Summary: We revisit Shopify from all angles to see what the investment case is both for longs and shorts. We had From Growth To Value (Long) and Ramy Taraboulsi, CFA and Jan Barta (each Short) talk up their views on the stock and their case. While the narratives don't always intersect, we hope the different perspectives helps investors better consider Shopify and other battleground stocks. Topics covered: Introduction – 1:25 3:45-46:00 – From Growth To Value 4:00 – How does the Growth investing mindset fit here? 7:00 - Which value stocks fit the author's style? 8:45 – What trends does Shopify have in its favor? 14:15 – Why shopify as the play and not other companies? 18:00 – Getting into Shopify’s competitive position 21:00 – Can Shopify’s customers survive? What about churn? 25:15 – Show me the numbers 32:00 – What if revenue growth slows? 36:00 – How could this go wrong? 42:30 – The growth mindset in general 47:00-1:36 – Ramy Taraboulsi, CFA 48:20 – What brings you to Shopify? 50:30 – Shopify’s competition 56:15 – Can Shopify build a moat? 1:01 – Can Shopify be enough to compete with the big boys? Do the economics work? 1:06 – Can Shopify benefit from regulatory crackdown? 1:11– If Shopify’s winners grow fast enough, does churn matter? 1:13 – About Shopify’s valuation 1:18 – What is the catalyst here? 1:23 – Clients vs. revenue growth 1:25 – How does this compare to short RIMM (BBRY) back in the day? 1:29 – Again, how could this go wrong? (Hint – cannabis is coming) 1:37-2:05 – Jan Barta 1:38 – Hearing about the contrarian or value style 1:39:30 – Why cover Shopify? 1:41:30 – What about growth over churn? 1:44 – What is supporting Shopify’s growth? 1:47 – How do you view Shopify’s strategy then? 1:49 – Is Facebook actually going to change their relationship with Shopify? 1:52 – What are your catalysts? 1:56 – How could this go wrong?
