Group 1: Vision Capital Fund Performance - Vision Capital Fund reported a net return of +15.6% year-to-date (YTD) for Q3 2025, outperforming the S&P 500's +14.8% for the same period [1] - Since its inception on October 1, 2024, the fund has achieved a cumulative return of +27.8% net, compared to +17.6% for the S&P 500 [1] Group 2: The Trade Desk, Inc. Overview - The Trade Desk, Inc. (NASDAQ:TTD) is a leading independent programmatic digital advertising demand-side platform, focusing on ad buyers outside the major platforms like Meta, Google, and Amazon [3] - The Trade Desk's stock experienced a one-month return of -10.97% and a significant decline of 70.34% over the past 52 weeks, closing at $39.35 per share with a market capitalization of $19.24 billion on December 08, 2025 [2] Group 3: Financial Performance of The Trade Desk, Inc. - In Q3 2025, The Trade Desk reported revenue of $739 million, reflecting an 18% year-over-year growth [4] - The company is strategically positioned to benefit from the increasing spend in connected TV (CTV), which accounts for 48% of its focus, alongside mobile at 35% [3]

Core Insights - The Trade Desk Inc. (TTD) operates in the digital advertising industry, providing a platform for advertisers to purchase digital ad space on the open internet, which allows for a content-agnostic strategy to reach diverse audiences [1] - The company faces significant competition from major platforms like Amazon, Meta, and Google, which offer more controlled, AI-optimized buying experiences [1][4] - Wedbush has set a price target of $40 for TTD, indicating a modest 1.29% increase from its trading price of $39.49, reflecting cautious optimism amid structural challenges [2][6] Financial Performance - TTD is currently trading at $39.61, with a 1.10% decrease and a price change of $0.44; the stock has fluctuated between a low of $39.39 and a high of $40.29 on the same day [5] - Over the past year, TTD's stock has seen significant volatility, with a high of $137.19 and a low of $38.23; the company's market capitalization is approximately $19.48 billion [5] Growth Drivers - Analysts expect TTD to continue experiencing topline growth, driven by the shift of linear advertisers to connected TV (CTV) and digital platforms [3][6] - TTD's strategy of enhanced integration across media channels supports this transition, allowing advertisers to achieve a broader reach [3] Competitive Landscape - TTD's reliance on the open internet presents a structural disadvantage compared to competitors like Amazon and Google, which leverage identity and purchase data for a seamless buying experience [4][6] - The open internet approach results in fragmented identity and probabilistic measurement, making it more challenging for TTD to compete effectively [4]

Company Overview - DoubleVerify Holdings, Inc. is a leading player in digital advertising measurement and optimization, operating in a duopoly with IAS [2] - The company is characterized by high barriers to entry and substantial switching costs, similar to auditors in financial reporting [2] Financial Performance - As of December 2nd, DoubleVerify's share was trading at $10.75, with trailing and forward P/E ratios of 40.54 and 19.16 respectively [1] - The company boasts over 95% gross revenue retention and 110%+ net revenue retention, indicating strong customer loyalty [3] Growth Potential - Despite its strong position, penetration in open web, connected TV, and social media remains low, presenting significant growth opportunities [3] - The company charges fees per ad impression, creating a high-margin, recurring revenue model that scales with digital ad spending [3] Competitive Advantage - DoubleVerify differentiates itself from IAS through operational execution, aggressive innovation, and strategic acquisitions, supporting sustained double-digit revenue growth [4] - The company benefits from liquidity and scale advantages, as well as AI-driven trends that increase demand for verification services [4] Market Expectations - Market consensus projects mid-single-digit growth, which is conservative compared to DoubleVerify's likely mid-to-high teens performance, indicating substantial upside potential [5] - The company is trading at historically low valuations (~9x EBITDA) relative to its earnings power, presenting a compelling risk/reward profile [5] Upcoming Catalysts - Upcoming Q3 earnings could validate the earnings upgrade cycle, potentially driving multiple expansion and delivering attractive medium-term returns [5]

Company Overview - DoubleVerify is an integrated software platform that enables digital advertisers to verify, optimize, and prove the effectiveness of their ad spend [2] - The core value proposition of the company is to ensure that digital ads are viewed by real people in contextually relevant environments, ensuring safety and security in transactions between buyers and sellers [2] - The company has expanded its services to ensure ads are delivered authentically and at optimal prices while driving results for advertisers [2] Industry Position - DoubleVerify operates outside the media buying and selling space, focusing solely on verification and optimization of ad effectiveness [3]

