Alphabet: the newest cohorts are monetising faster than the old ones

The mechanism is payback period. Faster monetisation of a new cohort shortens payback, which raises the amount of acquisition spend that clears the hurdle, which compounds into the growth rate. The cohort table is in the supplemental. Users acquired in the last four quarters reach the same revenue per user roughly twice as fast as the cohorts from three years ago. The position: long on Alphabet, entry locked at publication and the exit dated rather than open-ended. The target is stated in the call block above and the horizon with it. Sized to the catalyst rather than to conviction, with the invalidation written into the kill-switch card instead of left implicit. A macro shock to advertising or discretionary transaction volume would overwhelm the company-specific case entirely, and it is not hedged in this position.