Transcription
[Music] Snapchat's the same price as it was last time I looked at it, two years ago. Sad, said, oh okay, they've grown. Da, I'm surprised. I have ground. Do they gave some kind of guidance? Don't know what it was. Here's cash flow. There's still 5,000 people working there, man. Their margins are so low. I'll figure out margins someday. Can you imagine how Dei the Snapchat office is? They're still making glasses, just like, so cringe. As soon as they said they were the camera company, it was like, okay, I'm out [ __ ] this camera company. You're a software company, wake up.
All right, so we're dealing with the 19 billion market cap. Enterprise Value, nine months free cash flow, basically break even. Can't believe these guys are like a kakach. They've been hanging in there. Maybe they sell with a new FTC. Maybe Open AI should buy them, or Amazon, or someone. Um, today we've acquired Snapchat. Hold on, I have to do my Zuckerberg. No, of course, Spiegel would agree to it. I don't think Sound Hound is necessarily a short. They put numbers up. Speal delivering, man. Da growth is, is for real. He, I don't know how he has 5, 50% gross margins, man. It's all this video infrastructure, just cost a fortune. He has calmed down on some of these employees, too—way too many employees. So that's been dropping, but his profitability hasn't gotten much better. He needs to drop his employee count even further. Yeah, you got to fight momentum sometimes.
Um, Patagonia acquisition. Revenue. Did they buy somebody? How they doing a buyback, too, which is funny. They didn't buy, they haven't bought anybody. So, oh, you're talking about Sound Hound. Jackie, got it, got it, got it, got it. I didn't see that. That's pretty important. So it's not organic growth. That's crazy. Wow. Okay, then that might be a short, because it's funny, I, um, I have a small TTS business myself, and we're familiar with the bigger one that's doing like around 100 million AR as well, and they're not worth, you know, seven billion. They're trading for like two billion. So it was very interesting to see seven billion. I was going to go back to my colleagues and say, what the hell? TDS, text to speech, text goes in, speech comes out. We like that market a lot. We like Godel better, though. Yeah, Jackie, they mostly just have some auto customers, right? Like everybody offers it. Bruce, just because Google offers something doesn't make it a good business, doesn't make it not a good business. Google offers Google Cloud, and there's, they're third place in Cloud. Google offers a lot of stuff, their, their last place in. Remember when Google tried a social network? I, a long list of Google, Google's failed businesses. It's not hard to see they have, they've killed a lot of products. We have one company. So TTS adds a little bit of revenue to our business, but Godel is our major business now, although I'm not going to give up on TTS. I actually wouldn't mind having one good TTS engineer as a hire, but somebody with serious speech expertise, which is hard to find.
No, Tom, I don't give you, I don't give internal financial data on, on live stream. Yeah, sure, here's my balance sheet, here's my income statement. I'm pretty transparent with you guys as it is. For want to know everything, like he's fed. Go home, use a [ __ ] fed, start patting you down for a while. Order partially filled. Order filled. Order partially filled. Yeah, I got it, Jackie. We got your message. No, I don't think so. Eth God, they're pretty arrogant. They might try to put out their own product that's similar. Oh wow, they had a really bad Q1, actually dipped below a billion in revenue. That must have been a bad day for the St. Order partially filled. It's not data, um, it's an FDA decision. I don't think they have it. I, I had this strange opportunity to ask the CEO face to face, which she sounded so shook when she heard the name Martin. She was like, trust me, if you're a CEO and you hear that I'm looking into your stock, it's often bad news. That's like hearing the Grim Reaper. The Undertaker. D. Maybe Bruce. Maybe [Applause] it's Jo Springer. I ruined all his fun. He ruined his own fun. I hope these guys don't blame me. I didn't do anything to them. It was your fault. You don't know biotech. You didn't spend your whole life studying this [ __ ] like I did. That's like saying you know, you never studied physics, you're going to make a rocket ship. Rock, and somebody who did studies physics says, hey, that rocket ship's not going to work, and the rocket ship blows up, and you're like, man, it's your fault. Oh, it's not my fault. The F is very [Music] smart.
I mean, very few people do the approach that I do, and it's not always a good thing, right? Like my approach has upsides and downsides. I'd say across all the Wall Street guys, you know, there are people who are better investors than me because they can get conviction without the amount of work that I do. And when I really want to make a big trade, I get, I try to get really convinced, and that takes a lot of time. So I might only be able to do a handful of high-conviction trades a year, whereas a guy like V can do 50 or 100, and he's going to take some lumps and be right sometimes and wrong sometimes, but he's generally pretty good, so he's going to make a lot of money. I much rather like the surgical approach, or if I'm going to put my name on it and I'm going to make a big bet, I just got to check everything. I'm not going to leave any stone unturned. No way, no how. And that's just a different style, you know, it's a fundamentally different style. And the problem is, when you're an investor, it's hard to outsource that decision, because a lot, a lot of times you can't say, okay, well, I can have an analyst do it, well, unless you trained your analyst for three or four years, and if you did, they might find themselves as a big boss somewhere else pretty quickly. You know, it's, it's hard to necessarily be able to trust somebody else for having done all the work. Order filled. It's not always that obvious for others if you really expect to do your work yourself. And so if you're trying to be a financial institution, you sort of do need to work at, or work partially filled, you sort of need to fil have some ability to scale, and scale is very hard to do. Order fil. Make sense, anyways. Order kind of have to find this happy medium of scale versus profits, and for me, I'd rather be sure [Music] than have like a mediocre return, that that's like very whatever. Like give me five good returns, canel five good trades a year, I'm happy. Order cancelled. Order filled. Order filled. Order filled. Order filled. Order filled. Order filled. Order partially filled. Order filled. Order filled. Order filled. Order cancelled. Order fil. Order fill. Order filled. Order filled. Order partially filled. Order filled. Order filed. Order filed. Sukma has it correct. Order filled. Order partially filled. Order filled. Order partially filled. Order filled. Order partially filled. Order filled. Order filled. Order partially filled. Order filled. Order filled. Order cancelled. Order filled. Order cancelled. Order filed. Yeah, e TS. Yeah, exactly. A lot like Quum, it's kind of the same [ __ ]. Okay, so Snap, Snapchat is now called Snap. Not quite right. Vil. Order filled. Maybe Villa. Maybe Broadcom joined the trillion Club. For cost of good sold, come on. I knew that when I was in high school. Uh, I don't know, Bruce. Demand is a thing, too. Yeah, it's hard to get too excited about Snap at this price, but it's close. It's not awful. [Music] [Music] Right, so Snap's not done that bad. I don't know. I kind of, if I had to be long Snap, if I had to make a trade on Snap, I'd probably be long, but, and the way management has hung in there is kind of admirable. It's Friday. It's time for the weekend. After four o'clock, if there's no news, I'm outtie.