about to launch our next rollup, it’s a pretty frontier/inning-0 bet, and one of my big LPs sent me this video (not to reading into it 😅) and it’s awesome. VC folks think the salient points in their product’s history are like Columbus getting 10% carry to explore the new world

man 1956 doesn’t feel long enough ago for the then biggest IPO in history (Ford Motors, ~$660m) to net Goldman only $250k in fees (today dollars: ~$8bn IPO, ~$3m in fees, i think). need to send this to our advisors and get this level of partnership! (The Partnership: The

[pasting from linkedin for my 36 x followers and my ~128 avg impressions] 🚨 Annie Aesthetic (botox Holdco) closes Series B, ~$200m valuation (w structure), ~$65m in revs, mostly injectables. Remarkable work by team: >They ignored peak botox animal spirits and stayed super

1926, Ben Graham “𝘐 𝘩𝘢𝘥 𝘵𝘳𝘦𝘢𝘴𝘶𝘳𝘦 𝘪𝘯 𝘮𝘺 𝘩𝘢𝘯𝘥𝘴” v Northern Pipeline / Rockefeller Foundation (Graham's memoir, 1991). I love this. A wonderful example of alpha from opacity and friction. I tell young rollup wildcatters - opacity and friction are your best

🚨biggest strategic decision of yr for the farm – ‘26 t design. If you vote in comments we’ll ship you one (I swear on my mother in law😎)1. Confetti goat or DJ goat. (and sry for the blurriness, I can't for the life of me figure out how to upload a high res pic to social

i’ve been thinking about @hamiltonhelmer ‘process power’ and $TDG (~3,000x MOIC on ~$25m of primary equity1, HOF HOF rollup). The sort of nuanced thing about this 'power' is that folks can’t emulate it 𝘦𝘷𝘦𝘯 if they know the playbook (I think I have this right). And

love a good historical rollup - 1899, United Fruit ('The Fish that Ate The Whale', 2012) using ‘rollup’ loosely here. Today ‘rollup’ is a kind of a dirty word (understandable - 90’s graveyard + M&A empirically a high vol strategy), so now folks say: if pe > ‘buy-and-builds’ if

my wife often reminds me that the only thing in this world that is less interesting than my deals, is my fantasy football roster. But the below auction results might be the best thing i've ever done (granted 8 team league and I had some awesome keeper contracts coming into this

i increasingly think a meaningful barrier to financial entrepreneurship is an unwillingness to suffer indignities (which are constant). The upside is immense - freedom, wealth creation, fulfillment, status etc (theoretically(1)) But when you’re the 35yo leaving kkr to start

Star Gas in 2003 (rollup, $sgu). I think @BrentBeshore awesomely describes the issues w centralization in his annual letter (at some point I’ll share Brent’s take and credit brent in small font at the bottom of my post). ‘shared services’, ‘centralization’, ‘synergies’ etc –

i guess i just assumed Matt and Alex or like Greg Flynn invented the sale leaseback but looks like uncle carl etc were old hats w the techmology (snip from King Ichan, 1982) (And per chatgpt, ancient rome had slbs?) Love creative RE financing but I do think the new generation

the boys just looking for a juicy SOTP or AGI (respectively) or any good game to play. Happy bday uncle Warren! 1 Long live Fierce Nerds (@paulg, 2021) -- pls be in touch if you're selling $3m+ EBIT (esp if in rollupable category)

Not super interesting, but never noticed this little Teledyne (~180x net MOIC, >20% net IRR 1963-90) callout in Margin of Safety (Klarman/1991)

Live shot of our AI implementations at Tucker's Farm Corporation   I feel like I’m taking crazy pills hearing all the AI/VC + boring-business narratives   I can’t tell if it’s all a grift or we’re just bad at AI (v possible)   But we’ve invested a wild amount of $, time, energy

when I started in this game (small asset aggregations) I used to repeat finance guy canon “there’s a price for everything”. Mostly because I thought it sounded smart. Partly because I thought it was true. But man I have totally changed my mind on this. Sure if there’s like

like 6 different hedge fund folks sent me this story of the OpenAI 23yo raising $1.5bn on launch (goat farming is natural adjacency to AI hedge funds) I think it’s just another example of the life rule (besides continued goofy flows/valuations around AI): 𝘖𝘧𝘵𝘦𝘯 𝘵𝘩𝘦

🚨new CEO-in-training on the farm! I told my wife that Cameron Sarnevesht has young quarterback energy (she said I have ‘old kicker energy’ – think that means I’m reliable right🤔) Don’t know Cam well yet but he’s a couple weeks in and has already dialed-up the finance guy

and they said koch didn't have a rollup in her! (actually a de novo story but nonetheless high reinvestment/ROI play in uniform assets) As usual pls reach out to if you're selling a $4m+ EBIT biz, especially if in a fragmented/rollupable category! (snip from kochland,

I guess I always figured Standard Oil was the 1st rollup / aggregation in the US and a totally novel move (different story for EU – see basically anything from adam smith - asset pooling super common way back) but of course it wasn’t! (snip from Chernow/Titan)

I saw this and thought it was funny: “Daughter from California is often described as angry, articulate, and uninformed” Think something similar happens in our business (rollups / small asset aggregations) At some point the seller brings in her deal wiz friend or her nephew or