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Jamin Ball
Altimeter Capital
@jaminball
Altimeter Partner working with software businesses at the earliest stages of product market fit. Dad to 4 amazing kids. No investment advice, all views personal
San Francisco, CA
cloudedjudgement.substack.com
Joined September 2015
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  • Pinned
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    Jamin Ball
    Altimeter Capital
    @jaminball
    Jun 18, 2020
    I'm launching a newsletter! If you'd like to stay in tune with valuations / trends driving public SaaS businesses please follow along! I'll also provide detailed earnings summaries. More to come-Looking forward to all of your feedback on Clouded Judgement
    About - Clouded Judgement
    From cloudedjudgement.substack.com
  • user avatar
    Jamin Ball
    Altimeter Capital
    @jaminball
    Mar 21, 2025
    Really really good @theallinpod with @SecScottBessent. Couple highlights I took away below: - I'm [Bessent] a deficit hawk. But can't do it all at once. Every $300b we cut is 1% of GDP. we're trying to land the plane well - By 2028 get back to long term average - 3 / 3.5%
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    The All-In Podcast
    @theallinpod
    Mar 19, 2025
    🇺🇸 all-in takes dc! @chamath and @friedberg sat down with @USTreasury secretary @SecScottBessent for an incredible long-form interview -- main street vs wall street -- the trump admin's economic strategy -- scott's involvement in the legendary trade that broke the bank of
    00:00
    433K
  • user avatar
    Jamin Ball
    Altimeter Capital
    @jaminball
    Feb 2, 2021
    Cloud Giants Update: AWS: $51B run rate growing 28% YoY Azure: ~$29B run rate growing growing 48% YoY (estimate, exact numbers not disclosed) Google Cloud: $15B run rate growing 47% YoY (includes GCP and GSuite) Cloud markets are HUGE! So much innovation still to come
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    Jamin Ball
    Altimeter Capital
    @jaminball
    Feb 3, 2022
    Cloud Giants Update: AWS (Amazon): $71B run rate, growing 40% YoY (accelerating growth from 39%) Azure (Microsoft): ~$40-$45B run rate, growing 46% YoY (slight decel from 48%) Google Cloud (includes GSuite): $22B run rate, growing 44% YoY (slight decel from 45%).
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    Jamin Ball
    Altimeter Capital
    @jaminball
    May 11, 2022
    Median cloud software multiple is now at 5.6x forward rev. This is 50% below pre covid levels (Feb '20), and 15% below Covid lows (March '20). The lowest the median software multiple ever got post GFC was ~4x in early 2016
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    Jamin Ball
    Altimeter Capital
    @jaminball
    Jun 9, 2020
    Summary of Q1 SaaS earnings. Top decile companies: - Beat revenue estimates by >10% - Guided next quarters revenue above estimates by >7% - Demonstrated >53% YoY growth - Had >130% net revenue retention - CAC Payback < 13 months (GM adj)
    A Look Back at Q1 Public SaaS Earnings
    From link.medium.com
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    Jamin Ball
    Altimeter Capital
    @jaminball
    Sep 2, 2020
    A lot of people are asking about who I include in my "Tier 1" SaaS names, so here it goes (this is similar to the set of "Secular Growth Stars" I wrote about in an article before Q2 earnings) My Secular Growth Stars: Crowdstrike, Datadog, Okta, Shopify, Twilio, Zoom
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    Jamin Ball
    Altimeter Capital
    @jaminball
    Jul 28, 2022
    Cloud Giants Update: AWS (Amazon): $79B run rate, growing 33% YoY (last Q growth was 37%) Azure (Microsoft): ~$55B run rate, growing 46% YoY (last Q grew 49%) Google Cloud (includes GSuite): $25B run rate, growing 36% YoY (last Q grew 44%, but neither are cc).
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    Jamin Ball
    Altimeter Capital
    @jaminball
    Jul 30, 2024
    Some data / stats on AI related products at Microsoft. Real revenue! Azure AI Services - $5b run rate up 900% YoY - 60k customers up 60% YoY - Responsible for ~8% of overall Azure growth this Q Developer Tools - GitHub at $2b run rate (It was ~$1b in Sept '22) - GitHub
    71K
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    Jamin Ball
    Altimeter Capital
    @jaminball
    Feb 3, 2022
    AWS - Monster quarter. Accelerated growth to 40% (39% last quarter) and hit $71B run rate. 30% operating margin. This growth at that scale is incredible! Easily worth >$1T as a standalone company Cloud markets are huge!
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    Jamin Ball
    Altimeter Capital
    @jaminball
    Mar 12, 2022
    Getting the hospital bill post birth of a child is the best reminder for how broken the healthcare system is. Pre insurance payments the "room and board" charge only for 3days / 2 nights of a semi-private room was $29k. 🤯 This excludes labor /deliver, anesthesia, medication, etc
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    Jamin Ball
    Altimeter Capital
    @jaminball
    Mar 10, 2022
    3 of the biggest software Covid beneficiaries (Zoom, Shopify and Docusign), have round tripped their pre-covid stock price. 2 years of zero gains
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    Jamin Ball
    Altimeter Capital
    @jaminball
    Jul 15, 2021
    Data from Morgan Stanley CIO survey: only 23% of workloads running in the cloud today. Longgggg runway left for cloud software
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    Jamin Ball
    Altimeter Capital
    @jaminball
    Apr 28, 2022
    AWS is at a $74B run rate growing 37% 🤯 Such an incredible business. Even with the pull back of software multiples recently I think AWS standalone would be worth >$1T