74x intrinsic value with mid-single-digit ROIC.
Avoid · 2026-05-04
NDAQA toll-bridge exchange wrapped around a debt-funded software bet, priced for perfection.
Hold · 2026-05-04
NWSADiversified media conglomerate priced 4x its intrinsic value with declining core profits.
Avoid · 2026-05-04
CMEA toll bridge on global rates and commodities, priced as if the bridge keeps widening.
Hold · 2026-05-03
EXPEA scarred OTA #2 trading near fair value with a structural search-traffic problem.
Hold · 2026-05-04
EFXOligopoly bureau with a workhorse in Workforce Solutions, but priced for sunshine.
Hold · 2026-05-04
UBERUber finally earns its keep, but robotaxis make the runway unknowable.
Too Hard · 2026-05-03
ABNBToll-bridge marketplace at half intrinsic value, but stock-based comp keeps the toll leaky.
Buy · 2026-05-03
CPAYA high-quality fleet payments toll road trading at roughly a third of base intrinsic value.
Buy · 2026-05-03
GOOGLA wide-moat compounder priced for a war it is also winning.
Buy · 2026-05-03
HASMagic and D&D are the prize; the toy business is the tax.
Hold · 2026-05-04
DASHDominant local-delivery platform priced for perfection at 4.5x intrinsic value.
Avoid · 2026-05-04
TKOUFC plus WWE is a fine asset, but the price is fantasy.
Avoid · 2026-05-05
EBAYA narrow-moat cash machine priced for stagnation, not for the focused enthusiast niches it dominates.
Hold · 2026-05-04
APPAppLovin is a brilliant ad-tech machine priced for perfection at 1.5x intrinsic value.
Hold · 2026-05-03
AXPAmerican Express is a premium spend-network compounder trading at a meaningful discount to fair value.
Buy · 2026-05-03
MSCIMSCI is a tollbooth on global equity flows; pay $590, wait.
Hold · 2026-05-04