27 avsnitt

Investing your money should be enjoyable and empowering. This podcast is dedicated to simplifying investing, finding the best founder-led companies, and sharing our real portfolio results.

Subscribe to our email newsletter at https://austin.substack.com


Founder Stock Investing Austin Lieberman

    • Investering

Investing your money should be enjoyable and empowering. This podcast is dedicated to simplifying investing, finding the best founder-led companies, and sharing our real portfolio results.

Subscribe to our email newsletter at https://austin.substack.com


    Kinsey Grant from Morning Brew Interview: Getting Comfortable Being Uncomfortable

    Kinsey Grant from Morning Brew Interview: Getting Comfortable Being Uncomfortable

    This week I sit down with Kinsey Grant (Twitter @KinseyGrant) from Morning Brew (@MorningBrew) and the Business Casual Podcast (@bizcasualpod).

    I asked Kinsey to be on the podcast because I’m a huge fan of what MorningBrew.com is doing to spread business and financial literacy to the masses through educational and FUN email newsletters and now podcasts.

    You can either play the podcast directly in your browser by hitting the play button at the top of this page or find it on your favorite podcast player (links below).This podcast is part of my free investing newsletter. There is an option to pay $5/month or $50/yr if you want to help support the newsletter and podcast. We also appreciate you hitting the heart to “like” this post and sharing it on your favorite social media platforms to help others find us.

    Subscribe to the podcast, listen, and leave us a review on:

    Apple iTunesGoogle PlaySpotifyStitcherTopics Discussed & Approximate Timestamps

    2:20 Kinsey Intro + How we connected over Twitter + empowering others

    7:40: Getting over the fear/imposter syndrome of reaching out to high-profile guests

    9:40: Understanding the importance of hardwork (and a little bit of luck)

    11:40 How Kinsey got her job at Morning Brew

    14:40 Why Kinsey started looking for new career opportunities while she was in a job she enjoyed at Thestreet.com

    19:40 What Kinsey has learned about taking feedback as a journalist/content creator.

    21:40 How she’s navigated

    25:00 Kinsey’s creative process, how she prepares for writing + podcasting and what her week looks like. The best creators are great readers

    29:40 The origin story of Business Casual Podcast

    31:40 Kinsey’s Tweetstorm with lessons learned from getting their first 1M podcast downloads.

    34:40 What’s up next for the business casual podcast

    36:40 Two things Kinsey is trying to improve on professionally

    39:00 Obligatory Hot Seat Questions

    Kinsey’s favorite episode of morning brew

    Does hiring social media people make it feel like you’re in prison?

    How Kinsey’s mom saved her Instagram life.

    The Kindest thing anyone has ever done for Kinsey

    My Key Takeaways

    Take action - reach out to your idols, the worst thing that can happen is they say no

    When a great opportunity is put in front of you take it! You gotta risk it to get the biscuit.

    The team at MorningBrew starts creating the next day’s newsletter around 12:00 or 1:00 and covers similar stories to other big magazines. To be successful, we don’t have to invent the next light bulb, but do something meaningful our own way.

    The team started the podcast without knowing exactly what the format would be and who they would interview (just start!)

    Get on the email list at austin.substack.com

    • 49 min
    Microsoft & Atlassian Earnings - The Force is Strong in the Cloud.

    Microsoft & Atlassian Earnings - The Force is Strong in the Cloud.

    Hey Investors.. trying something new. You can consume this update however you’d like. If it’s in your email you can hit play to listen to the audio at the top of the email, or what the embedded YouTube video.

    The podcast is also available on your favorite podcast player search: “Founder Stock Investing”. Would love for you to subscribe to the podcast, Youtube channel, and/or this email — whatever works best for you.

    Atlassian’s (TEAM) Q2 FY20 earnings report

    Microsoft (MSFT) Q2 FY 2020 Earnings Results

    Earnings Call Transcript

    Satya Nadella -- Chief Executive Officer

    Microsoft Teams is the leading hub for teamwork. Now with more than 20 million daily active users, people are increasingly engaged across the platform in richer forms of communication and collaboration, participating in more than 27 million meetings a month. Integrated calendaring, pop-out chats and one touch to join meetings from your phone keeps work, conversations and meetings in the context, eliminating the need to bounce back and forth between apps.

