Partnership Investing

Subscribers to Global Quality Investing have received a new write-up about $MEDI Medistim. $MEDI is another quality European compounder that deliver a 33% total return p.a. for the last decade. Find out how they got there here: partnershipinvesting.substack.com/p/medistim-a-d…

@HedgeyeComm Congrats, how can one read it?

Published what I would consider our first real research paper yesterday. The topic? AI agents are becoming a new operating system layer - sitting between users and every application they touch. The applications become databases. The agents become the product. We built a five-dimension competitive framework and mapped 50+ companies as structural winners, structural losers, or positions where the bull and bear cases are both credible. We also examine what we call the content flood - AI collapsing the marginal cost of producing content, code, and creative output. When supply is infinite, distribution becomes the bottleneck. The implications run counter to prevailing consensus in several cases.

@LuisVSanchez777 Maybe. But what is a SK e-commerce business worth at this level of penetration and declining demographics?

@PartnershipInv Hypothetically they exit Taiwan tomorrow, what’s the stock worth? Probably more.

What is the bear thesis for Coupang? $CPNG

@SteadyCompound Any chance you could share the PDF?

@PartnershipInv The link is at the end of the thread

Read an expert call with a former Google chip engineer on NVIDIA's competitive position. His view: NVIDIA will lose market share in both training and inference. Here's why 🧵:

@SteadyCompound Hey, how were you able to read/access?

10/ Source: inpractise.com/articles/gcp-a…

1/I read an interview with a former Google Cloud Director who spent 30 years in the industry—including stints at both AWS and GCP. Some insights on the AI infrastructure war that I hadn't seen elsewhere:

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@bizalmanac @SleepwellCap @FocusedCompound Would agree. Excellent pod on sometimes little covered businesses or industries. Deserves more exposure

@SleepwellCap @FocusedCompound That's tough. Geoff has been writing for over a decade and he's been podcasting with Andrew for well over five years. The content is a mix of timeless and timely They just came back after a few months off. I'd just dive right into the most recent few to see if you enjoy :)

I don’t say this lightly, for an aspiring investor, Time spent listening to @FocusedCompound podcast is WAY more valuable than a top 10 MBA Of course an MBA will plant the seeds of a better network and offer better job prospects (can’t list podcasts on your resume!)

@AndrewRangeley @HiddenGemsInves Thoughts on likelihood of 100% of FCF to be reinvested given history of being less. Thoughts on durability of Geotek earnings. Important as its large % of the EV and founders recently left (to be expected, but always biggest risk is lost knowledge)

Excited to have my friend @HiddenGemsInves on the podcast tmr. We'll be talking $JDG.L Any questions for Chris?

@shomikghosh21 Need the checkmark

@PartnershipInv Sure, I think my DM's are open

@JerryCap Question is if new apps can be good enough or cheap enough to overcome switching costs and distribution advantage incumbents have

@JerryCap People forget the savings to ship code apply to everyone, legacy and de novo (perhaps not equally). How many more features/products would CSI VMS ship if cost to do so went down? Switching costs is still the main issue imo new entrants need to overcome.

Replit CEO talking his book. Software has always been easy to make now it's easier. Was never the moat. So now you're going to make more software? Great how you selling it?

@HiddenGemsInves Main question is if they will actually reinvest 100%. David is conservative and disciplined on valuation, which is good. While he wont waste shareholder capital, not investing enough could drag down the compounding. Also need a real view on quality of Geotek given % of EV

$JDG.L management have generated 22% incremental returns on capital over the last decade by my estimates. Estimated by comparing cumulative investments into WC, capex, and M&A over 5 year periods vs the resulting growth in OCF. By reinvesting 100% of cash generated at 22% returns, Judges Scientific earnings should grow around 22% p.a. If management can continue that I believe the stock is greatly undervalued here. Answering whether the company can keep generating these returns was main focus of my recent 35 page report on Judges. My research included 16 interviews with management, former Founders & MDs at acquired businesses, and competitors. The feedback received was possibly the most positive of any company I have researched. ➡️ Go to Hidden Gems Investing now to receive a copy. Link in my bio. You can view a similar report I published on another serial acquirer called TerraVest for free to see what our Special Reports are like. (Go to Hidden Gems Investing -> Special Reports at the top -> TerraVest. The link is in my profile) I hope you enjoy it! $TVK.TO

New episodes out by @_inpractise. New weekly series on primary research. open.spotify.com/episode/29NT1N… @chriswmayer @SleepwellCap @ElliotTurn @Anrosenblum

@longriver_hk @brendangered More freedom to innovate on UX too. Feedback loop must be much faster without regulators breathing down your neck

@longriver_hk @brendangered Less KYC requirements or Responsible Gaming limitations. Makes sense

Counterintuitive perspective from @brendangered: unregulated casinos are growing faster because they offer a better experience $EVO podcasts.apple.com/hk/podcast/zer…

$EVO h/t @_inpractise

As long as GGR is generated, who cares about the source right? $EVO "when the police officially announced they would track down online casinos, many brands became afraid and wanted to leave the market. This...created an opportunity for new brands that didn't care about the law"

@jackefeller Earnings disappointed.

@PartnershipInv Stock down 60% since that write up, anything specific causes that you can point to?

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