In Practise @_inpractise Twitter profile

Last Seen Profiles

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@ZachHyman

@7asan26

In Practise

@_inpractise

4 years

This quote from Nick Sleep is powerful

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11 months

OnlyFans printing 40% EBIT margins and 50% FCF margins on £1bn revenue and £5.5bn GMV...

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4 years

Imagine you're 21 years old... and write this as an investment thesis GOAT $BRK

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4 months

Todd Combs on balance sheets ‘The biggest mistake an analyst can make in the initial stage of research is to start their assessment by looking at earnings’

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3 years

How can any company compete with this? $amzn

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4 years

Sales growth is the key driver of long term stock performance

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4 months

Founding story of KKR $KKR

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5 months

This interview with Former Exec at $TSLA insurance is pretty interesting TSLA Insurance is supposedly running at 150% loss ratio with 40% total loss frequency

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1 year

Schwarzman on how easy private credit is… H/t @FT

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4 years

‘If you’re willing to work on a 7 year time horizon, you’re now competing with a fraction of people’ Bezos

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2 years

Former Director at Google Cloud on why consumption-based Saas is so much better than user-based SaaS

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3 years

Nick Train on valuing Diageo and superlative companies “To me it appears that "exceptional companies with durable competitive advantages" are in fact cheap almost all the time.”

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3 years

Paul Marshall on portfolio concentration ‘Fund managers don’t have the bandwidth to analyse enough stocks to retain about more than 10 high conviction names’

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3 years

It's amazing how capital efficient Costco is for a retailer $14bn payables $12bn inventory 12x inventory turns, payables largely cover the inventory and working capital as % of sales averaged 0.5% for the last 10 years $COST

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4 years

Buffett on buying Disney in 1966 One thing that is truly underestimated about WEB is patience He not only buys great companies, but he had the patience to wait until the valuation is literally a no brainer

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4 years

How should we look at ROIC for roll ups like $TDG or $DHR ?

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4 years

Gross margins are massively undervalued Stable GM's over 10-yr period signals far more about the competitive positioning of a business than anything below on income statement

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6 years

The higher the quality, the higher the probability this quality will persist: ‘The ROICs of the best performing companies do not revert to the 15yr aggregate median’

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3 months

Kinsale is a 25 bagger in 8 years and is still growing 30% py...

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4 years

You could’ve paid 281x earnings for L’Oreal in 1973 and still outperformed the market over 26 years

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3 years

wow $amzn the e-commerce railroad

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2 years

Munger invested in Stonehouse, an Aus-based manager that has only invested in 3 companies in 12 years Impressive discipline.

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4 years

Small, elite group of companies that have +18% p.a. for 30 YEARS! Which one would you own for the next 10 years?

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4 years

'the Porsche guys were shocked when they saw the fixed costs of Ferrari.' Ferrari's margins are higher not only because of the brand, but because of the lower fixed cost in building and testing supercars $RACE

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4 years

Lesson: OWN EQUITIES

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4 years

Conifer Management LLC, run by Greg Alexander, owns 6.4% of Burford Capital Buffett said Greg was one of the top 3 investors in the world (with Klarman and Lu) $BUR

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3 years

Can you really ‘learn’ to be a great investor or is it genetic? ‘Many great investors might be somewhere on the autism spectrum’ H/t @bethanymac12 review of @williamgreen72 new book

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4 years

Former CEO, Aldi UK "Aldi when entering a market would prefer that its competition is stock market listed. Stock market listed companies have ... incentive schemes, which means that the management is not likely to react to a new threat until the last minute" $WMT, $KR

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3 years

The mental flexibility of Bill Miller is insane Supposedly a 'traditional value' guy who has not only rode $amzn for 20 years but was v early in $btc at ~$250 Hall of Fame investor IMO

Ian Cassel

@iancassel

3 years

Bill Miller is a savage

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3 years

This is interesting ‘Few executives or entrepreneurs I have ever known have said anything brilliant or novel. If an enviable attribute comes across, it is an almost constitutional inability to mope’

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6 months

Fascinating interview with Former CEO of Loro Piana imagine doing these types of deals for a job... $lvmh

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3 years

$EVO is a 10 bagger in 2 years and the business is growing 100% yoy at >50% incremental NET PROFIT margins

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4 years

After over 2,500 hours of interviewing executives, we're posting the In Practise Primary Research Checklist

