I used to print everything—10-Ks, 10-Qs, press releases, transcripts. I like to underline and write notes in the margins. I hated reading long documents on my computer screen or iPad. I stare at screens enough as it is. My office was piled high with stacks of papers.
To me, these are signs that suggest Naked may want to deemphasize the “discount wine” angle. Not only have they been having recent success by being less promotional, but it’s also clear wine drinkers broadly assume higher priced wine is higher quality.
Compared to my last published version, I’ve made the following revisions (to my Base case unless otherwise noted):
Some thoughts on Amazon after its third quarter
Some thoughts on Peloton’s fiscal first quarter
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Some reading of the tea leaves
Some thoughts on Carvana’s liquidity, retail units, and GPU
My downloadable AWS scenario analysis and valuation model
Some thoughts on Peloton after its fiscal fourth quarter