    We are reimagining the meeting rooms of the future with Teams integration with Cisco's Webex and new devices from Lenovo. And our partnership with Samsung, along with the new walkie-talkie feature in Teams gives first-line workers the technology they need to be more collaborative, productive and secure on-the-go. All this innovation is driving usage. 64,000 employees at L'Oreal are using Teams. More than 70,000 first-line employees at IKEA are moving to Teams for shift management. From Nestle to Tesco, the world's largest companies are choosing Microsoft 365, and we continue to see increased demand for our premium offerings from customers like AXA, Rockwell Automation, Berkshire Hathaway Specialty Insurance and Duracell.

    Mark Murphy -- J.P. Morgan -- Analyst

    Yes, thank you. Satya, a few quarters ago, you had commented that Teams is the fastest-growing app in the Company's history. Wondering if you could clarify if that is a reference to daily active user growth or bookings impact. Or is that a comment on user engagement and the time being spent in Teams or some other criteria? As well, Amy, wondering if you could offer any kind of directional thoughts on just how to model the Windows OEM line post-Windows 7 end of support and going into fiscal year '21. And any high-level thoughts on how you think that could trend versus what happened in the prior cycle?

    Satya Nadella -- Chief Executive Officer

    Yeah. Thanks for the question, Mark. My comment was mostly around deployment, engagement, the depth of engagement. There are very few types of products, which have these platform effects. Teams is a scaffolding, that is, obviously, related to messaging, which has significant usage. It's also driving usage of the rest of Office, because rest of Office gets integrated in the usage patterns around channels. It's, obviously, used in meetings. It's also the place where business process workflows in context of messaging happen and both for knowledge workers and first-line workers. So, when I look at all of that cumulative effect, it's much broader than any other user experience scaffolding and in terms of its ability to drive that type of platform effect and engagement. So we're excited about it. And we continue to see that, and you saw that in my remarks as well.

    From Q1 FY 2020 Earnings Call

    Satya Nadella -- Chief Executive Officer

    Teams keeps all of your work, conversations and meetings in context, eliminating the need to bounce back and forth between different apps with features like integrated calendaring one-touch to join meetings from your phone and we are broadening our opportunity with 2 billion first-line workers worldwide adding priority notifications, role specific targeted messages, and the ability to clock in and clock out of a shift.

    Our differentiated offering is driving usage

    • 8 min
    Last Week's Portfolio Update: +1.57% Up $8,045

    Last Week's Portfolio Update: +1.57% Up $8,045

    Time got away from me and I couldn’t get last week’s update out last Friday. This week will be a little weird. Today we’re covering last week (week ending October 11th) and on Friday, October 18th, we will be back on schedule. I am considering moving portfolio performance updates to once a month which will give me more time to focus on covering individual companies. Would love to hear your thoughts/preference. Reply to this email and let me know!

    First a little housekeeping. For some strange reason, I feel compelled to start the podcast back up. If you’re reading via email, you’ll still continue to get updates and podcasts you can play directly in your inbox. You’ll also be able to listen through your favorite podcast player so please, subscribe to Founder Stock Investing and leave a review. It will help others find us!

    Apple PodcastsSpotify

    All results through October 11, 2019.

    7-Day return: +1.57%Year-to-date return: +25%

    Transactions: 0

    Holdings & allocation %Alteryx (AYX): 19%The Trade Desk (TTD): 19%Twilio (TWLO): 16%Mongo Database (MDB): 16%Okta (OKTA): 7.6%Zscaler (ZS): 7%Anaplan (PLAN): 6.5%Pager Duty (PD): 5%Zoom (ZM): 3%Slack (WORK): 2.5%Datadog (DDOG): 2%Elastic (ESTC): 1.5%Crowd Strike (CRWD): 1.5%

    Options: Short 1 x CRWD January 17, 2020 $60 Put Short 2 x PD Feb 21, 2020 $25 PutsShort 1 x ZM Jan 17, 2020 $65 PutShort 2 x ZS Jan 17, 2020 $45 Puts

    I am also long some calls on NTNX and NKTR which are basically a lost cause. Big time losses on those.

