If Raksul's ¥1,710 MBO price feels low; perhaps it can be explained by management sandbagging their FCF conversion rates in order to get a more lucrative take-private deal for themselves. Per the numbers given to KPMG, management estimates FCF to fall off a cliff going forward,

This would truly be a steal if Advent is successful. Buying InPost today at €6.5 billion (27 billion PLN) values $INPST at 5.5x '26 consolidated EBITDA or rather, 13x '26 FCF of the Polish business standalone with the UK, France, and other businesses producing nearly half of the

I certainly hope that InPost isn’t taken private. There aren’t many equivalently high quality assets currently available in the world today.

This morning I published an interview that I held with Timee's CEO, Ryo Ogawa. Feel free to listen to it here. Spotify: https://t.co/d4m9gS29q3 Apple:

38 books this year as well. See what I read this year and add me if you use Goodreads. https://t.co/TQBzsZnmEf

Here’s an interview I did with Genda’s CFO last year https://t.co/nx5tFrXqly

My kids and I stumbled across one of Genda’s (🇯🇵 $9166) Kiddleton claw machines in our local Walmart this morning. The lady working nearby told me it gets 100-150 players p/day playing 3-5 rounds each (at $1 p/round), so about $500 p/day or about $15k gross rev. p/month.

This strategy of exclusivity failed miserably for $SPOT and its bad for *literally* all participants. - Listeners are unhappy because now they have to go to Netflix to listen to a podcast. - The podcasters themselves significantly diminish their own podcast marketability and

A person with anxiety would read this as "9% of the hundreds of things that they worry about on a daily basis come true"

Bumping because this deserves more recognition for the small base of folks on X who are following the InPost/Allegro developments. Allegro's partnerships were an intelligent move towards capital light advancement of an alternative network, but how long will DPD, DHL, Orlen, etc.

I have mixed feelings about this. Raksul’s CEO has done a very good job balancing growth vs profitability in the last few years since taking over from @Yasukane . That being said, Raksul has morphed from being a clean story (fabless paper printing marketplace with a few call

Thank you for the kind words, Rene.

https://t.co/oefY3pHQjS

This is the actual Hikari Tsushin HQ. Been fortunate to visit once and can confirm… it looks like an absolute shithole, 0 maintenance capex incurred for the last 15 years 😂 Their meeting room tables looks ancient with scratched here and there, some parts were fixed with duct

@atelicinvest is there a way to find people who I already follow on X who are also on notes?

I am trying out ticker-notes for the next few days by @atelicinvest . Feel free to follow along. https://t.co/JcmNBOI7op

Timee is the overwhelming market share leader.

And there it is. Mercari withdraws from the spot work industry only a year and a half after entering and trying to win market share away from Timee by offering 0% commissions. Timee maintained its 30% fees and grew by ~100% during this period.

This was really good. Having spent a ton of time researching Timee, this is the best analysis that I have come across yet. Better than my own write-up, I am ashamed to admit.