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Respected fintweeters @NoonSixCap and @UpslopeCapital are longtime owners of both $CBOE and $MKTX, and (thankfully for the rest of us) play with an open book.
Below are all historical Upslope commentaries with their thoughts on both stocks:
Upslope initiated a position in $CBOE in July 2018 - the core thesis was CBOE is a high quality company with good management selling at a discount on poor sentiment.
Very timely given 2020's performance.pic.twitter.com/HFQIe7xaOD
More depth is added to the long thesis in early 2019 in a deck shown at a university lecture. Thesis remained "quality business w/long term positives on sale from short term worries":pic.twitter.com/djh8wY3f3M
The next mention of $CBOE comes in 2020's Q1 update, where the March volatility is factored into the long thesis:pic.twitter.com/Sz7lbb7JdD
As of Q3 2020, $CBOE is still a core Upslope holding as underlying quality of the business hasn't changed despite the damage to VIX futures this year:pic.twitter.com/SUtWTxgqV3
Now turning to $MKTX - first position mentioned in Q4 2016 commentary.
Initial thesis focused on the potential for rising rates, but *quality* gave them confidence in the stock above an immediate catalyst.pic.twitter.com/EAo37KAVX4
The next mention of $MKTX comes in Q1 2018. The quality of the business hadn't changed, so their long thesis didn't change:pic.twitter.com/1LKFpI5t3O
Their Q3 2018 letter wrestled with $MKTX's high valuation and rationalized holding despite pressure on the stock. Competitive dynamics still supported a long thesis, so Upslope kept its diamond hands holding on:pic.twitter.com/rxx2Wpc0by
Since then, Upslope's thesis has held firm - a *high quality* business with a dominant market position can keep going up even if valuation is high. The stock has crushed the S&P since they bought, so they've been right so far:pic.twitter.com/5Kr80L3OIA
I encourage everyone to read their quarterly letters if you haven't already - Upslope provides a wealth of good investment info & analysis and shares consistently.https://www.upslopecapital.com/q-letters#letters …
Thanks so much for reading/compiling. This is awesome & I should prob read through it all again myself.
To clarify something not obvious: this is just my less serious (“personal” if you will) account and @UpslopeCapital the more professional one - so, one and the same.
I really hope I'm not the only one who's never realized that lol
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