What do you think is happening in Abdiel right now?

Two positions that make up ~50% of their fund (APPN and FSLY) are down a third and half YTD. Thoughts?

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Comments (24)

  • Associate 3 in HF - EquityHedge
May 6, 2021 - 3:44pm

What do you think they see/saw in FSLY that the rest of us are missing? Apparently they added more in 1Q...

  • Analyst 3+ in HF - EquityHedge
May 6, 2021 - 3:53pm

I would guess they're bulled up on this whole "Compute @ Edge" strategy, but that's not going to be relevant until at least next year and I would argue NET has a much better product and strategy. In the meantime, it's just another CDN company and that's just a really shitty business to be in. 

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May 6, 2021 - 3:45pm

I remember at one point, Abdiel was the constant dip buyer on FSLY. It was remarkable. They might as well just take FSLY private. 

Instagram: @dickthesellsider | Substack: dicktoad.substack.com

  • Associate 3 in HF - EquityHedge
May 6, 2021 - 5:29pm

Any sense what kind of DD they do / differentiated research methodologies?

  • Associate 1 in PE - LBOs
May 6, 2021 - 5:39pm

How much do these Abdiel analyts make? They kill it every year, must be at least low 7 figs. 

  • Associate 1 in ER
May 7, 2021 - 3:03am

Kinda curious as well... any knowledgeable person here wanna venture a guess?

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  • Analyst 1 in HF - EquityHedge
May 6, 2021 - 7:27pm

Abdiel sent a recruiting memo to my school that said they had over $5bn in AUM now, so I think they are doing just fine.

  • Investment Analyst in HF - EquityHedge
May 7, 2021 - 2:53am

Keep in mind that they're long term oriented. One of the toughest parts about this investing style is resisting urge to let short term market gyrations influence one's judgment. 

As Buffett famously said– in the short term, the market can behave like a lottery. But in the long term, asset prices will adjust to reflect their fundamental value. If you have high conviction in your valuation of the company, short-term dips shouldn't cause you to blink twice.

  • Associate 3 in HF - EquityHedge
May 7, 2021 - 10:13am

Ya I know. That's why I'm trying to see what work they did / why they believe in this so much. Trying to figure out if this is a good opportunity to pick some up. I don't cover the space and like someone higher up said, can't see how it was worth as much as it was trading at.

  • Intern in IB - Gen
Aug 4, 2021 - 5:10pm

Interesting that they did not sell once it hit more than 100 (could have made a nice 5x since they bought at 18ish) and then started buying again after it dropped at 60 and 40

Anyone in the sector might be able to make more sense to an intern? 

Aug 4, 2021 - 7:37pm

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  • Investment Analyst in HF - EquityHedge
Aug 5, 2021 - 9:53am

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