Monthly Letters
2025
September
Chart Pack: What we saw, read, and analyzed this month
August
Chart Pack: What we saw, read, and analyzed this month
July
Chart Pack: What we saw, read, and analyzed this month
June
Chart Pack: What we saw, read, and analyzed this month
May
Chart Pack: What we saw, read, and analyzed this month
April
Chart Pack: What we saw, read, and analyzed this month
March
Chart Pack: What we saw, read, and analyzed this month
February
Chart Pack: What we saw, read, and analyzed this month
January
Chart Pack: What we saw, read, and analyzed this month
2024
December
Chart Pack: What we saw, read, and analyzed this month
November
Chart Pack: What we saw, read, and analyzed this month
October
Chart Pack: What we saw, read, and analyzed this month
September
Chart Pack: What we saw, read, and analyzed this month
August
Chart Pack: What we saw, read, and analyzed this month
July
LASP Capital 4-Year Anniversary
June
Chart Pack: What we saw, read, and analyzed this month
May
Chart Pack: What we saw, read, and analyzed this month
April
Chart Pack: What we saw, read, and analyzed this month
March
Q4 2023 Earnings Summary, Elastic, Chewy, Investment Philosophy
February
Q4 2023 Earnings Review: PINS, MELI, CPNG, NU; January 2024 CPI Inflation Data
January
Q4 2023 Earnings Review: AMZN, GOOG, META, MSFT; Valuation Multiples for CHWY, CPNG; Dec. 2023 PCE Inflation Data
2023
December
2023 Performance Review, Q3 2023 Earnings Season Review, Elastic, Chewy, Etsy, “Higher for Shorter?”
November
Q3 2023 Earnings: HUBS, NU, MELI, ETSY, CPNG; LASP Portfolio 2-Year Drawdown Analysis
October
Q3 2023 Earnings: MSFT, GOOG, META, AMZN, PINS; AI Summary at Big Tech; “Magnificent Seven” Multiples
September
Q2 2023 Earnings Season Review, Severe Multiple Compression (vs. Pre-COVID), “Higher for Longer” Interest Rates
August
Macro Pressures; Q2 2023 Earnings: Amazon, HubSpot, Coupang, Chewy, Etsy; AI in the “Real World”
July
Q2 2023 Earnings: Microsoft, Alphabet, Meta Platforms; LASP Capital 3-Year Anniversary
June
Q1 2023 Earnings Season Review, Growth Rates and Margins, May 2023 Inflation Data (U.S. CPI)
May
Q1 2023 Earnings Highlights: HubSpot, Etsy, MercadoLibre, Coupang, Nu Holdings
April
LASP Portfolio Value Creation Drivers, Observations from Beginning of Q1 2023 Earnings Season
March
SVB Collapse, February 2023 Inflation Data, Q4 2022 Earnings Season Review, “The Year of Efficiency” for Tech Companies
February
Current Economic Slowdown, January 2023 Inflation Data, Observations from Q4 2022 Earnings Season
January
Predicting Stock Prices in 2023, Inflation / Interest Rate Outlook, Expensify (NASDAQ: EXFY) Investment Thesis
2022
December
Chewy Q3 2022 Earnings, Investment Perspectives, 2023 and Long-Term Outlook
November
Observations from Brazil, Q3 2022 Earnings Season (cont'd), Inflation Data, Zendesk Take-Private
October
Microsoft, Alphabet, Meta, Amazon Q3 2022 Earnings
September
Long-Term S&P Profits Trajectory, Famous Investor Quotes, Aug. 2022 CPI Data, Zendesk Take-Private
August
Q2 2022 Earnings Season Review, HubSpot, Elastic, Chewy
July
Two-Year LASP Portfolio Review, Macro Commentary from Q2 2022 Earnings Season, Long-Term Investment Horizon (per Howard Marks)
June
Final Q1 2022 Earnings Season Review, Fundamental Value Creation vs. Stock Price Change, Zendesk Take-Private
May
Free Cash Flow vs. Growth, Example Returns Math (HubSpot), Macro Business Environment
April
Continued Multiple Compression
March
Macro Volatility, Final Q4 2021 Earnings Season Review, Chewy
February
Q4 2021 Earnings Season Update, Zendesk, Pinterest, HubSpot, Big Cloud Growth, Long-Term Investment Horizon
January
Interest Rates, Pinterest, Chewy, Zendesk
2021
December
Year-End Review: Fundamental Performance and Multiples
November
Etsy, HubSpot, Pinterest, Farfetch, E-Commerce / SaaS / Cloud Growth
October
Zendesk's Acquisition of Momentive, Digital Ad Market, Pinterest
September
Macro Volatility, Chewy, Alibaba, China
August
Q2 2021 Earnings Season, Earnings Beats / Misses, SaaS Acceleration, Etsy, HubSpot, eXp
July
LASP 1-Year Anniversary, Start of Q2 2021 Earnings Season, Pinterest, Digital Ad Industry
June
Chewy, Elastic, Smartsheet, Etsy
May
Inflation, Q1 2021 Earnings Season, Etsy, Hubspot, Dropbox
April
Start of Q1 2021 Earnings Season, Pinterest, Alphabet, Zendesk, eXp World Holdings
March
Increasing Treasury Yields, LASP Investment Philosophy, MercadoLibre, Coupang, Chewy
February
Stock Market Bubble, Q4 2020 Earnings Season, Etsy, Pinterest, LASP Approach to Valuation
January
Big Growth at Big Tech, Managing Valuation Risk
2020
December
Key Metrics Across the LASP Portfolio
November
Etsy, Pinterest, Zendesk, Alibaba, Slack
October
Pinterest, Etsy, Alphabet, Chewy, Teladoc, MercadoLibre, LASP Strategy "Back Test"
September
Multiple Compression, Slack, Unity Software, GoodRx
August
Approach to Monthly Letters, Salesforce, Pinterest, Facebook, Etsy, Alteryx