In this episode, host Matt Harney speaks with Joey Brookhart, Co-Founder of AlphaRepo and a longtime long-short software investor, as Managing Partner and Portfolio Manager of Sandbrook Capital.
Joey explains the SaaS metrics that matter most, the overrated ones investors should avoid, and why earnings day volatility often comes down to “bogeys” and positioning rather than guidance. He also introduces AlphaRepo, the Excel-integrated platform he built to track model revisions and portfolio-wide trends, and offers advice for aspiring buy-side analysts.
Episode Topics:
Joey’s background in long-short investing and the founding of AlphaRepo
The SaaS metrics that matter most: Net New ARR/ACV, sales efficiency, and free cash flow per share
Overrated metrics: NDR and net customer adds when they don’t tie to real drivers
Why earnings day reactions are driven by “bogeys” and positioning games
Forecasting rigor: buy-side models vs. public company guidance
Career advice: “Get at bats” with pitches and always start with primary documents
The role of AI in buy-side workflows — an opportunity, not a threat
Memorable Quote:
On overrated metrics: “Anything that’s really backward-looking, or doesn’t tie to the drivers of the business, is noise.”
Resources:
Joey on Twitter / X: @SaasquatchC