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2 years

Buffett's consistency outperforming in the early years is phenomenal it's also interesting that the 'superinvestors' underperformed 35-40% of the years

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4 years

Nick Sleep on lessons from scaling laws for investors: 1) Business ought to be able to self-fund 2) High returns on incremental invested capital 3) Large growth runway 4) Barriers to entry increase with size + 5) Core skeletal structure of the business has to be SIMPLE

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3 years

Mark Leonard on payments as an opportunity: "payments, this is my own personal belief, is a race to the bottom, and it's a scale play, and it's going to be ugly"

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3 years

Bezos on math-based decisions vs judgment-based decisions... via Nomad's shareholder letters

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5 years

E&Y and New Constructs paper on the value but difficulty in calculating ROIC 'ROIC explains 71% of the differences in valuation for S&P 500 companies'

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2 years

$AMZN has bought enough land to grow AWS for 10-15 years...

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3 years

Mark Zuckerberg is 36 years old Let that sink in $FB

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3 years

Evolution Gaming's moat "There is no space for an operator like us – or even a land-based casino in the US – to make the investment and develop their own live casino offering." $EVO

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4 years

Terry Smith on why the 2 and 20 fee structure does not work Should there be any mgmt fee today?

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3 years

NEW INVESTOR DIALOGUE: Evolution Gaming $EVO We discussed the short report, US growth opportunities, and $evo management quality

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4 years

Simple but powerful heuristic 'an index of S&P 500 companies in which the founder is still deeply involved performed 3.1 times better than the rest over the past 15 years'

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3 months

Mike Bloomberg on the power of 'just showing up'

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4 years

The unit economics of low cost gyms are amazing I've been playing with some numbers for The Gym Group $GYM.LN

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7 months

New Research on Evolution Gaming's Asia and Crypto Risk $EVO We’ve followed EVO closely since 2019, including throughout 2021. This work doesn't rehash old risks. We believe we've uncovered various potential significant risks to its unregulated Asia business:

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4 years

Warren Buffett bought a 40-acre farm when he was 15...as you do when you’re 15

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3 years

NEW INTERVIEW: Evolution Gaming & Asian Unregulated Gaming Markets Anyone interested in $evo should read this!

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6 years

THREAD: the fascinating story of the creation of $LVMH and the opportunistic billionaire Bernard Arnault

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2 years

What companies treat their shareholders with the same level of respect as Berkshire? These immediately come to mind: Constellation Software Markel Heico

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8 months

$cost ‘Kirkland margins are about six percentage points higher than for brands such as Hershey or Kellogg’s.’

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1 year

We're hiring an investment research analyst If you'd like to spend all day researching companies and speaking to former senior executives then please reach out

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3 years

We have just never seen results like this at such a scale The incremental margins on billions of $$ is insane $GOOG

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10 months

Nick Train on the one company he would buy and hold for 20 years if the market closed H/t @FT

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3 years

"investors often undervalue the best companies" - Lindsell Train The red and blue lines show the multiple you could pay for companies with different long-term ROE to match the 11% MSCI average return.

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4 years

A thread on dialogue and the art of conversation - reflections on over 2,500 interviews in 7+ years. Over years of practice we have been heavily influenced by the work of physicist David Bohm on the subject, and his book On Dialogue 1/12

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3 years

Ferrari's philosophy is to never sell one car more than the demand. "The protection of the residual value, the pre-owned market, for us, is a priority" $RACE

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5 years

Lindsell Train on valuation and compounding ‘If you only remember one thing from this note, then this justification for paying PE multiples in 30s and 40s and above for great companies should be it’

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1 year

Aerospace ROIC through the value chain

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4 years

Annual reminder that this is a game of psychology

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5 years

This is a fantastic old interview with Bernard Arnault on building and managing a brand ‘A brand must have a heritage; there are no shortcuts’

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4 years

Unity has 80-90% market share in AR/VR Unreal gets a lot of press because it's sexy, but Unity seems to have a huge advantage in industrial applications $U

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2 years

“Cynicism appears to be a coping strategy by the cognitively less gifted to avoid being duped by others. Less competent individuals are more likely to be cynical across the board.” Common to believe that cynics are smarter - a stereotype that doesn’t hold up to scrutiny

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4 years

Former Head of Google Travel on why OTA's will gain power post-covid19 $BKNG $EXPE

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3 years

Is there another 97 year old on this planet that can take questions like that for 3.5 hours straight? Charlie Munger is one of a kind

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3 years

How lean can you run a $50m AuM hedge fund with a 1% mgmt fee? What is the minimum amount of operating costs?

