Investment manager, forged by many market cycles. Learned a lasting lesson: real wealth comes from owning businesses with enduring competitive advantages. At Qmoat.com I share my ideas.
ChatGPT: Two decades after Enron, Sarbanes-Oxley still divides boardrooms: compliance isn’t cheap, especially for smaller firms, but sturdier audits and investor trust may justify the bill.
Silicon Valley’s greatest resource isn’t capital or code—it’s people. For decades, the H-1B visa has funneled foreign-educated engineers and scientists into the Valley, helping to turn start-ups into giants and whole categories into global industries.
Joint ventures can unlock reach and know-how, but misaligned incentives and divided control mean many falter before creating lasting value.
Rollins has turned pest control into a dependable, subscription-like cash machine—growing organically, tucking in bolt-on deals and keeping churn low. With a seasoned bench, dense routes and disciplined pricing, the company keeps margins steady even as rivals regroup.
Linde quietly dominates industrial gases with dense networks, proprietary engineering and long-term take-or-pay contracts that pass through energy costs, keeping cash flows steady.
ASM set a 2030 course—>€5.7bn revenue, 30% margins—built on ALD dominance, growing epi, outcome-based services and sustainability that lowers customers’ total costs.
Good management isn’t a personality. It’s fit—clear edge, disciplined capital, and a cadence tuned to the market. That’s why opposite styles thrive.
Scale, software and data—not price—now decide who wins in payment processing. Giants like Fiserv, Global Payments and Adyen stitch cards, wallets and bank rails into one brain, lifting approvals and shaving fraud while embedding themselves in merchants’ operating systems.
The networks solve a wicked coordination problem. They give every merchant a way to accept every card from every bank, in every country, with one contract and one technical spec. Replicating that means persuading millions of merchants and tens of thousands of issuers to adopt the same rules
Deferred taxes quietly reshape earnings, cash flow, and ROIC. Ignore the footnotes, and you risk mistaking timing quirks for real economics.
The Global Payment Ecosystem: Visa and Mastercard mint margins as toll roads; fintechs add slick apps but face thinner take rates and fierce competition.
Studies show acquirers with stronger ERP integration capture synergies faster, report cleaner numbers, and sustain higher returns than peers relying on fragmented systems.
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