4 Types of Intangible Assets in Digital Businesses (Tech Strategy – Podcast 151)

This week’s podcast is about why intangible assets are so important in operations, competitive moats and valuation. They are central to digital businesses – but confusing. You can listen to this podcast here, which has the slides and graphics mentioned. Also available at iTunes and Google Podcasts. Here is the AI company Movio.la Here is the link to the China […]

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Valuing Amazon (Part 1): The Problem of Intangible Assets, ROIC and RONIC (Tech Strategy – Daily Article)

Key take-aways for this article: The key to valuation is estimating growth, ROIC and RONIC. This is difficult for digital companies because of the opacity of intangible assets and investments. In Part 2, I will give you frameworks for taking apart intangible assets in digital companies. *** I am in Kuala Lumpur this week, writing […]

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My Valuation for Microsoft (Tech Strategy – Podcast 148)

This week’s podcast is about Microsoft and how I approach its valuation. You can listen to this podcast here, which has the slides and graphics mentioned. Also available at iTunes and Google Podcasts. Here is the link to the Asia Tech Tour.   ———- Related articles: An Intro to Growth and “Birds in the Bush” in Digital Valuation (Tech […]

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9 Rules for Digital Valuation (Tech Strategy – Daily Article)

I’ve covered three topics that relate to digital valuation: DCF Discount rates and Cost of Capital Growth, ROIC / RONIC and value Plus I did an aside on Seth Klarman and his counter-strategy to growth investing. Seth Klarman and When to Ignore Growth in Digital (Asia Tech Strategy – Daily Lesson / Update) I thought […]

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Growth, ROIC / RONIC and Growth + Sales in Digital Valuation (Tech Strategy – Podcast 102)

This week’s podcast is about growth and how it relates to value and valuation. ROIC vs. RONIC is an important part of separating past and continuing value. You can listen to this podcast here or at iTunes and Google Podcasts. —— Related articles: Valuation Like Warren Buffett in 1 Slide (Tech Strategy – Daily Lesson / Update) An […]

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Why DCF Sucks for Digital Valuation. (Tech Strategy – Podcast 101)

This week’s podcast is about how to apply DCF in valuations of digital companies. You can listen to this podcast here or at iTunes and Google Podcasts. For the tennis ball story, here are the slides. For DCF, here is my approach: Standard thinking on DCF: –—- Related articles: Valuation Like Warren Buffett in 1 Slide (Asia […]

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An Intro to Digital Valuation (Tech Strategy – Daily Article)

I have been expanding from digital strategy to digital valuation as a topic. I recently summarized (briefly) how I do valuation long hand (i.e., pen and paper) with one form. That was in: Valuation Like Warren Buffett in 1 Slide (Asia Tech Strategy – Daily Lesson / Update) But the relevant slide from that article […]

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