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3 years

Zuck is way more of a visionary than people give him credit for $FB

Chips Capital

@chipsndip_to

3 years

“There are ... a finite number of different social mechanics to invent.” - Zuck $FB $SNAP $TWTR

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4 years

Rob Vinall’s thoughts on becoming an independent fund manager ‘Don’t bother marketing’

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2 years

HEICO on why commercial aero aftermarket is a unique industry $HEI

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2 years

This is one of the most fascinating stories about Buffett Who buys a farm at 15?

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2 years

Buffett on a franchise vs a business Reminder there are few real franchises out there

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2 years

Public Cloud market share breakdown

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4 years

‘The reality is that dividends are the route to average returns. Excellence in reinvestment is the route to above average returns.’ - Akre

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3 years

NEW INTERVIEW: Constellation Software: Culture & M&A "Every one of those operating partner leaders, their second and third tiers and right down to the GM level, are free cash flow generating people, it is a remarkable system" $CSU

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4 years

Naked Wines is 'arming the rebels' just as Shopify is in e-commerce This can be explained by the income statement of Willamette Valley Vineyards, a small US-listed winery $WINE.LN

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4 years

Nick Sleep on scaling laws and internet versus physical retail 'we want a skeletal structure that can support growth from mouse to elephant without too much skeletal re-engineering' h/t @MilesMJohnson

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3 years

$POOL revenue growth model Currently trading at ~22x NTM FCF and has guided to 6-9% rev growth beyond 2022

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6 years

Tiger is back. One of the greatest stories in sport. ‘Earl put him through psychological warfare and prisoner of war techniques’

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4 years

NEW INTERVIEW: Former President at TransDigm on value-based pricing 'TransDigm is very strict about understanding what’s called pass through or leakage, to the aftermarket. They will go to their OEM customers.. and fix contracts and pricing' $TDG

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3 years

Here is a list of online companies we've recently covered that are down over 25% from ATH: Netflix $NFLX down ~45% Former Head of International Content on $NFLX structural advantage producing global content

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3 years

Kelly Partners Group has compounded revenue 32% over 14 years by rolling up Aus-based accountancy practices $KPG

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2 years

Somewhat incredibly, in Costco's 1983 business plan, it seems that Sinegal thought they would be a USD 1bn revenue business at maturity, with 12 warehouses and USD 1bn in sales as a northwest business only.

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3 years

Bill Miller sharing timeless wisdom in his last quarterly update ‘We believe time, not timing, is key to building wealth in the stock market’

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5 years

This is incredible. Wuhan auto dealer recording daily sales similar to pre-crisis levels..

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3 years

Whenever I see fast growing companies, I think of this from McKinsey... 'Of companies growing > 15% between 00-03, only 26% were growing >15% after 10 years.'

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3 years

How do you choose a discount rate when valuing stocks? Here is Peter Seilern on WACC: "Common sense suggests that quality growth businesses with predictable future earnings and moats should command a lower discount rate than companies which have neither"

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4 years

There is nothing like chemistry as a moat ‘Most of the whiskey made today won’t hit the shelves for at least another 12 years’ $DGE

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2 months

Constellation Software 2006-12 provides perspective into ave price increases yoy $csu

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4 years

This one paragraph shares so much insight into Ferrari's philosophy and way of business Residual value is KING 'You will never find a Ferrari dealer or a Ferrari manager, like myself, pushing. We never push. Ever' $RACE

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2 years

How sticky is S3? From a Former AWS Director of 10 years... $AMZN

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4 years

We are building a coverage list of the best businesses listed in US or Europe between $500m - $10bn EV. What companies should we include?

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3 years

NEW WEEKLY ANALYSIS: Halma, Danaher, CSU & Serial Acquirer Org Structures We've been exploring how $CSU can scale to 100 acquisitions per year and whether it's possible for $HLMA to replicate

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3 years

Oakhill’s 3 categories of great businesses H/t @JMihaljevic

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3 months

interesting perspective from CIA on how to detect lying "Ignoring truthful behavior helps us manage our biases, so we don’t even have to think about them when the task at hand is detecting deception."

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3 years

We've been studying EU food delivery for the last month and thought we'd share some comments on the importance of the delivery fee and price elasticity of demand... $TKWY $UBER $DASH $ROO

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4 years

@jaetaunk @GavinSBaker IRR

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