The author has increased their investment in Amazon, citing the company's long-term growth potential, strong competitive advantage, and discounted valuation. Despite a slowdown in AWS growth and decreased operating margins, Amazon's retail business is seeing recovery from COVID-related issues with an acceleration in growth in paid units, third-party seller revenue, and advertising revenue. CEO Andy Jassy's cost-cutting measures and the growth of higher-margin segments are expected to improve Amazon's operating margins. The author also predicts that AWS growth will pick up as macro conditions improve and that Amazon's strong customer relationships will contribute to long-term revenue growth. With Amazon projected to generate over $2.50 per share in free cash flow in 2023, the author views the current share price as attractive given the company's competitive advantage and growth potential. Amazon is recognized as a leader in e-commerce, public cloud computing, and digital advertising.

JD.com is planning a turnaround through AI expansion, a low-price strategy, and spin-off plans. The low-price strategy is aimed at expanding the user base, while the spin-offs are expected to enhance efficiency and increase operational and financial transparency. JD is growing its third-party marketplace to boost profitability, despite a conservative outlook for Q1 2023 due to soft consumer sentiment and a focus on cost efficiency. The company is set to spin off its property and industrial units, a move that should enhance efficiency and clarify credit profiles for rating agencies and financial institutions. The stock is currently at critical support levels, indicating a potential rebound. While the low-price strategy may impact margins, it is expected to expand the user base and maintain competitiveness. The spin-off plans and restructuring efforts are expected to pay off in H2 2023, making JD.com a strong buy in a recovering economy.

PayPal had a strong Q1, with a slight acceleration in net revenue and volume growth, and a strategy centered around maintaining market share for long-term growth. Despite stagnant active account growth, management's approach to encourage more transactions from existing customers is promising, and there is potential for margin improvement. The company faces competition from traditional point-of-sale acquirers and fintech innovators but can use its online presence to establish a stronger point-of-sale presence. The author forecasts a clear path to robust growth for PayPal, with a fair value estimate of $135 per share and an 11% revenue CAGR over the next decade. However, the emergence of new competitors and potential disruption could significantly affect profitability, and PayPal's international operations present currency and execution risks. The author rates PayPal's capital allocation as Standard and praises management for building a narrow moat. The potential acquisition of Pinterest and focus on margin improvement and higher levels of capital return by Elliott Investment Management were also highlighted.

Blue Owl Capital is poised for potential superior market performance over the next several years, with the capability to outperform the Index by a multiple of 2 or more. The company has several platforms for alternative asset management, including Dyal Capital, Oak Street, and Owl Rock, with total assets under management growing significantly. Blue Owl's revenues increased by 41.7% YoY in Q1 2023 and plans to increase its dividend annually, aiming to become a dividend aristocrat. The company's capital is mostly permanent, allowing for long-term value creation and differentiating it from competitors who have to raise new funds. Despite the presence of risks, such as a setback in economic recovery, the author recommends Blue Owl for its potential for future returns and a 5% dividend yield, and expects their strong buy recommendation to stay in place for an extended period. The company's progress will need to be monitored regularly for any deviations from their plan for continued growth and profitability.

Ford Motor Co. reported a 1Q23 adjusted net profit of $2.525 billion, up from $1.564 billion in 1Q22, thanks to stronger sales, a favorable product mix, higher net pricing, and supply-chain improvements. The company has three segments: Ford Blue (gasoline and hybrid vehicles), Ford Model E (EVs), and Ford Pro (commercial products and services). Ford Blue and Ford Pro both posted EBIT profits, while Ford Model E posted an EBIT loss. Ford plans to have at least 240 GWh of battery cell capacity by 2030 for its electric vehicles. The company also reinstated its quarterly dividend at $0.10 per share in 4Q21 and announced a 50% hike to $0.15 per share on July 27, 2022. Ford faces risks from general economic weakness, changes in consumer preferences, higher costs for components and raw materials, supply disruptions, and excess manufacturing capacity in the industry. Despite these risks, Ford shares are seen as undervalued based on several valuation metrics, with a target price of $16, assuming a P/E of 9.2-times the 2023 EPS estimate. The current rating for Ford shares is BUY.

