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    Ben Black

    Director and Equity Research Analyst at Deutsche Bank

    Ben Black is a Director and Equity Research Analyst at Deutsche Bank, specializing in consumer and retail sector coverage with a focus on companies such as Macy's, Kohl's, and Nordstrom. He is recognized for his data-driven research and has maintained a solid track record with investment calls, achieving success rates in the mid-60% range according to independent analyst rankings, and delivering market-competitive returns for investors. Ben began his career in equity research at Citi in 2010 before joining Deutsche Bank in 2017, steadily advancing to his current senior analyst role. He holds FINRA Series 7, 63, and 86/87 licenses and is noted for his insightful industry analysis and frequent contributions to media and investor conferences.

    Ben Black's questions to Opendoor Technologies (OPEN) leadership

    Ben Black's questions to Opendoor Technologies (OPEN) leadership • Q4 2024

    Question

    Jeffrey Seiner, on behalf of Ben Black, asked if the high percentage of aged inventory (over 120 days) would be an overhang on contribution margins in 2025. He also inquired if the company was seeing different levels of success or drag across various home price points.

    Answer

    CFO Selim Freiha explained that while aged inventory was up, it was partly due to lower Q4 acquisition volumes and a deliberate strategy to slow price drops in a weak market. He stated it is not a significant overhang and expressed confidence in achieving the 5-7% annual contribution margin target, noting recent cohorts are selling at higher margins. CEO Carrie Wheeler added that a new pricing model has improved conversion through better price segmentation, allowing for lower spreads on easier-to-sell homes and higher spreads on harder-to-sell homes, expanding the conversion frontier.

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    Ben Black's questions to Spotify Technology (SPOT) leadership

    Ben Black's questions to Spotify Technology (SPOT) leadership • Q4 2024

    Question

    Ben Black of New Street Research questioned Spotify's level of investment in AI, its impact on productivity and user experience, and the company's view on the commoditization of AI models.

    Answer

    Co-President & CPTO Gustav Söderström stated that AI drives productivity, lowers moderation costs, and enhances the user experience through recommendations and new features like AI DJ. He believes the company is investing at a 'prudent level,' noting that the rapid commoditization and open-sourcing of large AI models means the cost per unit of intelligence is dropping rapidly.

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