I have mixed views on this. We have three other public comps who have crushed it while doing larger acquisitions. MSD-HSD organic growth with 35%+ margins is worth a fairly high exit multiple.

The future of AI is vertical. Does anyone have opposing views and think AI will be a negative to VMS? Curious to hear your thoughts if so. bvp.com/atlas/part-i-t…

wsj.com/lifestyle/cars…

Everyone’s talking about agentic AI. We’re already putting it to work 💪 With our system-native Realm-X Performers, AppFolio is leading the charge on agentic operations in real estate. Get the full story in Bisnow: bit.ly/45FLoyn

Press Release: Lumine Group Completes the Purchase of Datafusion Systems. Datafusion provides critical secure communication and intelligence solutions for telecom operators, law enforcement, and government agencies. This acquisition will enhance Lumine’s presence in the

Q2 2025 Letter is now out. seekingwinners.substack.com/p/q2-2025-seek… Hope everyone is enjoying summer!

Bell Global Equities Fund on Gartner $IT US Thesis: Gartner is a resilient market leader in research and advisory services with strong financials and global reach, making it well-positioned for sustained growth. (Extract from their 05'25 letter)

Another big up market customer win for $APPF appfolio.com/newsroom/north…

SVN Capital on Copart $CPRT US Thesis: Copart is the dominant player in the auto salvage duopoly, benefiting from industry trends that favor increased vehicle total loss, despite recent stock declines attributed to slowing growth and competition for insurance contracts.

New memo out on $JDG.L. I don’t currently own this, but wanted to put out the summary memo from my research. seekingwinners.substack.com/p/judges-scien…

I was a guest on CSI Chat with Scott Denneny, who asked lots of good questions. #37 - Chris Mayer youtu.be/4EvUJ4Ha7cM?si… via YouTube

Currently booking our annual Japan trip and super stoked to be biking the Shimanami Kaido this year. Any other suggestions outside of Tokyo/Kyoto/Osaka?

Portfolio activity has been non-existent lately, just added a bit more to $BRO after the 11% drawdown this morning, Q2 results were okayish, but sell off is silly

$CMG.TO hires $CSU guy and then announces an acquisition 🧐

Well…that’s a painful lesson learned $IT Got the position sizing terribly wrong

🎯

$CSU

This. For anyone who’s employed and is in a position to make final decisions, trying bringing this up at your next meeting and let me know how it goes.