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Campaigns / TCI Fund → Alphabet
TCI Fund vs. Alphabet

Alphabet · GOOGL

2 decks published between 2022-11-15 and 2023-01-20 — 5 pages, 5 analysed slides total.

initial thesis follow up

Timeline

Each deck in chronological order — click to open. This is the story of the campaign as it unfolded.

  1. 2022-11-15 initial thesis

    2022 11 15th November 2022

    4pp · letter

    Alphabet's cost base is bloated — headcount up 20% CAGR since 2017, pay 67% above Microsoft, Other Bets bleeding $20bn; cut costs, target a 40% Google Services margin, and buy back stock aggressively.

    N 4 V 3 C 2
    ⌂ ” ⚑
  2. 2023-01-20 follow up

    2023 01 20th January 2023

    1pp · letter

    Alphabet's January layoffs are a start but insufficient; management must cut headcount ~20% to 150,000 and slash excessive pay, including stock-based comp.