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David Jackson

 
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  • Attention David Jackson [View instapost]
    Love it!
    Aug 9 02:19 PM | 1 Like Like |Link to Comment
  • Is It Wrong To Take A Position In A Stock And Then Write About It On Seeking Alpha? [View article]
    Marc,

    Thank for your comment. As I said in the article, although I disagree with your position on this issue, I have tremendous respect for you and your viewpoint.

    I've made your comment an Author's Pick.

    Best Wishes,
    David 
    Aug 8 10:54 AM | 2 Likes Like |Link to Comment
  • Notes On Yahoo's Strategy [View article]
    buyandhold??? wrote: "Ali Baba is never removed from yahoo's stock price, the cash goes to the balance sheet which adds to the enterprise value. It then probably turns into a buyback which reduces the float."

    Agree. But if Yahoo does a buyback, then the value of its Alibaba stake becomes fully transparent to even the least sophisticated investors, as it will show up in its market cap, P/E ratio etc.

    The key question for investors in a stock is "What's already priced in?". You and other smart investors have a thesis -- that the full impact of Yahoo's Alibaba stake is not priced into its stock, and that's why it's worth owning.

    My point was that at some point the value of YHOO's Alibaba stake will become fully transparent, and therefore fully priced in to the stock. When that happens, Yahoo's stock performance will then be determined by the performance of Yahoo's own business, not its Alibaba stake.

    But for now, I agree with you: YHOO is an Alibaba play, not a YHOO business play. And it might well be a good stock to own on that basis.
    Aug 8 04:07 AM | Likes Like |Link to Comment
  • Is It Wrong To Take A Position In A Stock And Then Write About It On Seeking Alpha? [View article]
    Akaralph,

    That's an excellent point. If "Trading first and then writing an article designed to push the stock in the direction of your trade" means that you buy the stock only because you'll try to move the price with the article, then that's obviously not talking your book honestly, because you have no independent conviction in the stock itself. Perhaps that's what Marc was getting at.

    You should write the article because you believe in the stock, not own the stock because you're going to write the article.
    Aug 6 05:20 PM | 8 Likes Like |Link to Comment
  • Notes On Yahoo's Strategy [View article]
    BullishonManagement,

    Good question. The answer is "no". I never believed that advertising can fully monetize the value of high quality equity research, neither for us nor for our contributors. Since Yahoo monetizes only with advertising, I never viewed them as a potential acquirer. This is why we'd been working to make Yahoo irrelevant to our business for the last few years, driving them down from >90% of our visits to <20%.

    I'd add that like many entrepreneurs, we aren't building SA to be acquired. We're building it to be a great business, for us and our contributors. That doesn't rule out that we'll ever be acquired, but it's a different mindset.
    Aug 2 03:06 PM | 3 Likes Like |Link to Comment
  • Short Sellers And Seeking Alpha [View article]
    Chipster71, here's the complete feed of short ideas:
    http://bit.ly/1ljplxn
    Aug 1 10:58 AM | 6 Likes Like |Link to Comment
  • Notes On Yahoo's Strategy [View article]
    gpmagnus, I'm sorry if you didn't find this helpful. In my experience, industry insiders often know a lot about one aspect of a company's business, and sharing that can shed light on the company's broader strategy.

    That's what I hoped to do here. As the founder of SA, I see a ton of proprietary usage data and talk to many of the key industry players.

    What I see is that Yahoo is grasping for a strategy. Its dominance on the web isn't translating into sufficient mobile market share, and it's still overly dependent on banner advertising, which is facing price pressure. The experience we just had suggested that Yahoo feels under immense pressure to prove that the Tumblr acquisition was worthwhile, and that its strategy is working. By comparing the "UGC as low cost content" approach to SA's approach to crowdsourcing, I hoped to shed some light on Yahoo's strategy.
    Aug 1 10:54 AM | 5 Likes Like |Link to Comment
  • Short Sellers And Seeking Alpha [View article]
    QTR, this is one of the reasons why Seeking Alpha allows pseudonymity: Bears and shorts are often attacked by less sophisticated investors, and companies may try to cut off information flow to investors who are short their stock.

    Sophisticated investors understand that shorts make the market more efficient, and welcome them. See Chris DeMuth's comment in this thread.
    Aug 1 10:44 AM | 5 Likes Like |Link to Comment
  • Notes On Yahoo's Strategy [View article]
    Pieroddone,

    Agree -- I should have written "The key question for Yahoo investors is whether Yahoo has a viable growth strategy once the Alibaba effect is removed from its stock price.' Not "the Alibaba IPO effect".
    Aug 1 09:29 AM | 2 Likes Like |Link to Comment
  • Notes On Yahoo's Strategy [View instapost]
    Moon, if Yahoo has lost in search as you argue, what do you think is its future? What do you think will happen to its stock over the next two years?
    Aug 1 06:19 AM | Likes Like |Link to Comment
  • Notes On Yahoo's Strategy [View instapost]
    James,

    Thank you for your faith in us, your constant encouragement, and your amazing input, feedback and suggestions. We believe that with the right strategy we can build something truly remarkable and disruptive.
    Aug 1 06:18 AM | Likes Like |Link to Comment
  • Notes On Yahoo's Strategy [View instapost]
    Joe, thank you and our other amazing contributors for making this possible.
    Aug 1 06:17 AM | Likes Like |Link to Comment
  • An End To Our Relationship With Yahoo, A New Era For Equity Research [View article]
    Frrizzo380,

    Re. "Why aren't SA contributors being paid for Mobile pageviews?? The majority of my SA reading is on a mobile device. Doesn't seem right or ethical."

    They are: we now pay a flat fee of $35 for every article to cover mobile pageviews (which we currently aren't monetizing, as you'll know if you use our iPhone app which is ad-free). We add a page view payment for web pagevews (which generate ad revenue) on top of that, and pay a higher flat fee ($150 or $500) for higher quality articles.

    For more on this, see http://seekingalpha.co...
    Jul 31 03:27 PM | 8 Likes Like |Link to Comment
  • Announcing SA's First Outstanding Performance Award Winners [View article]
    Robert,

    Re. "The most valuable call on SA during this period might have been a warning about a possible negative return". My understanding is that these awards can be given to short ideas as long as long ideas.

    Re. "AlphaBetaWorks is right": Note his point that "subjective analysis can be resilient against several types of survivor bias".

    Finally, just wanted to say that your comments are helpful and thought-provoking. We love being challenged by smart people; it makes us better. Thank you!
    Jul 29 05:32 PM | 2 Likes Like |Link to Comment
  • Announcing SA's First Outstanding Performance Award Winners [View article]
    AlphaBetaWorks,

    Thank you for the clarification. Sorry I didn't read your comment carefully enough.

    Re. "The awards will either be predictive of the future risk-adjusted returns of the winners picks, or they won’t."

    That's not the function of these awards. If we wanted to identify and award contributors with the best predicted future risk-adjusted returns, we'd look at the risk adjusted returns of *all* the stock picks from each contributor.

    These awards are trying to do something different. We recognize that contributors often have deeper knowledge of one stock than others. Perhaps they worked in that industry and know it well; perhaps they have done a ton of research on that company. We want to reward them for their research and effort in writing up research on a stock they know particularly well.

    How to do that? I don't believe the right approach is entirely quantitative. There's a fundamental difference between evaluating simple stock picks with no stated rationale, and evaluating articles which make the case for a stock. With articles, as you said, "subjective analysis can be resilient against several types of survivor bias".
    Jul 29 05:18 PM | 2 Likes Like |Link to Comment
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