Jack Prenter

23.7% of businesses in Canada are owned by immigrants 🇨🇦 That's pretty incredible! Happy to call Canada home and to be 1 of the 243,138 immigrant business owners 🥳 (Freshest data, released yesterday)

@Sebastiaoferrao @j16425646 They could hedge it, they just choose not to. FX could swing both ways, but given the cost of hedging NISUSD I'd rather they just do it.

@JackPrenter @j16425646 Yes seems like fx happens every quarter and they treat it like its not recurring.

$SPCB should be up significantly today. The CEO intentionally highlighted its lagged revenue recognition from new contracts on this morning's call. With Romanian orders resuming and Sweden and Germany just starting to kick in, sales are about to burst higher.

@Sebastiaoferrao @j16425646 Would have been nice if they hedged FX. I'm not willing to addback the entire FX adjustments because it's recurring and they seem to avoid hedging it for whatever reason. SBC is extremely heavy this year, but seems to be a make-up against past lower years. Bit nervous on this

@j16425646 what do you think about all the non-gaap stuff

@JackJuliano3 @CapstackCapital @TraderOver1 Would be happy to share thoughts or notes on this, DMs are open.

@CapstackCapital @TraderOver1 We’re going to catch up with management post earnings release. I’d frankly rather have them factor receivables than issue anymore equity. It would also be very helpful to break out accounts receivable, so we know how much of the net receivables are from the legacy business.

Big week of earnings on deck for me this coming week. $AP - Pre-Market Tues, 5/12; Call @ 8:30am $SHIM - AH Thursday, 5/14; Call @ 4:30pm $SPCB - Pre-Market Thursday, 5/14; Call @ 10:00am

@HugoNavarroPer2 SPCB recognizes EM device sales when shipped, but rented devices + monitoring services over time. EU contracts tend to be for device sale + monitoring, where most of the revenue is on the device sale. So, it makes sense to recognize most of this revenue upfront USA is rental

Something I've been thinking about with $SPCB — if revenue on multi-year agreements is recognized upfront alongside costs, the P&L becomes misleading in both directions. In the early years, profits look inflated because most of the revenue from the contract is booked upfront. But in the later years, you see a sharp decline in both revenue and profits — not because the business is deteriorating, but because the accounting already recognized what was earned. That means the numbers you see on the P&L in any given year don't really represent what the business is actually making. A strong year might just be front-loaded recognition, and a weak year might just be the tail end of a contract that was already profitable. If this is how it works, you can't take any single year's earnings at face value. You'd need to normalize across the full contract life to understand the real economics. Does anyone following this name have a view on this?

@ryan_a_albert Would love to see a write-up. Can you DM me, yours are closed?

Special situation time in Korea. Not many public company spin-offs happen in Korea, but we have an upcoming one on July 1, 2026. Tovis, 051360, is an industrial monitor and automotive display business that will be spinning off the automotive display business into a stand-alone, publicly traded company called Neoview. Recent disclosures allow us to finally analyze each stand-alone business separately and see the hidden value. Friendly reminder to DO YOUR OWN DUE DIILIGENCE and this is not an investment recommendation. If you would like a detailed write-up, please DM me. @MikeFritzell @ClarkSquareCap @douglaskimkorea (1/7)

@addictedtostock I don't disagree that this materially increase the number of units needed. I just expect that this will take longer to play out

@addictedtostock Yes, but courts don’t issue orders in a vacuum. They’ll be aware via the implementing agencies what capacity exists. If only ~400 devices are budgeted initially, I doubt courts suddenly create thousands of active orders before admin expands devices, staffing and budgets.

$SPCB I don’t think people understand the magnitude of this!

@addictedtostock The initial budget doc appears to plan for ~400 units, so I think it'll be hard for them to buy more than that this year. Spain is at ~3000 units AFAIK and they are years ahead on a similar program. I tend to agree they'll scale up massively, but it could be multiple years away

@JackPrenter $1M is -420 units which is 0.015% of the 266,000 reported cases from 2024 which is probably closer to 300,000 in 2026. I think the numbers you are modelling are extremely low. Try 1% - 3000 units or 2% - 6000 units or 3% 9000 units. DV is a serious issue.

