People Businesses
Deep Dive: Globant (GLOB)
Globant is a nearshore player with a unique studio model. Globant's quality of earnings keeps me on the sidelines.
Gorilla Game
Independent Investor
Primers
Primer: Some Additional Thoughts on IT Services
IT Services companies, particularly those specializing in digital transformation and those without BPO or managed services operations, are poised to benefit from the cyclical recovery and secular tailwinds from AI
Serial Acquirer
Update: Judges Scientific
Judges Scientific is cheap and compelling
Consumer
Deep Dive: Croda (CRDA / CRDA.L): Part 2
Croda's Life Sciences business is a picks and shovels way to benefit from multi-decade growth runway of biologic drugs
Better, Faster, Stronger
Deep Dive: Croda (CRDA / CRDA.L): Part 1
Croda is an interesting business to understand because their business model helps explain some of the long-term disruptions happening in the beauty industry.
Primers
The Beauty Flywheel is Broken
The traditional "big beauty" model is facing several structural headwinds and while I expect big beauty brands like L'Oréal and Estée Lauder to amply navigate these headwinds, their best days are behind them.
Consumer
The Luxury Flywheel: Part 3
An overview of China's rise, the GFC, China's dominance and the Chinese corruption crackdown.
Serial Acquirer
Update: HEICO (HEI / HEI.A)
Update on Q2 F2025 results
Serial Acquirer
Update: Diploma (DPLM)
Update on H1 2025 results.
Consumer
The Luxury Flywheel: Part 2
A deep dive on luxury's emergence from serving Europe's ultra wealthy to Japan's boom and bust. This article sets the stage to better understand China as luxury's key market and growth driver.
Consumer
The Luxury Flywheel: Part 1
In this post, I describe the luxury flywheel and the 5Ps of luxury.
Serial Acquirer
Deep Dive: HEICO (HEI / HEI.A)
HEICO is a serial acquirer of nice aerospace and electronic components businesses run by exceptional owner/operators.