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Spyrosoft
I don't spend much time on Polish microcaps but several unrelated people told me to check out Spyrosoft. While I normally spend an hour investigating then move on, Spyrosoft stood out as it had characteristics of one my favourite IT services companies: Reply. I then had a chance
Deep Dive: CCC Intelligent Solutions (CCC)
CCC is the de facto platform powering claims management, estimation and valuation for the auto insurance and repair ecosystem.
What is my strike zone?
What is my strike zone?
How to be a billionaire as a "normy"
You don't need to bet on tech, oil and gas, and biotech, to have a 100 bagger.
Deep Dive: HEICO (HEI / HEI.A)
HEICO is a serial acquirer of nice aerospace and electronic components businesses run by exceptional owner/operators.
Deep Dive: EPAM Systems (EPAM)
EPAM is a leading IT Services player with a differentiated approach to training, hiring, and promotion.
Update: Judges Scientific
H1 2025 Results
Deep Dive: Globant (GLOB)
Globant is a nearshore player with a unique studio model. Globant's quality of earnings keeps me on the sidelines.
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
Update: Judges Scientific
H1 2025 Trading Update
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
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.
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