@addictedtostock The headline is wrong. The bill does not require, it only gives the court the option to mandate tracking and is likely to be used only in the highest risk cases.

$SPCB "Restraining Orders Are Not Enough"... Germany to Require Electronic Ankle Bracelets for Domestic Violence Offenders In Germany in 2024, the number of domestic violence victims reported to the police reached 266,000, a 17.8% increase from four years prior.

@andrewcoye @BoringBiz_ GAAP-wise, yes, it was ~16x earnings. But Amex had tax-advantaged float income from munis. Tax adj those earnings at the ~52% corporate rate gives the common ~7.6x pre-tax equivalent. So I wouldn’t call it “paying up.” It still fits his early ~7x pre-tax playbook.

Even more interesting is that the 1964 $AXP investment was not a cigar butt either. It was trading at 16x trailing P/E (12x net of float income). Trailing 10 year Revenue and Net Income CAGRS were: +9% and +12% and P/B was 2.25x! He credits See's 1972 as his transition to wonderful business investor - but Amex and Disney in the mid 60s say that he'd already learned the lesson of paying for quality.

People forget that Buffett’s best years as an investor was during the partnership years before Berkshire At its peak, he had 50% of the entire fund’s capital in just 3 stocks and almost 33% of it in American Express alone Reminder that concentration is what creates wealth

@Bkclaims mostly reopened no-asset cases where a hidden asset shows up, or dormant open 7s where litigation/settlements are finally creating a distribution?

Found 2 good new dockets - dead 7 hunting - good stuff - like the old days

@mr_deepvalue Agreed. But if they return 100% of FCF, don't you still end up with a best case of ~15% IRR? Then, the business disappears in 2034. I find it hard to believe they won't look for opportunities to keep the business going (and themselves employed).

@JackPrenter Management are extremely shareholder friendly and talk about nothing else other than FCF and returning it to shareholders.

There’s a UK listed company quietly processing mining waste into valuable products. Trades at 0.8x TBV, 2.5x EV/FCF, 5.6x P/FCF. Net cash. Double-digit shareholder yield. Market assumes earnings are gone because prices fell. Business has been FCF positive almost every year. Nobody’s looking. That’s usually when it gets interesting.

@Bkclaims Create a Chat bot to let people drop their invoice / docs into. Then, take 50% of the refund for handling it for them. Reminds me a little of that co that would take dormant companies off your hands come tax season, and 1% of them had some outstanding refunds on utilities etc

@thisguyranks just buying up all the sites ranking in a niche? or is this some new term I'm late on Eli (bluehatseo) was talking about this back in 2006

god damnit I am so bullish on "Acquisition SEO" (aka owned media) as an SEO strategy. i want to go and acquire everything but I'm just one guy with one budget... if you're leading a big company with a big budget wtf are you doing. get in on this shit. DM me about it already

@dhh @tobi call it "active rest" ☺️

@tobi Don't tell me I don't practice what I preach by dragging you away from the CEO's office and into the race car 😂

Executives should be the least busy people in the organization. world.hey.com/dhh/executives…

@jackfriks I'd like to see more content from you about specifically how to succeed with social. If your users see an "aha" moment quicker with success on social, they'll be more likely to stay subscribed.

this week i added a cancellation flow btw, and just only now started collection cancellation reasons and feedback of churning users

i'm starting a new quest-line (for my business) LOWERING CHURN!!

@jackfriks Remove date in each post container (already in the column header) put social icons on 1 line, with timestamp below Remove white background on columns so the post containers float Remove background color on "this week" and text color on "Calendar" should make it much cleaner

pov: you use your own product every day and it never gets old how insanely useful it is

@lilyraynyc What's the result for insurance, mortgage, credit card searches? Does it end up pushing specific products?

For commercial queries in AI Mode, the links included in answers are often dotted line links back to Google's Own Shopping graph. Not directly to ecommerce retailers. Same is true for local businesses - the links point to Google Maps results. Businesses MUST optimize GBP/GMC.