We sent out the ROKU notes below on September 27th but are providing a few UPDATES here:

  1. "Splitting the difference" turned out to be about right - it suggested $20/share and that's where ROKU settled the first day of trading. Since then it's moved up a bit more to $23. There are some reasons to be cautious.
  2. An author we follow on Seeking Alpha wrote an intriguing post about "The Postage Scale Problem" which probes whether some of . . .

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