Group 1 - The Trade Desk (TTD) reported a revenue and earnings beat in its Q3 FY25 earnings, while also raising its full-year guidance beyond expectations, yet investors remained unimpressed [1] - The company is part of a broader trend in the investment landscape, where even positive financial results may not lead to favorable market reactions [1] Group 2 - Amrita leads a boutique family office fund in Vancouver, focusing on sustainable, growth-driven companies that aim to maximize shareholder equity [2] - The fund's strategy includes democratizing financial literacy and simplifying complex macroeconomic concepts for better understanding [2] - Amrita has a background in high-growth supply-chain start-ups and has worked with venture capital firms, enhancing her expertise in investment portfolios [2]

Group 1 - The Trade Desk (TTD) reported a revenue and earnings beat in its Q3 FY25 earnings, while also raising its full-year guidance beyond expectations, yet investors remained unimpressed [1] - The company is part of a broader trend in the investment landscape, where even positive financial results may not lead to favorable market reactions [1] Group 2 - Amrita leads a boutique family office fund in Vancouver, focusing on sustainable, growth-driven companies that aim to maximize shareholder equity [2] - The fund's strategy includes democratizing financial literacy and simplifying complex macroeconomic concepts for better understanding [2] - Amrita's newsletter, The Pragmatic Optimist, has gained recognition as a top finance newsletter, emphasizing portfolio strategy and valuation [2]

Core Insights - The Trade Desk, Inc. (TTD) has not met expectations regarding its independent Demand-Side Platform (DSP) story, particularly with Kokai/OpenPath not contributing positively to its FQ2'25 performance [1] Group 1: Company Performance - The performance of The Trade Desk in FQ2'25 has been under scrutiny, with specific reference to the lack of accretive impact from Kokai/OpenPath [1] Group 2: Analyst Perspective - The analysis aims to provide contrasting views on investment opportunities based on the analyst's extensive experience and insights [1]

Core Insights - The article provides a comprehensive market analysis of The Trade Desk, focusing on its performance and strategic positioning within the advertising technology sector [1] Group 1: Company Performance - The Trade Desk reported a revenue increase of 25% year-over-year, reaching $1.2 billion in the last fiscal year [1] - The company's net income for the same period was $200 million, reflecting a significant growth compared to the previous year [1] - The Trade Desk's market share in the programmatic advertising space has expanded, now accounting for approximately 15% of the total market [1] Group 2: Industry Trends - The programmatic advertising market is projected to grow at a compound annual growth rate (CAGR) of 20% over the next five years, driven by increased digital ad spending [1] - There is a notable shift towards data-driven advertising solutions, with companies increasingly investing in technology to enhance targeting and measurement capabilities [1] - The competitive landscape is intensifying, with new entrants emerging and established players enhancing their offerings to capture market share [1]

Core Viewpoint - The Trade Desk Inc. has experienced a significant decline in its stock price, falling 70% from its peak last year, returning to levels last seen in 2020, primarily due to investor concerns over digital advertising budgets and consumer spending [2][3]. Group 1: Operational Performance - Despite the stock price collapse, The Trade Desk continues to show strong operational performance, consistently exceeding analyst expectations in its quarterly results [3]. - The company reported year-over-year revenue growth in the high teens, along with earnings per share that also surpassed expectations [5]. - Customer retention remains above 95%, and management's forward guidance is well ahead of consensus, indicating confidence in the company's fundamentals [6]. Group 2: Valuation and Market Position - The Trade Desk's stock has not been this cheap in years, with its price-to-earnings (P/E) ratio dropping from over 200 last year to around 60 today, reflecting a significant reset in valuation [8]. - The stock is trading along a long-term support line that has held multiple times in the past, suggesting potential for recovery [3]. - The extension of a $500 million share-buyback program by management implies a belief that the stock is undervalued, further supporting the notion that the market may have overreacted to recent declines [6].

Core Thesis - AppLovin Corporation is positioned as a strong player in the digital advertising space, competing effectively with major companies like Meta, Snap, and TikTok, with significant growth potential and a lean operating model [2][3][4] Financial Performance - As of December 1st, AppLovin's share price was $623.59, with trailing and forward P/E ratios of 73.54 and 43.48 respectively [1] - The company reported over $11 billion in gross ad spend as of Q1, indicating a scale comparable to the combined revenues of Pinterest, Snap, and Twitter [2] - AppLovin has achieved EBITDA margins of 80–85% and converts over 50% of EBITDA to free cash flow, showcasing its ability to generate durable cash flow [4] Market Position and Strategy - AppLovin currently commands a 3–5% budget share among surveyed customers, ranking just behind Meta and Google, with significant room for market expansion [3] - The company's capital allocation strategy focuses on deploying all free cash flow toward share buybacks, reflecting confidence in its intrinsic value [3] Growth Opportunities - The company identifies a substantial untapped opportunity in in-game advertising, estimating that this could unlock an additional $100 billion in total addressable market [4] - Future marketing efforts, including large-scale campaigns, are expected to further accelerate customer growth [4] Historical Context - The stock has appreciated approximately 141.92% since a previous bullish thesis in March 2025, indicating strong market performance driven by its software-driven growth strategy [5]