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Owners and Enablers Investment Thesis

Note: All opinions expressed expressed here are my own and do not reflect the opinion of Balyasny Asset Management. This post is for informational purposes only and should not be relied upon as a basis for investment decisions.

1/31/21 Update: +1.78%

The world is becoming increasingly digital. Stratechery's Ben Thompson said COVID forced everyone down the learning curve of the Internet, putting us in a place to both enjoy online efficiencies and capitalize on it too.

The internet creates one giant aggregator for everything. One monolith or hegemon emerges in a space while simultaneously creating an atomized long-tail of millions of individuals. This gets rid of the medium-sized firms.

As we progress through the learning curve of the internet we approach an an inflection point in technology with regards to creation, decentralization and democratization.

I posit that the companies that will outperform in this digital era will be those who own a space or enable the individual.

Owners:

  • $AMZN

  • $AAPL

  • $GOOGL

  • $FB

  • $MSFT

  • $CRM

  • $TSLA

  • $SPOT

  • $PTON

  • $LULU

  • $SNAP

  • $TGT

  • $SBUX

  • $TWTR

  • $DIS

Enablers:

  • $SHOP

  • $TWLO

  • $SQ

  • $CRWD

  • $PYPL

  • $SFIX

  • $ETSY

  • $OKTA

  • $U

  • $ADBE

  • $ABNB

  • $DOCU

  • $PD

  • $NOW

  • $HUBS

I send out a daily update to my investment thesis.