Doron Gerstel "the master of guidance" did the unthinkable in the looming recessionary environment… $PERI reaffirmed its guidance.

Looking around in the ad industry, $PERI is clearly the glowing star, even when marketing budgets are cut on every corner.

But not only that 40% of the market cap in cash, great M&A track record and M&A possibilities. Mixed with 40% growth this year, a TTM EV/FCF of 6,1 and a EV/EBIT

of 8,3 ...what a steal!

With the recent green wave it is time for me to say goodbye to my darling $PINS. Some thoughts:

trend slowdown: what this bear markets holds is a reversal to the mean -> the overall ecommerce dream has been shattered and ecommerce stocks are completely broken. A time of shrinking consumer spend is just not the environment for new discretionary consumer trends like Pinterest’s social commerce growth focus

SBC: Non Gaap results born out of lavish stock based compensation might have been great in money printing times but when capital efficiency is asked for SBC has to be seen as a cost. With this reclassification of sbc $PINS valuation is not cheap at all, especially if growth is negative

diversification: in general my portfolio is to much focused on advertising so de-vesting some titles just makes sense. My portfolio, for example has excellent players in “high impact advertising” (like $PINS search focus) which are growing and are still valued alot cheaper ($PERI)