Andvari Associates LLC

In collaboration with @lhamtil, we've put together a 14-page white paper titled "Going South: Implications of Business and Population Migration". Check out the blog for excerpts: andvariassociates.com/going-south Or just download the full paper right now: andvariassociates.com/wp-content/upl…

1Q'24 $cnswf $csu.to results are out here's one of the charts we have on revenues

A very brief post on some of the trends affecting the auto repair ecosystem. (Hint, it's not declining costs) $cprt $pgr $cccs $byd.to andvariassociates.com/recession-resi…

We sent out our latest quarterly letter yesterday. We write about Kelly Partners $KPG.ax, CoStar $CSGP, Altria $MO, and the Western Asset Premier Bond Fund $WEA andvariassociates.com/q1-2024-letter

A decent 2023 for Andvari. As always, we feel we can do better. Read on for our thoughts on our worst and best performing holdings. andvariassociates.com/q4-2023-letter…

Andvari founder @yesandnotyes participated in a discussion with @Pfdshares on the history of Orkin, now owned by Rollins $ROL. Check out the blog post for a brief summary and a link to the full episode. andvariassociates.com/otto-orkin-rat…

2) Read the blog for more details about the timeless business principles Nathaniel used to guide Automatic from the beginning in 1929 through the Great Depression. In the blog you'll also find a link to the first episode of the @Pfdshares podcast. andvariassociates.com/the-timeless-b…

1) Andvari's @yesandnotyes started a podcast with @DevinLaSarre and @lhamtil. In the research for the 1st episode on the vending machine mania of the early '60s, he read about the founding of Automatic Canteen by Nathaniel Leverone…

@lhamtil @yesandnotyes See our recent blog for some more details on this! twitter.com/AndvariFocus/s…

I knew it was a lot but not this much: nearly 20% of S&P 500 CEOs worked for $GE or $PG at one point early in their careers h/t @yesandnotyes prnewswire.com/news-releases/…

Finding an high quality training ground for managers and following them as they jump to a different is worthwhile, but results have been mixed in the case of GE. $GE $HON $HD andvariassociates.com/executive-trai…

Andvari's Q1 2023 letter is out… 5 reasons why we dislike banks… What Tyler's proxy statement suggests to shareholders. $TYL andvariassociates.com/q1-2023-letter…

Constellation Software finally reporting 2022 full year results. Here's a few charts.

If you're curious about the black and white photo, that is a photo of Photo of Federico Bahamontes, one of the greatest climbers in cycling history. en.wikipedia.org/wiki/Federico_…

Our 2022 year end letter is out. 2023 marks Andvari's 10th year of being in business. We reflect on the past, describe a bit of our investment process, and sum up each one of our current equity holdings. andvariassociates.com/q4-2022-letter…

Andvari looks at Constellation Software's mining vertical. Since acquiring Datamine in 2015, Constellation has acquired at least another 16 companies in this vertical. $CSU.TO $CNSWF andvariassociates.com/exploring-cons…

Our 2022q3 letter has been published. We hope you enjoy. We share some thoughts on $ADBE and discuss some similarities between now and the post-WWII period. andvariassociates.com/q3-2022-letter

@esouthard @fabknowledge I agree! Interesting to see that big M&A for TXN stopped with Nat'l Semi and then ADI started picking up the rest

Really cool graphic of ADI / TXN consolidation over time. from @AndvariFocus

We explore how Analog Devices and Texas Instruments came to be the top dogs in the analog semiconductor market. Coolest thing in the blog is the high resolution infographic showing M&A activity since 1980. Check it out! $ADI $TXN andvariassociates.com/conquering-the…

Learn how Linear Technology earned a reputation as "a company that no one leaves". andvariassociates.com/the-analog-chi…

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Our latest blog on the largest private software company in the world. Their employee turnover has been in the low single digits since inception. Why do people never leave SAS? andvariassociates.com/why-nobody-lea…