Ben Gilbert: belief

Transcript context

…I like that a lot. To me, doing the research, thinking about this, and talking to people—it’s just so clear, this is eBay here. That's what this is. They have the same type of network effect, same dynamics, same cash flow dynamics—this is eBay. A capital [...] business. I agree. I think it's a good point to be an A, not an A+. An A+ would be yes, and they’re already because let's be honest, there's no excuse that this company hasn't already been generating tons of cash. This company does not have the right size of structure right now. They're doing things like the film studio, Places, Experiences, the airline, and building units in people's backyards. It’s nuts. You strip out all that cost and this company—at an efficient operation—would already have been generating hundreds of millions of cash flow. I will be very, very interested to see how that evolves with the changes that they've made to bring in more heavy hitters to their management team. They now have a CFO that has been out there for almost a couple of years. The CFO was the CFO of Amazon's worldwide consumer retail. They've really buffed up the management team with capital allocators. Depending on how they all work together, I think there's real potential here to lean out the business while still growing and realize the great profitable dynamics it could have. Man, what a season. What a season.…

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