Analog Capital

@bizalmanac Kelvin and Jesse would check in 👏👏👏

📨Out now Read if you are interested in or own 📦Amazon, 🧙🏻‍♂️Constellation or 👨🏻‍🏭Terravest. #propanecowboys #longlivethebeard #optimusprime $AMZN $CSU.TO $TVK.TO

“They’re not trying to take me out ’cause I’m an obstructionist. They’re trying to take me out because I impose too much transparency.”

@DurableCreators it's a relist / name change - all these funds already owned Ashtead

A name worth flagging, Sunbelt Rentals $SUNB (formerly Ashtead Group) has been popping up quite a bit this quarter on 13Fs. They're the 2nd largest equipment rental company in the US behind $URI. Maybe activity related to the listing change but interesting nonetheless.

@nachkari Agree. Why sweat it out with crowds in Rome or Madrid in June when these two are perfect visits? Maybe tack on Norway for some mountains and fjords.

$SPGI Mobility Global tossing up a spicy lil growth track. Spin to win!

@ToddWenning Yessir!

Anybody going to $MKL next week?

@gilbert Checked like civilized people do.

This 1980s picture always romantically makes the rounds, but where did the 5(!) passengers across the middle put their carry-on's in Delta's L-1011?

@FrancoOlivera @BillBrewsterTBB I knew Plane Bike would be somehow involved here...

Liberty LatAm preferred distribution. Tagging @BillBrewsterTBB for not particular reason $LILAK

@TheLAPurchaser theverge.com/tech/920815/go…

My experience -- i rarely use search anymore. wonder if that comes back into the fray for $GOOG at any point. Curious how people's search usage has changed after downloading CC/Cowork and Codex?

@MichaelGielkens Looks like a Gartner-like business for print & digital imaging

$TOI.V acquisition totalspecificsolutions.com/insights?nid=1…

@mastersinvest x.com/analogcap/stat…

'Our Board recently authorized an increase to our share repurchase program by an additional $500 million. Taking a step back, there is clearly a lot of noise in some of the markets where we operate. But from our seats, there is a big disconnect between perception and our long-term prospects across our diversified business model. That's why we have been leaning into buying back our stock. And you would have also seen our co-CEOs and a number of our directors buying stock personally in the quarter.' - Robert Lewin, CFO - KKR. Q1 2026 Investor Call.

V8s coming back by popular demand! $FWONA $FWONK reuters.com/sports/formula…

@PEoperator You think this crowd has never heard of the patron saint of levered aero aftermarket serial acquirer pricing power compounder paradise? Where you been for T20?

Nick Howley is one of the great operators you may have never heard of… He built a "boring" business selling aftermarket parts to the aerospace industry. His returns were 37% annually for 28 years! And he did it with private equity. Here is the story.

My intuition is that we're back to regular capitalism here -- lots of capex spending & lots of competition, that never ends. When it comes to creating hyper-profitable, competition-immune business models, AI is not comparable to the internet. Not even close.

@ConorNeu Which is better?

I’ve now spent 9 years in equities and 15 years in debt. Understanding one is so valuable for understanding the other. I’m a big proponent of mid-career shifts within your industry.

BX "Tactical Opportunities" acquired Onyx-Fire just 2 years ago privsource.com/acquisitions/d…

$APG adding Onyx, Canadian inspection-first fire & safety provider. 18 branches, 190M revs. ir.apigroupcorp.com/News/press-rel…

@DurableCreators I suppose, but Martin has paid up big time for aggregate assets to right size portfolio that was inferior to Vulcan by almost every measure Another way to say it, why did Martin continue to own so much cement and asphalt for decades?

Feels like the management team over at Martin Marietta $MLM doesn't get enough credit for the business transformation over the last 5-10 years. $10B of aggregates M&A, $3B of divestitures in areas like cement and asphalt. The company has become a pure play aggregates powerhouse.

@DurableCreators Vulcan smile hard to beat

5 largest states by revenue: $MLM TX - 30% NC - 10% CO - 9% CA - 7% GA - 6% $VMC CA - 22% TX - 12% GA - 11% TN - 10% VA - 8%