On what makes a great insurance company, Fairfax’s historical transformations, investment slump, underwriting tailwind, hard vs soft markets, culture, incentives, run rate profits, and price-to-book.
On the elevator oligopoly, the golden service market, economics of density, working capital benefits, innovation, China, and smart elevators.
On Adobe’s history, SaaS transition, creative monopoly, increased competition, Figma acquisition, and valuation.
On public tenders, company culture, European IT consulting markets, scale advantages, managing people, and M&A integration issues.
On the affiliate model, sportsbook relationships, the history of Better Collective, acquisitive growth, the iGaming industry, regulatory opportunities, data advantages, and potential return.
On the payment ecosystem and its history, distributional strategies, the competitive positions of modern players like Stripe, Square, and Adyen, how Adyen is different from the two others, unified commerce, and a brief on the stock price.
On how Topicus carries on Constellation’s ethos, incentive systems, and strategy, whether it’ll work, the company’s value drivers, capital and ownership structure, challenges, and some thoughts on FCF yield.
On Constellation’s trajectory as an HPC, the economics of a VMS, returns on capital, challenges in organic growth, the runway for M&A, the company’s incentive system, and prospects for the use of FCF.
On Disney’s acquisitive history and digital transformation, how a shift to DTC shifts the economics of the business, and how I would value the company with the subscription business at focus.
On China’s regulatory crackdowns, the history of Alibaba, the arms of the octopus, how Alibaba monetizes its ecosystem, the moat, how Alibaba could fail, how I would value the company, and a note on position sizing.
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