Memos

This is a page for some of my favorite investment memos, activist letters, presentations, essays, and blog posts. These memos are limited to those written by investors who actually invested (whether before or after writing these memos; whether individually or on behalf of a fund) in the companies/assets they wrote about.

If you enjoy these memos, I highly recommend checking out my compilations page.

*Companies ordered alphabetically, and memos ordered (mostly) chronologically

Table of Contents:

• Apple
• Bitcoin
• Dell
• Mindbody
• Nvidia
• Pinterest
• Samsung
• Twitter
• Uber
• Yahoo!
• YouTube

Apple

• Carl Icahn (Compilation)
  • Letter to Tim Cook (2013)
  • Letter to Apple Shareholders (2014)
  • Sale: Apple Shares at Half Price (2014)
  • Letter to Tim Cook (2015)
• David Einhorn
  • iPrefs: Unlocking Value (2013)

Bitcoin (Compilation)

• Marc Andreessen (Compilation)
  • Why Bitcoin Matters (2014)
• Balaji Srinivasan (Compilation)
  • Bitcoin Becomes the Flag of Technology (2020)
  • Why India Should Buy Bitcoin (2021)
• Paul Tudor Jones
  • The Great Monetary Inflation (2020)
• Matt Huang
  • Bitcoin for the Open-Minded Skeptic (2020)
• Bill Miller
  • The Value Investor’s Case for… Bitcoin?! (2015)
  • “Certitude is not the test of certainty. We have been cocksure of many things that were not so.” – Oliver Wendell Holmes (2017)

Dell

• Carl Icahn (Compilation)
  • Letter to Dell Board (2013)
  • Open Letter to Stockholders of Dell’s DVMT Tracking Stock (2018)
  • Dell’s Offer to Buy DVMT Shares at a 42% Discount: An Insult DVMT Shareholders Should Reject! (2018)

Mindbody

• Jeremy Levine
  • Mindbody Investment Recommendation (2010)
• Josh Wolfe (Compilation)
  • Long: Mindbody MB (2017)

Nvidia

• Josh Wolfe (Compilation)
  • Long NVDA (2016)

Pinterest

• Sarah Tavel (Compilation)
  • Bessemer Pinterest Memo w/ Jeremy Levine (2011)
  • Five Lessons from Scaling Pinterest (2017)
  • Five More Lessons from Scaling Pinterest (2017)

Samsung

• Paul Singer
  • Letter to Samsung Board Outlining Value Enhancement Proposals (2015)
  • The Samsung Electronics Value Enhancement Proposals (2015)

Twitter

• Chris Sacca (Compilation)
  • Why I Twitter (2006) – *Page 176
  • I Bleed Aqua (2015)
  • What Twitter Can Be (2015)
  • What Twitter Says, and What Investors Hear (2015)
• Bill Gurley (Compilation)
  • You Don’t Have to Tweet to Twitter (2011)

Uber

• Bill Gurley (Compilation)
  • A Deeper Look at Uber’s Dynamic Pricing Model (2014)
  • How to Miss by a Mile: An Alternative Look at Uber’s Potential Market Size (2014)
  • Uber’s New BHAG: UberPool (2015)
  • The Thing I Love Most About Uber (2018)
• Chris Sacca (Compilation)
  • Why I Would Never Want to Compete with Travis Kalanick (2015)
• Sarah Tavel (Compilation)
  • Taking the Wrong Lessons from Uber (2016)

Yahoo!

• Carl Icahn (Compilation)
  • Letter to Yahoo! Chairman (2008)
  • Letter to Yahoo! Shareholders (2008)
• Dan Loeb (Compilation)
  • Letter to Yahoo! Board (2011)
  • Third Point! Yahoo! Presentation (2011)
• Jason Ader
  • Yahoo! Invest Presentation: A Better Plan For Yahoo Shareholders (2015)

YouTube

• Roelof Botha
  • Sequoia YouTube Memo (2005)