Coupang Q1 SWOT
$CPNG reported earnings after market close Wednesday and is up 19% after hours.

Quick Q1 SWOT:

  • Strength: Gross margins improved 450 bps and gross profits grew 42% YoY, leading to its Product Commerce segment's (e-commerce and fresh grocery delivery) first EBITDA-positive quarter.
  • Weakness: Active customers only grew 13% -- it's first quarter below 20% growth after 16 straight quarters above.
  • Opportunity: Its Developing Offerings segment (food delivery, fintech, ads, international, video streaming) grew by 79% YoY and provides a strong value proposition to customers signed up for a Rocket WOW membership (think Amazon Prime).
  • Threat: Coupang needs to prove its Fresh (grocery) and Eats (food delivery) operations can thrive with South Korea's high population density. Their U.S. peers are yet to find meaningful, long-term profitability here, but our density is more widespread.

Keeping a long-term horizon -- the pros outweigh the cons, and I am happy to continue holding and adding to this one over the long term.
Will Coupang beat the S&P 500 over the next decade?
50%Of Course
33%No Way
16%Who is Coupang?
12 VotesPoll ended on: 05/15/22
E-Commerce Sell-off
Right now the total market capitalization for $MELI, $SE, $CPNG, $SHOP, $ETSY and $GLBE is about $135 billion.

These are the dominant forces in their respective geographies and niches.

Furthermore, depending on the valuation you'd like to give to $AMZN's AWS segment, its e-commerce operations look very cheap now (if not damn near free).

Now compare this $135B and whatever Amazon's e-commerce operations are worth with global retail e-commerce figures expected to reach $7 trillion by 2025.

This is an apples to oranges comparison, and many other companies are involved -- but this difference feels too large not to at least acknowledge.

One year ago, Sea was worth $180 billion alone.

Now, this whole group is $135 billion.

The risk/reward has become fascinating across these stocks -- Amazon included.

And all of this comes with no mention of each company's optionality -- most of which are still relatively nascent.

Call me a sucker for roughed-up growth stocks, but I will gladly keep adding.
Of these seven stocks, how many will be multibaggers by 2030?
12%0
39%1-2
39%3-4
9%5+
41 VotesPoll ended on: 05/14/22
I’m not a fan of Etsy because as many times as I’ve shopped there, I’ve never once purchased anything. Not sure how they can outcompete anyone. EBay gets my money every time, the Etsy sellers had limitations on payment (only PayPal), higher prices, shipping costs, etc. Mot familiar with $CPNG or $GLBE but even as a value investor have been looking at the other 4 mentioned.
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$105.4m follower assets
Large fund liquidating $CPNG ?
$CPNG Very strange price action the past 2 days, down 20% yesterday and up 13% today

Rumors floating of a big fund getting liquidated.

Largest shareholders as of Q4:

  1. Softbank
  2. CEO Bom Kim
  3. Greenoaks
  4. Baillie Gifford
  5. Maverick Capital
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April 2022 Bloodbath - Names Down >30% Since April 1
April 2022 was one of the worst market months of all time. In fact, it was the worst since October 2008. Here are 100 stocks down >30% since April 1:


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Beaten-down 2021 IPOs
I love avoiding new initial public offerings for their first couple of earnings reports as a publicly-traded company -- but even more so, I love revisiting them after this 6-12 months.

Life as a newly public company is rough as expectations from analysts are wonky, and management is adjusting to a new lifestyle of increased scrutiny.

With this in mind, here's a list of 2021 IPOs I'm watching that have traded down since going public.

$RSKD Riskified -74% | $PATH UiPath -67% | $COOK Traeger -66% | $BIRD Allbirds -65% | $MQ Marqueta -64% | $CPNG Coupang -62% | $OLO Olo -56% | $COIN Coinbase -53% | $APP Applovin -51% | $EXFY Expensify -44% | $USER UserTesting -42% | $BMBL Bumble -42% | $WRBY Warby Parker -40% | $AFRM Affirm -39% | $WEBR Weber -37% | $NU Nu -31%| $RBLX Roblox -30% | $SEMR SEMrush -27% | $FIGS FIGS -27% | $MNDY Monday -13% | $DOCN DigitalOcean -11% | $CFLT Confluent -8% | $GLBE Global-e Online -6% |

Curious to hear what you all may like the most from these?

Out of this list, four are part of my Core 34 group of holdings that I aim to add to the most here in 2022.

Have a good weekend, friendly humans.
With of the four from my core 34 do you like the most?
42%Coupang
31%Roblox
15%DigitalOcean
10%Global-e Online
19 VotesPoll ended on: 05/02/22
4 Additions and 1 New Buy
I added to $ETSY, $ZM, $CPNG, and $PYPL today while opening a tiny watchlist position in $DLO.

These four are all part of my core holdings that I am trying to build up, so today's lowered prices were a good time to add.

Meanwhile, I know very little about dLocal but have seen a few investors I respect talking about it and its dollar-based net retention of 198% that I needed to watchlist it.

I buy tiny watchlist positions in anything that fascinates me to psychologically put skin some skin in the game, remove FOMO to a certain degree, and make sure I don't forget about them.
This is a great strategy to have skin in the game but still minimize risk. I can see from your portfolio that you often make watchlist positions <1% in terms of position size.

At what point does it get upgraded from a watchlist position to a regular position, what has to happen?
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Adding While Up
It might not be the best timing with markets up today, but I'm not here to time anything.

Zoom out a little on the time horizon, and all five are still down big.

Added to $CPNG, $DOCU, $ROKU, $SE, and $SHOP.

New questions about these companies' growth rates continue, but my investment thesis for each remains intact.

It's a very long-term game.
@joryko I agree. $DOCU growth did decelerate and it’s now down massive but it is a mission critical product that is still expanding especially in the enterprise side which contributes to improving margins. Those enterprise clients have hundreds or thousands of use cases and they have a need for Docusign CLM (contract lifecycle management) but they don’t know it yet.

I will give you an example: If you receive Docusign app for a new product, some sales rep had to manually enter the clients personal info details, after the application has to get routed to the proper team to issue the account. After the account needs to be established on the internal system and welcome kit mailed. There is a lot of lag time and room for errors in this process and companies can gain efficiency using CLM.

If it falls further I believe it could be a great acquisition target for a company like $INTU given they will generate 2.5bn revenue this year with great margins and the product would be a good bolt on product for the right buyer.
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