Live Nation had a strong Q1 in 2023 with over 90 million tickets sold and is expected to grow its advertising and sponsorship revenue. The company capitalizes on trends within the music industry and younger consumers, with concerts revenue and the ticketing segment expected to grow annually. However, there are concerns that the concerts business is dependent on artists who may push on pricing, limiting margin expansion, and consumers may cut discretionary spending in an economic downturn. Competition from secondary markets and potential entry of large tech companies into the ticketing space also pose challenges. Despite weak global ad market, over 80% of planned sponsorship for 2023 is already booked and the revenue jumped 73% YoY to $3.1 billion. Live Nation controls over 235 concert venues and sold over 485 million tickets in 2019. The company has an Exemplary Morningstar Capital Allocation Rating due to its history of adding value through investments, sound balance sheet, and preference for reinvesting in its business or making acquisitions instead of repurchasing shares.

Carvana's Q1 revenues dropped by over a quarter from the previous year, and the company still lost $1,654 for every unit sold. The company has substantial debt and interest expenses, and there are concerns about its ability to sustain operations without new funds. Bondholders are pressuring for a debt-to-equity swap, which would significantly dilute shareholders. However, Carvana's EBITDA margin improved, and SG&A expenses decreased. On the bullish side, Carvana's finance team has been successful in accessing credit and equity markets at favorable terms. The author has started a short position on Carvana's shares and recommends selling them with a $1 price target within the next 12 months. The author sees no reasonable scenario where value remains for holders of the common stock due to the company's long-term operating losses and need for further capital.

The author discusses Spotify's first-mover advantage in the music streaming market, praising its management for their long-term orientation and investment in product development. Despite robust growth in users, Spotify's stock performance has been lackluster. However, the author predicts a "golden period" for equity holders as the company's past investments start generating significant free cash flows. Spotify has invested heavily in research and development and made strategic acquisitions, positioning it to benefit from an anticipated explosion in creativity. A recent restructuring plan aims to improve efficiency and control costs. The author suggests a slight increase in the US premium subscription fee to boost revenues and predicts a 5% yearly increase in average revenue per user over the next five years. Using a discounted cash flow analysis, the author estimates Spotify's enterprise value at €32.5 billion, suggesting a 23% upside from the current share price. As Spotify enters the next stage of its lifecycle, the author anticipates increased free cash flows and a shift in power away from music labels, which may attract institutional investors.

The article discusses a specialty chemical producer, Ingevity Corp, that is undervalued and has consistent revenue growth, earnings growth, cash flow, and FCF generation. The company has two segments, Performance Materials and Performance Chemicals, and a capital allocation plan that includes periodic buybacks and medium-sized acquisitions. The author believes that specialty chemical producers are generally good businesses with solid margins and cash flow and often get acquired by strategics or private equity firms. The company's priority for the rest of 2023 is to repay debt and get leverage down from ~3x to 2.5x. Shares might be cheap, and using NGVT's own historic EBITDA multiple of 10x would value shares around $87 vs. $60 today. The article briefly mentions the strong job market, with the labor force climbing back to pre-pandemic levels and unemployment staying low.

Christian Dior's stock has seen a 25% rise in price in 2023 and is perceived as a safe investment despite its high P/E ratio. Owned by LVMH, Christian Dior has a lower P/E and has seen higher gains over the past year than LVMH, but has lower trading volume and liquidity. A comparison with other luxury companies shows mixed results - while Dior and LVMH had lower revenue growth than Hermes and Richemont in the last financial year, they are still showing strong growth in 2023. Richemont's operating margins are weaker compared to LVMH and Dior. Luxury companies are typically resilient during challenging economic times, with the potential for improved conditions in China. Despite Dior's low trading volumes, its strong financials and position in the luxury market make it a potentially rewarding investment, and the author recommends buying Dior stock.