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The richer you look, the harder they come for you

The richer you look, the harder they come for you

A $5B profit became a $4B loss in 12 months after a well-funded competitor decided to put a bullseye on this Chinese local services super-app.

Nick Horob
Nick Horob
The Chinese Amazon that just declared war on the Chinese DoorDash

The Chinese Amazon that just declared war on the Chinese DoorDash

JD.com hired 120,000 full-time delivery riders in one year. Why?

Nick Horob
Nick Horob
A small shipping company that quietly paid off all of its debt

A small shipping company that quietly paid off all of its debt

From $221M of net debt to $99M in net cash in three years. Plus, a look at my new venture.

Nick Horob
Nick Horob
When an innovative product and tough category collide

When an innovative product and tough category collide

Purple mattresses. From a $1.1B SPAC valuation to a $45M market cap. Ouch.

Nick Horob
Nick Horob
Nerd Out on Business is back!

Nerd Out on Business is back!

Today, I'm looking at a fun bet playing out in realtime. A "boring" database giant that turned into one of AI's most aggressive landlords

Nick Horob
Nick Horob
Newsletter pivot....

Newsletter pivot....

I'm taking this newsletter in a new direction, at least temporarily. I'm working on a new project called Fullstack Ag, and I'm going to use this newsletter to profile that project and share my learnings with you.

Nick Horob
Nick Horob
A quiet giant behind modern electronics

A quiet giant behind modern electronics

Amphenol makes connectors and cables most people never see, but engineers rely on them. They are another case study in how getting designed into the manufacturing of other people's products is essentially recurring revenue.

Nick Horob
Nick Horob
The cruise ship spa operator

The cruise ship spa operator

OneSpaWorld runs nearly every spa you’ve seen on a cruise ship, and ~95% of its revenue comes from that single channel. This type of concentration comes with both costs and benefits. Let's take a look.

Nick Horob
Nick Horob
A great product doesn't always save you in a competitive market

A great product doesn't always save you in a competitive market

Li Auto, an EV maker, nailed its target customer persona. They chose to focus on families seeking comfortable and reliable EVs. That focus led to impressive revenue growth and profitability, but the headwinds from competition are blowing strong.

Nick Horob
Nick Horob
A legendary marketer that's gotten crushed

A legendary marketer that's gotten crushed

HubSpot has built one of the most trusted brands in business software. But rising competition, AI-driven workflows, and pressure on seat-based pricing are creating quite the headwind.

Nick Horob
Nick Horob
A poster child for the SasS-pocalypse

A poster child for the SasS-pocalypse

Figma pioneered web-based and collaborative design software. But as AI tools start collapsing design and code into one step, Figma's historical value proposition is changing fast.

Nick Horob
Nick Horob
When your offering is a commodity, loyalty can be the product

When your offering is a commodity, loyalty can be the product

Airlines are brutal businesses with razor-thin margins. Alaska survives by layering a powerful loyalty program on top of a commodity product, creating repeat behavior, better data, and higher-margin revenue.

Nick Horob
Nick Horob
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