Spyglass Investment Strategy Overview
0
New Position: DoorDash, Inc. (DASH)
Why DoorDash? Why Now?
DOORDASH
DoorDash is a clear market-leading internet platform with a long runway to compound growth. Spyglass believes the
market is underestimating the earnings power of the business.
2
3
250
200
150
100
50
3
5
Q4 2020: The Spyglass team begins following
DoorDash shortly after its IPO
April 2022: DoorDash is officially added to the
Spyglass interest list
Q1 2023: Spyglass team listens to the DoorDash
presentation at the Morgan Stanley technology
conference
May 2023: DoorDash grows EBITDA over 200%
year-over-year in Q1 2023, investment idea is
presented to the Spyglass team
Q3 2023: DoorDash announces 37% quarter-over-
quarter EBITDA growth in Q2 2023, Spyglass
meets with the Company and makes initial
investment
5
77.93
Dec
Mar
Jun
Sep
Dec
Mar
Jun
Sep
Dec
Mar
06/16/21
2022
Jun
2023
Sep
Source: Bloomberg.
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