Rowan Street
Our archive holds 7 letters from Rowan Street, behind 5 investment theses. Every quote below is copied verbatim from the letter it came from.
Rowan Street’s own letters pageTheses · 5
- December 2025
The Trade Desk is an independent, asset-light ad-tech platform with network effects and profitability, but recent execution and communication issues have tempered conviction pending improvement.
Read the full thesis - December 2025
Shopify is a leading commerce platform whose expanding merchant ecosystem, efficiency gains, and rising profitability underpin long-term value beyond prior multiple compression.
Read the full thesis - December 2025
Tesla is a founder-led, engineering-driven company with exceptional competitive advantages and a long-term culture, offering a contrarian entry to compound intrinsic value over time.
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Meta Platforms is a dominant social and advertising platform whose founder-led long-term investments are enhancing ad effectiveness and cash generation, supporting continued compounding.
Read the full thesis - December 2024
Shopify is expected to achieve revenue and gross profit growth exceeding 20% annually over the next two years, with strong operational cash flow, offering the potential for respectable double-digit annual returns despite high valuation multiples.
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Letter archive · 7
2025
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