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Issue No. 13: A Note on Amazon and Fair Isaac Corporation

Issue No. 13: A Note on Amazon and Fair Isaac Corporation

Earning's Season is Upon Us

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Forbes Jamieson
Apr 29, 2023
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Issue No. 13: A Note on Amazon and Fair Isaac Corporation
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Commitments in my personal life have conspired to keep me away from writing, back we’re firmly back in saddle friends.

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Once again we find ourselves in the throes of earning’s season which while exciting, reminds me of a fabulous quote I heard once upon a time: ‘if you’re nervous about a particular quarterly earnings report, you probably shouldn’t own that name’. While the long term is simply a collection of short term account-abilities (another stolen phrase), it’s important to remember that if your conviction in a holding can be shaken by a single industry event, or a change in the macroeconomic environment, you’re not investing. If we hope (and pray) for low portfolio turnover, that’s because we have got into the right businesses ex-ante - not because fortune conspired to take the stock price ever higher.

With all that said, a couple of portfolio companies reported yesterday, and it’s important to update the story, in line with the original investment thesis. I have compared these two companies together before, and my understanding of them has changed very, very little. If anything my adoration, and admittedly frustrations, have been exacerbated. As I have mentioned many times before, imposing one’s own sense of right and wrong on a management team and expecting them to comply is a long shot, even for activists. Note Chris Hohn’s efforts with Alphabet. Despite very well being the largest non-institutional holder of shares, his open letter to the company has got him the sum total of a token headcount reduction, some cost discipline around staplers and remedial masseuses, and an underwhelming response to OpenAI question. I digress…

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