Consumer
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.
Gorilla Game
Independent Investor
Primers
Primer: 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
Primer: 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)
Q2 F2025 results
Serial Acquirer
Update: Diploma (DPLM)
H1 2025 results.
Consumer
Primer: 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
Primer: 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.
Serial Acquirer
Update: Judges Scientific (JDG)
Mark Lavelle (COO) is retiring in September 2026
Serial Acquirer
Deep Dive: Reply SpA (REY, REY.MI)
Italian IT-services serial acquirer with unique organizational model and culture
People Businesses
Primer: I.T. Services Industry
Deep dive on the IT Services Industry
Serial Acquirer
Deep Dive: Diploma plc (DPLM)
Serial acquirer of niche distribution businesses