    What I’m thinking

    For now, it appears most of the #SaaSpocolypse has passed us. I made that up, but it’s the best I can do to describe what happened to basically all of the companies I own (and most “high-growth” companies) over the last month or so. It was tough to watch my portfolio meltaway from being up more than 60% YTD in July to up around 15% YTD at the low point about a week ago. I view that as part of the game when it comes to this type of investing.

    My belief that I am investing in some of the best companies in the world remains. I also believe that at least some of these companies will continue to grow for many years to come and reward investors handsomely. That’s why I stayed fully invested during the recent sell-off and why I intend to stay that way.

    The Top 4

    I’m very comfortable with my top 4 holdings (AYX, TTD, TWLO, MDB). I don’t plan to make any changes to them unless one surpasses 20% of our portfolio. Then I’ll look to trim it down to under 20%.

    The Middle 4

    I’m a bit less confident in the middle 4. Or at least in Anaplan and Pager Duty. I believe Anaplan is basically creating their own industry with connected planning and they appear to be a clear leader. But I want to see them execute well in the next quarter. I strongly believe in Pager Duty as well and the service they offer is critical to businessess where downtime costs hundreds of thousands or even millions of dollars per minute. However, I won’t buy any more shares until management shows continued strong performance in the face of the competitive environment that seems to be keeping pressure on the share price. Simon Erickson from The Motley Fool did a great Tweetstorm on the company recently which confirmed some of my thesis. Simon is a great investor and his vote of confidence is reassuring.

    The Bottom 5

    I am a big fan of pretty much everything about Zoom and plan to add shares over time (especially if I sell something else). There’s a lot of fear of competition and lack of moat, but I think Zoom’s numbers prove those fears wrong (at least so far). I do believe Zoom has a moat since they’ve built out the hosting capabilities for their cloud-first products since day 1. They’re also building strong partnerships with companies like Verizon and deepening their offering with Zoom phone. The world is moving to more of a distributed model

    • 13 min
    New Position: Zoom (ZM) @ $101 Per Share

    New Position: Zoom (ZM) @ $101 Per Share

    My experience with Zoom since it became a publicly traded company (since it IPO’d) in April is a great learning opportunity. I have probably displayed every bad investor tendency with this company so far.

    I just bought 80 shares of Zoom at $101/share for a total cost basis of $8,008. A 1.25% position in my portfolio.

    Now let’s rewind a take a look at how ridiculous my decision making has been with this company so far.

    Zoom IPO Day: April 18 Bought 160 shares at $62.50 = $10,000: those shares are now worth $16,000 so that’s our comparison

    Here is what I said at the time:

    I added ZM despite it’s incredible 70%+ rise and its extremely high price to sales ratio that apparently even CEO Eric Yuan thinks is a bit excessive (NY Times article). He and many who are saying the company is overvalued right now are probably correct. I’m a big fan of this company and I plan to be an investor long term. I started a 2.5% position in the company so it is relatively small. I invested because I think this company will be much larger in 5-10 years than it is now and I wanted to have at least a small position.

    April 22: Sold 160 shares at $59.04 = $9,446. So I was at -$554 with Zoom. A 5% loss.

    Here is what I said at the time:

    I think an important part of investing (and life) is to be able to admit when we're wrong. Or at least when we made a bad decision.

    I love Zoom's business but I like many others think it's too expensive and the risk/reward is not worth it at this point.

    I am confident I'll own shares at some point, but will wait for some volatility either in the market or in ZM individually to buy.

    There are a lot of other great businesses with a bit slower growth but much lower Price to Sales ratios.

    Keeping the proceeds in cash for now to see if we get that volatility soon.

    So then I decided to get “smart” and sell two $75 Strike August 16,2019 Puts. This meant that if Zoom went lower than $75 before August 16, I would be obligated to buy 200 shares at $75 because each contract represents 100 shares. I was paid a premium of $10.5 for each contract so $2,100 total.

    May 10: SOLD 2 ZM Aug16'19 75 PUT @ 10.5

    But then I got scared for whatever reason and wanted a lower strike price. To get that, I had to buy back the Puts I sold with a $75 strike and sell new Puts at $70.

