ResearchThree Things (1/25)

Three Things (1/25)

Jan 25, 2022

The below content and projections are the opinion of the authors. Any conclusions or takeaways are their own. This should not be considered as investment advice. Investing involves the risk of loss and returns are not guaranteed.

1) Google developing its own AR headset as tech giants push forward plans to grab their piece of the metaverse

  • Code-named “Project Iris,” Google hopes to ship its augmented reality (AR) headset in 2024.
  • The prototype device uses cameras to blend digital objects with a real world view.
  • Work on the project is currently being undertaken at a sequestered building with special keycard access on Alphabet’s campus, according to The Verge.

Titan’s Takeaway: Concepts like the “metaverse” and “virtual reality” can sometimes seem like marketing ploys. But with Meta Platforms, Apple, Microsoft, and now Google all at work on hardware to bring consumers into virtual worlds, we think it’s increasingly likely that one of them succeeds in these efforts than that all four giants fail.

2) Three different activist shareholders push for corporate shake-ups as the market cycle turns and investors scout new opportunities

  • Blackwells Capital sent a letter to Peloton management on Monday urging the company to fire its CEO and seek a sale.
  • Investors Starboard Value and Sycamore Partners are part of at least two groups that have made buyout offers to Kohl’s.
  • Activist investor Trian Partners has accumulated a stake in Unilever, according to the Financial Times, following the firm’s pushes for change at Procter & Gamble, Mondelez, and other consumer conglomerates.

Titan’s Takeaway: Activist investors acquire large stakes in a company and then push management and the board to make changes. These investors may see opportunities in any market moment, but we find activists are emboldened during moments of large-scale changes in the environment. Seen in this light, all three of these stories breaking within the last few days is not a coincidence.

3) Ford stops taking orders for $20,000 truck after backlog exceeds capacity, as auto supply challenges continue

  • Ford is expected to sell around 90,000 Maverick trucks this year, and 120,000 in 2023.
  • The company said popularity for the low-cost option has surged amid rising used car prices.
  • Customer orders are expected to resume in the summer.

Titan’s Takeaway: The auto industry has dealt with a supply shortage and demand surge for over a year, leaving consumers with rising prices. With budget-conscious buyers having fewer options than ever before, we think platforms like Opportunities holding CarGurus will be of increasing value to both car buyers and sellers in the years ahead.

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