A short musing on sum-of-the-parts valuation.
Lovely title Devin!
> How many times have you read a thesis based on a sum-of-the-parts where it ends with “So you basically get X part for free!”?
Yes! My favorite: “Buy AWS, Get Amazon Retail For Free.”
Or those that break out 1p vs 3p and then separate the ads business entirely as if the ads have nothing to do with retail.
Buy IAC and get Turo for free 🥲
Lovely title Devin!
> How many times have you read a thesis based on a sum-of-the-parts where it ends with “So you basically get X part for free!”?
Yes! My favorite: “Buy AWS, Get Amazon Retail For Free.”
Or those that break out 1p vs 3p and then separate the ads business entirely as if the ads have nothing to do with retail.
Buy IAC and get Turo for free 🥲