    May 13: BOUGHT 2 ZM Aug16'19 75 PUT @ 12

    So I had sold the $75 Puts for a total of $2,100 and bought them back for a total of $2,400. My total loss on Zoom at this point (adding my loss from the shares back in) at this point was $854.

    May 14: SOLD 2 ZM Aug16'19 70 PUT @ 8.49 

    On June 6, I got really foolish and decided to try some short-term earnings based options gambles. I figured the stock would move a lot in one direction or the other so I wanted to try and profit from that volatility. Before doing that, I wanted to purchase the $70 Puts I had sold to get rid of that obligation to buy shares if they dropped significantly.

    June 6: BOUGHT 2 ZM Aug16'19 70 PUT @ 6.4 

    I sold those puts on May 14 for $1,698 and bought them back (closed them) on June 6 for $1,280. This brings my total loss on Zoom down from $854 to $436.

    Now for the earnings gamble. I bought Puts and Calls so you’ll see the Buys/Sells reversed from when I sold Puts previously. It’s confusing which is a great reason not to get involved with options strategies like these (if you have not already picked that up!).

    BOUGHT 10 ZM-COMB @ 5.1 = $5,100

    June 7: Earnings came out, stock popped something like 30% and I got lucky.

    SOLD 10 ZM-COMB @ 10.58 = $10,580

    Here is what I said on that day:

    So again, reiterated that I believe the company could 5x or 10x in 10yrs. Why in the world would I not just own shares of a company if that’s what I think? That brought me to:

    Total loss/gain on Zoom = +$5,044

    Remember, if I would have just held the $10,000 position

    • 14 min
    Anaplan First Quarter 2020 Earnings Part 2

    Anaplan First Quarter 2020 Earnings Part 2

    Yesterday we covered the results from Anaplan’s First Quarter 2020 Earnings Report. Today in Part 2 we will cover management’s prepared remarks and the Q&A from the earnings call.

    Prepared remarks

    Frank Calderoni — Chief Executive Officer

    I like to watch the verbiage and how management communicates to open calls. If we see changes in this tone, I’ll start to dig deeper.

    We are very pleased with our first-quarter results as it marked a strong start to the year with solid financial and operational performance.

    On the competitive landscape.

    We believe we are the leading modern business planning platform as we are the only connected planning solution that can address the phenomenon of digital transformation. The rapid growth and expansion we are seeing is the result of the key role Anaplan plays in helping enterprises, regardless of industry, adapt faster to the increased business dynamics.

    Land with a new customer.

     This quarter, one of our largest insurance companies in the world selected Anaplan as part of a large-scale effort to modernize their financial processes and functions. This customer has over 50,000 employees in almost 1,000 locations, so they needed a platform that could extend beyond finance. 

    Expand with an existing customer.

    A key customer expand this quarter was with one of our largest multinational technology companies through their digital transformation effort to focus on transforming user experience with their products. 

    They were already using the Anaplan platform for financial planning and workforce planning, and we are now focusing on their global marketing operations. Previously, manual processes and limited visibility into spending across geographies led to millions of lost marketing campaign dollars.

    Framework for Anaplan’s land/expand model; the honeycomb.

    We have a new framework to visualize how Anaplan's many use cases typically expand and connect within our customers, which we call the honeycomb. Starting with one use case or a single hexagon within a honeycomb, we typically see that rapidly expands into additional use cases often in related or adjacent business areas.

    On Gartner ratings. Note the movement from “niche player” to “leader”.

    We are very proud of our recent achievements as Anaplan was recognized as a leader by Gartner in the 2019 Sales and Operations Planning Systems of Differentiation S&OP Market Magic Quadrant.

    In Gartner's last version of this report, we were considered a niche player, and we have quickly moved to a leadership position. We believe the recognition in the elitist quadrant is because of the high customer satisfaction and impressive capabilities of our supply chain solution. It's important to note that we are one of the few included in six different Gartner categories for a single platform. Driving further adoption of our platform globally is an area of focus.

    Dave Morton — Chief Financial Officer

    For the first quarter of fiscal 2020, we exceeded our expectations across all of our key financial metrics. 

    On remaining performance obligation (RPO).

