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-$7.47 -11.56%
My Portfolio: 08/02/22 -- A Battle for 2nd
With $SHW (of all stocks) bombing after earnings and $PINS (of all stocks) jumping, my 2-4 spots are jostling around.

Pinterest, $TDOC, and $ME scare me allocation-wise, but not enough to sell any yet.

  1. $KNSL - Firing on all cylinders, 30%+, profitable growth in insurance is bananas.
  2. $PINS - All about ARPU and shoppable content -- doing what it needs to for now.
  3. $ABNB - Reporting earnings tonight -- curious to see any new product ideas/tweaks.
  4. $SHW - Dreaded supply chain issues -- will be safe long term.
  5. $BTC.X - Just holding 🤷‍♂️
  6. $U - This may sound dramatic, but the $IS deal could be make-or-break -- need more time.
  7. $NDAQ - SaaS and ARR operations continue expanding -- AntiFin crime investment for me.
  8. $V - Steady as ever, as dull of dividend growth play as I had hoped so far.
  9. $TTD - Looking pretty interesting at today's prices, especially with the $DIS deal.
  10. $ZTS - Another boring pick seeming to execute well -- animal wellness play.
  11. $TDOC - Oh boy. Not adding to the position currently. Not dead, but not worth any new money. The thesis is intact for the most part but not nearly as bright.
  12. $ME - Probably over-allocated to this one, but still an exciting idea when looking decades out. It needs to manage its cash burn better, though. What will happen post $GSK?
Which allocation scares you the most?
33%Pinterest
5%Unity
50%Teladoc
11%23andMe
18 VotesPoll ended on: 08/05/22
I hold $U also and it definitely isn't too dramatic to say the $IS acquisition will only bolster or break the thesis. If management can't pull this off, it'll be major dilution with nothing to show for it. A massive setback and a loss of trust in the executives in my book. However, a successful integration could cement Unity's place as an industry-leader.
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Josh Kohn-Lindquist's avatar
$24.3m follower assets
Nasdaq Stock $NDAQ Up 6% After Earnings
As the 6th largest position in my portfolio and part of my Core 34 holdings, Nasdaq offers tremendous stability and dividend growth potential.

However, there is more to Nasdaq than the self-named index that makes it famous.

With its core business lines in Market Services (trading) and Listings (IPOs) acting as the cash cow to fund broader optionality, Nasdaq has quietly become a sneaky SaaS play.

Thanks to its budding anti-financial crime segment, analytics, and IR & ESG services lines, the company continues to build a unique flywheel based around its core Listings business -- posting revenue and EPS growth of 6% and 9% YoY.

Since 2016, SaaS sales have grown from 22% of ARR to 35% as of the most recent quarter.

Having increased its dividend for nine years straight, NDAQ owns a 1.4% dividend yield and a tiny payout ratio of 29%.

Trading at 24x earnings, Nasdaq is reasonably priced, but what initially caught my attention when looking at the stock years ago was its market cap, which currently sits at $26B.

While this is oversimplistic, I would've guessed the company's price tag to be closer to $100B at the time, closer to its peer $SPGI S&P Global -- which is what caused me to take a deeper look.

Considering that Twitter's market cap is higher still, around $29B -- I can't help but think that Nasdaq's importance to the economic landscape will prove more critical than the former's over the long haul. Just brand power alone, Nasdaq feels more substantial than its market cap shows, but that doesn't necessarily mean anything. 😂

Enough rambling -- great quarter, happy holder of the company, and I still think it looks like a great, diversified business trading at a reasonable price.
Will Nasdaq the stock outperform Nasdaq the index over the next decade?
25%Yes
41%No
33%No idea
12 VotesPoll ended on: 07/23/22
New Lows Today @ 10am
Visit highsandlows.substack.com to see more
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Coinbase Earnings Preview
While Bitcoin $BTC is down 15% in the last five days, Coinbase $COIN is down 40%!

Today Coinbase reports earnings, with analysts expecting $0.17 in earnings-per-share (EPS) on $1.48B in revenue. Let's see how this crypto giant stacks up with some competitors!

It isn't easy being a fintech stock! Each of these businesses are 70% or more off of their 52wk highs with $COIN down 80%. Unlike the rest of the stocks in this comparison, $COIN generates huge net income margins of 45%! These are higher margins than Microsoft $MSFT, which we have added to the chart.

Bears will argue that $COIN is just an exchange and will eventually have margins similar to $NDAQ and $IEX. To their point, $COIN's margins have dropped heavily from a high of 59% to 34%. This is still roughly double $IEX and $NDAQ at ~18%.

Bulls will argue the valuation is too cheap to ignore. To their point, $COIN trades at a trailing earnings multiple of 3.7x, but slower growth estimates suggest a forward earnings multiple north of 20x.
What is your take on Coinbase?
50%Bullish
50%Bearish
18 VotesPoll ended on: 05/11/22
$SAMG is under talked about
Silvercrest Asset Management is an investment firm that manages money for over 1,000 high-net-worth individuals and institutions. With an AUM of $25.1b, this company has some of the most consistent revenue growth I've ever seen. It almost mimics that of $ICE or $NDAQ.

I think the company is especially interesting given management's comments from a few months ago about how they intend to have less of a focus on growing their dividend and shareholder payout. Instead, they are going to seek to grow their top-line revenue and possibly seek more M&A opportunities.

$SAMG already has an impressive dividend as it is. With a yield of nearly 4% and a payout ratio of only 35%, $SAMG is still an incredible opportunity from an income investor perspective as well.

Granted the company is still quite small at a market cap of just $175m I still think it's worth looking at given how little I have seen it talked about anywhere.
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25 for '22
This year I plan to build out more significant positions in these 25 stocks - partially due to lower prices, but primarily due to long-term mega-trends supporting each.

Curious if any of these looked terrifyingly bad (or good) to you all?

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