Mark S.F. Mahaney stops by The Business Brew to discuss tech investing and his book Nothing But Net. Mark is a senior managing director and head of the Internet Research Team at Evercore ISI. He has covered internet stocks for almost 25 years, and has been consistently recognized by Institutional Investor for his research, including 15 years as a “top 3” ranked analyst and five years as a No. 1-ranked analyst.
Previously, Mr. Mahaney worked on both the sell-side and the buy-side for American Technology Research, Morgan Stanley, Citibank and Royal Bank of Canada, among others. He began his career in management consulting with Deloitte & Touche and with the U.S. Department of State, U.S. Senate, and Office of the U.S. Trade Representative.
Mr. Mahaney received his B.A. in political science and history from Amherst College, his M.A. from Johns Hopkins School of Advanced International Studies and his MBA from the University of Pennsylvania’s Wharton School. He is also the former lead bassist for Monkey Funk.
This episode is brought to you by Bastiat Partners, a boutique investment banking firm. See https://bastiatpartners.com/. Detailed show notes below.
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Album art photo taken by Mike Ando. Please see https://www.mikeando.com/
Thank you to @mathewpassy (on Twitter) for the show production.
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Detailed Show Notes
5:35 - Living through the 99-00 bubble crash
7:30 - Riding the growth curve of the internet sector
12:25 - The importance of revenue growth
19:55 - Thinking through growth vs maintenance spend
23:55 - The four questions to ask when trying to figure out what profitability might look like in the "out" years
27:25 - Facebook discussion
36:55 - Thoughts on stock based compensation
40:23 - Mark's ideal investment situation
44:45 - Mark's prescient warning about lapping COVID comps
50:35 - The potential soft patch for growth equities
56:45 - Dont get hung up on false precision
Om Podcasten
Welcome to The Business Brew
This podcast’s mission is to dig deep into the thought patterns and analysis of investors and business people. The podcast stemmed from Bill Brewster consistently feeling like he was listening to prepackaged material while listening to podcasts. Instead, he wanted long form, in depth, discussions about finance, capital allocation, and the psychology of investing/business.
Bill is a private investor. He cohosts the podcast Value: After Hours with Tobias Carlisle and Jake Taylor. Tobias, Jake and Bill met at a Berkshire Hathaway meeting and formed a lasting friendship. And, as it turns out, people really like the podcast.
While Bill tries to replicate Warren Buffett and Charlie Munger’s thought processes, he is heavily influenced by Bill Miller III, Stan Druckenmiller, and others. This podcast is his attempt to dig deeper into other investing/business philosophies and share the knowledge with the world.
We are interested in interviewing portfolio managers, Wall Street sell side analysts, buy side analysts, private investors, owner operators, and anyone that is willing to go in depth about running a company/division. So, if you are interested in participating please email us with the subject “Guest Appearance.”
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This podcast series DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICIATION OF AN OFFER TO BUY ANY SECURITIES MENTIONED OR DISCUSSED. Seek the your financial, tax, legal, accounting, or other advisor’s advice before making any investment decisions. We are not your fiduciary or advisor.