During my visit, I had the chance to talk with a number of employees at Google as well as some of the other leading firms in Silicon Valley.
It was a great experience, and my overall takeaway is that the culture (and more specifically, the incredible talent) of these firms is somewhat under appreciated, despite being cited often. Culture, employee talent, and workplace satisfaction are three things that don't show up in the numbers, and thus they are difficult to quantify and difficult to value, but they are extremely important to the long-term earning power of the company (especially in the fast-moving world of technology).
I believe these intangible qualities, when combined with powerful network effects, can create a durable position that makes some of these firms very difficult to beat in their respective areas of dominance.
In the Talk at Google, I described a couple key points that are helpful to keep in mind as an investor, and I also briefly summarized the investment case for one of the stocks in our portfolio (more details on this position and other thoughts will be coming in Saber's end of year letter, which should be sent next week).
Here are the slides to my presentation: Saber Capital Talk at Google
I hope your 2018 is off to a great start. Please reach out to me anytime with any questions.
Thank you for being a valued investor with Saber Capital!