Model Google Search Like a HF Pro (Unit Economics Excel Attached)

Trading the stock (pod shop vs LO), unit economics, key debates.

GOOGL stock was recently down 7% after Apple said Safari browser searches fell for the first time last month.

How do you value Google and model its Search business given AI-based search? What are the key debates long/short investors are focused on? How are they thinking about trading the stock? And what are the key differences in approach between pod shops and longer-term investors? We break it down below.

Download the full excel file at the bottom of the page.

Also, if you’re a Phoenix member, check your Phoenix account email for a rare opportunity to learn directly from one of the GOAT multi-manager PMs.

Let’s get straight into it.