Liberty

Nice look at TSS M&A before and after CSU ownership:

He's a billionaire, clearly.

Commodity stuff generally ripping? Probably not-company specific. Look at BHP or CLF or whatever random stuff

If you own Heico, a little part of what you own made it to Mars yesterday (4 Heico subs provided tech for Perseverance): https://www.businesswire.com/news/home/20210219005419/en/

https://assets.pershingsquareholdings.com/2021/02/18084718/PSH-2021-Annual-Investor-Presentation.pdf 70.2% return in 2020, wow

Rupert Murdoch's lobbyists found a way to transfer money from a competitor's pocket to their own. Seems to basically be it. If the government wanted to do a tax and then support some things with the money, that'd be one thing. But this isn't going to taxpayers, this is going into Murdoch's pockets directly (oh, and Murdoch happens to support the party in power and have near-monopoly in Australian media).

For those who haven't had a chance to attend Constellation Software AGMs in the past, I just noticed that there's 3 transcripts here (2020, 2019, and 2015): https://app.koyfin.com/news/ts/eq-hc42hq

Perseus acquired R.O. Writer (US) "a shop management software provider for franchise and independent auto repair shops" "one of the market leaders in the industry" "represents a platform investment for the Perseus Group" Founded in 1989 100 employees (Zoominfo) via @pearnick

Q4: https://news.shopify.com/shopify-announces-fourth-quarter-and-full-year-2020-financial-results

I wrote some of my thoughts about the new letter here, if anyone's interested: https://libertyrpf.substack.com/p/92-mark-leonards-2021-letter-payments#:~:text=Mark%20Leonard%E2%80%99s%202021%20Shareholder%20Letter

Special fortune edition with Bill Gates as guest editor: https://fortune.com/packages/blueprint-for-a-climate-breakthrough/

I did an extended interview with the co-founders of the company (actually started it before I ever knew they were raising money, fwiw). Thought it may interest some here: https://libertyrpf.substack.com/p/interview-with-koyfin-co-founders They shared some cool wireframes and early version screenshots that show just how far it has evolved. I thought that was cool to see.

https://www.csisoftware.com/docs/default-source/press-releases/letter-to-shareholders---february-15-2021.pdf Wow! New letter. Last one was in 2017 I think.

I wrote a little about Q4 here: https://libertyrpf.substack.com/p/91-constellation-software-q4-qualcomm#:~:text=A%20number%20of%20acquisitions

60 Minute interview with Bill Gates, mostly on his climate-related investments: https://www.cbsnews.com/news/bill-gates-climate-change-disaster-60-minutes-2021-02-14/

60 Minute interview with Bill Gates, mostly on his climate-related investments: https://www.cbsnews.com/news/bill-gates-climate-change-disaster-60-minutes-2021-02-14/

https://www.reuters.com/article/us-cyber-solarwinds-microsoft-idUSKBN2AF03R

Wow

https://www.nytimes.com/2021/02/13/world/europe/navalny-russia-putin.html

Q4 results are out: https://www.csisoftware.com/docs/default-source/investor-relations/statutory-filings/csi---press-release-q4-2020---final.pdf https://www.csisoftware.com/docs/default-source/investor-relations/statutory-filings/q4-2020-shareholder-report.pdf Dat 28.1% FCF margin. Though depressed expenses because of the pandemic and govt grants helped. But still, better than the alternative of seeing margins fall during tough years.. Reminder that Topicus wasn't a full-spin: Cash pile, with and ex-TSS: Income statement with and ex-TSS: width=800http://]https://pbs.twimg.com/media/EuD4CLyWgAEAbe1?format=jpg&name=large[/img]

There's no one internet anymore. Facebook is a platform almost as big as large chunks of the net, and they control what happens on it (well, they try). The App and Play stores are also big platforms that are fairly controlled. etc.

https://www.globenewswire.com/news-release/2021/02/10/2173606/0/en/Constellation-Software-Inc-and-Topicus-Com-Inc-Announce-Results-for-the-TSS-Operating-Group-for-the-Fourth-Quarter-Ended-and-Year-Ended-December-31-2020.html

https://asia.nikkei.com/Business/Technology/Apple-partners-with-TSMC-to-develop-ultra-advanced-displays

Great article, thanks for finding &posting. Glad you enjoyed it. It's very unflinching, tough but fair. I'm publishing a bit of commentary on it in my NL tomorrow.