    Our remaining performance obligation or RPO consists of both billed and unbilled consideration for contracted business remaining to be performed that we expect to recognize as subscription revenue. We exited the first quarter with a total RPO of $473 million, up 53% over last year, which accelerated compared to last quarter's year-over-year growth rate of 44%. There are two key factors that can influence RPO. First is the timing of large enterprise renewals, and second is the weighted average contract term length.

    Raised full-year 2020 guidance

    For the full fiscal of 2020, we are raising our revenue and operating margin outlook driven by the first-quarter performance and ongoing strength we see in our business.

    Analyst Questions and Answers

    Question 1 : A.) How we should think ab

    • 14 min
    Anaplan First Quarter 2020 Earnings Pt 1.

    Anaplan First Quarter 2020 Earnings Pt 1.

    Our Position:

    I had my eye on Anaplan (PLAN) before it IPO’d (became a public company) but chose not to invest because I was concerned with sales and marketing spend and wondered if the company would be able to grow.

    So far, they have executed well, proven there is demand for their product, and the stock had increased around 80% since it IPO’d in October before I opened a position. Common investing “wisdom” would caution people from investing after a stock had increased that much in such a short period of time, but I love to see signs of strength from companies and believe this is an indication of more to come from Anaplan.

    Shares Owned: 519Average Purchase Price: $44.67 (opened initial position May 30, 2019)Total Purchase Price: $23,200Current Share Price: $47.50Current Value: $24,700Unrealized Gain: +6.3%Position Size in Portfolio: 5.28% (small)

    First Quarter 2020 Results

    Total revenue: $75.8 million, up 47% year-over-year.

    Subscription revenue: $65.1 million, up 45% year-over-year.

    Billings $87.1 million, up 57% year-over-year

    Dollar-based Net Expansion Rate 123%

    Customers with Annual Recurring Revenue (ARR) >$250K = 279

    GAAP operating loss: $37.1 million or 48.9% of total revenue, compared to $25.3 million in the first quarter of fiscal 2019 or 49.1% of total revenue.

    Non-GAAP operating loss: $20.1 million, or 26.5% of total revenue, compared to $23.3 million in the first quarter of fiscal 2019, or 45.2% of total revenue.

    GAAP loss per share: $0.30, compared to $1.21 in the first quarter of fiscal 2019. Non-GAAP loss per share was $0.16, compared to $0.25 in the first quarter of fiscal 2019.

    Cash and Cash Equivalents: $332.7 million as of April 30, 2019.

    Key Slides/Graphs

    Subscription revenue is continuing to grow steadily. We should see increased growth in Q2 and Q4 if last years’ trends continue

    I’ll keep an eye on this number. If we see growth of customers spending >$250k ARR begin to slow, it will be a red flag for future growth potential.

    I expect margins to stay relatively flat with potential increases as the company and their products become more well-known/established.

    Billings growth longs very strong.

    Updated Full-Year 2020 Guidance

    I generally don’t pay too much attention to guidance. The companies I am invested in usually provide very conservative guidance that they’ll easily beat. However, I DO pay attention when companies warn about guidance, lower guidance, or raise guidance.

    Anaplan raised it’s guidance for full-year 2020:

    Total revenue is now expected to be between $326 and $331 million (was between $310 and $314 million).

    Non-GAAP operating margin is now expected to be between negative 22.5% and 23.5% (was between negative 26% and 27%).

    Recent Highlights

    I don’t pay too much attention to these. Of course companies are going to highlight recent successes, but results are far more important than self-selected business highlights. I learned this lesson with a company called Nutanix that I was previously invested in. Management boasted about all kinds of highlights, they were/are a leader in Gartner’s Magic Quadrant, but the results we relatively week and confusing for multiple quarters. The stock has suffered tremendously over the last year +.

    There is at least one important benefit from being identified as a leader according to Gartner. It makes it easier for customers to legitimize using a “new” solution like Anaplan because of the recognition of Gartner’s name/ratings.

    Anaplan Positioned as a Leader in 2019 Gartner Magic Quadrant for Sales and Operations Planning Systems of Differentiation.

    MUFG Investor Services announces their choice to use Anaplan for clients’ real-time planning processes.

    Anaplan announces CPX 2019 in San Francisco, expected to welcome over 2000 attendees from around the world June 10-12.

    To be continued


    • 11 min

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