Thank you for a very nice write up. You used some slides from a presentation you refer to as coming from the IPO Prospectus. I must be blind as I cannot find this presentation. Would you be so kind to direct me to where I can find this?

Thank you.



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Great writeup! I recently finished reading The Outsiders by Thorndike so this obviously piqued my interest ;) I had a look at the filing and what I couldn’t quite figure out is:

1) Are the founders of the acquired businesses mostly staying on? I think the idea of a decentralised organisation (eg Constellation) was to have the founders operate the business going forward and that synergies are largely a waste of time.

2) Why are the expenses so high? SGA of $3m sound a lot if the thesis is to buy a business and immediately start getting the cashflows at ~ 25% ROI?

3) If the stock is so undervalued, why wouldn’t they just buy it back? I guess the answer is they would have less money for acquisitions but if the discount is apparently 50%?

Overall, I think it’s a really interesting idea.

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Interesting write up Jon,


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