TIP Academy
Get smarter about valuing businesses in just a few minutes each week.
Get the weekly email that makes understanding intrinsic value
easy and enjoyable, for free.
Snapchat: Why Hasn’t It Become a Social Media Titan?
December 21, 2025 | If you’re under 35, chances are Snapchat played a starring role in at least one chapter of your life. So when I sat down to study Snap Inc. as a potential addition to The Intrinsic Value Portfolio, the story seemed straightforward: nearly a billion monthly active users, 75% penetration among 13–34 year olds in 25 different countries, and less than 2% share of the U.S. digital ad market. How, then, could this be a stock trading with a market cap sub $13b?
1-Year Portfolio Review: The Intrinsic Value Portfolio
December 14, 2025 | At this point, we’ve analyzed about 50 companies this year. The good news is that, despite some early doubts when we started this project, the well of opportunities hasn’t run dry. But a review also means making tough decisions. So yes — one company is leaving the portfolio today as well.
DoorDash: Can It Keep Delivering Returns?
December 7, 2025 | We don’t typically even bother looking at companies with 100x P/E ratios, especially when said business has double-digit stock-based comp as a percentage of revenues, but wow, DoorDash is growing fast, dramatically improving its business quality and, well, who would want to bet against society becoming lazier and more reliant on delivery?
