Interview w Cramer from this week. https://youtu.be/mbmT33Mk1sI
(1) Sort of the first time that Jeff had somewhat negative things to say re: ROKU. Up until this point, he speaks them up. This time, he bundled ROKU into the likes of FB, GOOGL, others ---- that aren’t really the open internet. He says this as ROKU does now technically own content ---- with their own channel. Jeff speaks up the point that TTD doesn’t own any media like them ---- and is objectively suggesting. Likely a pushback given ROKU’s recent acquisition of dataxu.
(2) Spoke to the key point re their DNA was to get profitable first. Then to reinvest profits into the biz. Probably a big reason the company has recently outperformed even though revenue growth rates have somewhat slowed.
(3) I believe that “universal ID” that Jeff/TTD team have instituted to mitigate against PII is a major advantage to them. This universal ID allows an advertiser to know who the customer is ---- regardless of advertising channel (desktop, mobile, etc.,).
(4) Interesting tidbit re: linear TV and overtime sports at the end of the video. Jeff has spoken to this in the past ---- but this time super clearly. Basically, the broadcasters comp/give away inventory for free during overtime sports events ---- which in theory is the most lucrative inventory. Logic would say that if/when Streaming can ever get sports truly right ---- likes of TTD continue to win
(5) China. He spoke to being the only vendor in the world that is a partner to GOOGL, AMZN, and the BAT stocks. Could be a big opportunity longer term to be the pervasive “behind the scenes” global brand…
(6) I still like the NFLX longer term opportunity ---- where I feel sure NFLX will follow an ad supported model. Similar to IQ. TTD wins if that happens too.
Anyway, I still love this equity for many reasons. TTD 13.43% and ROKU 10.71%. Both are winners. This space is a monstrosity in the making w streaming ---- $1Tn TAM. Bet on the winners. Heck, I even have a 2.41% position in DIS ---- sticks out like a sore thumb amongst my rest…but nontheless, I think a winner too.
Yes, I know. Too much cash. I trimmed down MDB significantly this week ---- but am very comfortable at ~6%. I have been building RCEL up and likely continue to build up CRWD.