Miquel's avatar
$98.3m follower assets
Out of $TDOC and seriously considering exiting $SQ .

For different reasons:
-Teladoc: I’m not seeing an impact of the Livongo acquisition and Gorevic avoided giving direct answers in the earnings call. And yes, I was bagholding and running out of patience.

-Square: I don’t understand why Jack only wants BTC in Cash App, it just doesn’t make sense. We all know Jack is a special guy, and that means you have to buy him all (like Musk). Yellow card, one more and you’re out!
Joshua Simka's avatar
I see some similarities in the market's misunderstanding of $TDOC and—I realize you didn't mention this one and I'm not sure how you feel about it—$PINS. With both of these, it's the improved monetization and utilization that I think folks are looking past. Year over year, number of paid members at $TDOC rose just 1% but visits were up by 27%! Meanwhile at $AMWL, total visits were down 19%. I'm long $TDOC.
Miquel's avatar
@miquel_nietoNovember 6
Author
@tomato It’s not only misunderstanding, but how the market and themselves seems to measure their success. $PINS shouldn’t be that focused on MAU, but on ARPU. And $TDOC reports visits, but what I like about them is their remote monitoring capabilities. I want to know more about that usage and stickiness, not how many people has had a tele-visit with their doctor. That’s the least interesting part of the business to me.

(I got out of PINS a couple of months ago)
Ryan Mahony's avatar
I agree on both takes. I always found that is strange that they never expanded the crypto offerings. It seems like they are going after a different client, they don’t want to compete with Robinhood they are looking to become a next-gen bank. This is why they have focused on the Cash card usage, direct deposit, and now accounts for teenagers.
Miquel's avatar
@miquel_nietoNovember 6
Author
@ryanm Yes, they are actually doing a good job at different levels. But since I follow SQ it’s the first time I see Jack as a stopper, I even liked weird stuff like Tidal acquisition because it showed innovation and forward-thinking, but this is bitcoin maximalism
Eric Pelnik's avatar
From a revenue perspective, not accepting other crypto is frustrating. However, if they can continue to execute without it then 🤷‍♂️
Miquel's avatar
@miquel_nietoNovember 6
Author
@eric To me is not only a revenue thing. It’s a behaviour from Jack that I just didn’t like…but yes, I should give them some more time to continue executing as they’ve done until now!
radzimirson's avatar
Jack acts like some savior of the universe with his focus on bitcoin. His ego is no longer in my portfolio. I will use these funds better. Unfortunately, I did not pay much attention to management when I was opening this position, but at least I did not suffer any financial loss here.
Miquel's avatar
@miquel_nietoNovember 6
Author
@radzimirson You just expressed my current feelings.

I’ve never opened a position in $TSLA for fear of Elon’s ego, and I missed it bigly. That might happen as well in $SQ, but for me sleeping well is better than making a profit. 🤷‍♂️
Ryan Mahony's avatar
Also, the altcoin trading revenue is more cyclical and dependent on overall market. There is more churn associated although greater revenue growth in the bull markets.

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