Paul Buser

@honam @patrick_oshag Justin Yoshimura and CSC Generation such a good example of this! So good, that we're bringing him on @joyscompounding soon...stay tuned!!

It’s a great idea. Our permanent capital vehicle would not be at the fund level but within a portfolio company. For example CSC Generation has been acquiring retail and e-commerce companies to target neatly endless number of companies that need to be part of a platform to remain competitive - already over $1B in revenue and profitable. It would make sense to have many platforms in different verticals.

Josh launched Thrive Holdings last year, a $1 billion permanent capital vehicle built to own and operate businesses in industries like accounting and IT, and use AI to make them more efficient. The idea grew out of a desire for Thrive to look more like the companies it invests in. After investing in OpenAI, they went around to PE firms pitching the idea of using the API to create greater efficiencies within their businesses. Few were interested, so they decided to do it themselves, with OpenAI as an equity partner in Holdings. For decades, technology transformed industries from the outside in. The core belief behind Holdings is that the AI paradigm will be different. The data and the experts who fine-tune the model already exist inside these businesses. Going forward, innovation will occur from the inside out. The permanent capital structure allows them to buy these businesses and hold them in perpetuity. "If you have a differentiated unique lens and cost of capital around these businesses and you're able to transform them in the ways in which you want to, you ultimately want to hold on to them forever."

@patrick_oshag Totally -- love the framing, and we're seeing this exact thing happening in our vertical market software platforms. If you own the mission critical software application -- then AI has become an enabler to increase the TAM. Essentially, VMS becomes the AI Agent for its customers!

Still interesting

We are releasing a book today. Artifacts: A visual history of technology from 1965 to the Present. 59 years. 296 breakthrough moments. 403 images. A clean chronology of the innovations that built the modern world. From microprocessors to mobile to AI. Technology is the greatest story of human optimism. It is the belief that fragile ideas can become world changing platforms. Artifacts is that story, in print. A curated gallery of modern computing that fits on your desk. Proud to share it. Link in comments.

Spotify: open.spotify.com/episode/06OI84… Apple: podcasts.apple.com/us/podcast/cha…

For anyone serious about AI, company building, serial acquisition strategies, and European software, this is a must-listen!! So fun to do this Jan and to see how quickly CHAPTERS Group has evolved into a leading company in Europe with big ambitions to be the most desired permanent home for mission critical businesses.

Spotify: open.spotify.com/show/36mhEH0uC… Apple: podcasts.apple.com/gb/podcast/cha…

This was surreal getting to spend quality time like this with Steve and bring his amazing lessons to the world!

So pumped for this!!! @FoundersPodcast fans and beyond should watch this trailer, follow this new pod by the human tornado, @davidsenra, and get ready for the most exciting podcast launch in a long time! Still have no idea how David pulls this all off completely on his own!

Nine years ago, I launched Founders (@FoundersPodcast). Today, I'm launching a new podcast called David Senra. The first episode goes live this Sunday. Subscribe wherever you watch or listen to podcasts. Founders will still come out every week. @scicomm // @hubermanlab

Will Thorndike - The Rise of Long Duration, Serial Acquisition Holding Companies Our @joyscompounding teacher today is Will Thorndike, co-founder of @CompoundingLabs and author of acclaimed book, The Outsiders. This is one of the most foundational JOC sessions we’ve ever done because of how much Will has shaped our combined teaching and investing vocations. 🥰 The Outsiders is considered one of the most impactful business books of the 21st century. Lauded by @WarrenBuffett and so many others, it profiles eight CEOs who dramatically outperformed their peers by focusing not on charisma and cult of personality attributes, but on the more quiet and unconventional craft of resource allocation—measured, rational, often contrarian decisions that compounded to extraordinary heights over time. But Will’s influence goes far beyond the page. He is a pioneer in the private equity and search fund worlds, having founded Housatonic Partners in 1994 and also helping originate the modern search fund model—backing early-career CEOs to buy and grow businesses with long time horizons and radically aligned incentives. Since then, he has invested in the majority of the top 20 search fund outcomes to date, including @Asurion, which he recently profiled on his podcast 50X. You may not have heard about Asurion but it is likely the greatest private equity investment of all time, generating a more than 5,000 times multiple on invested capital. 🤯 In more recent years, Will’s taken the best of what he’s learned from the PE and Search worlds and is now developing what we think may be an ENTIRELY NEW ASSET CLASS - long-duration, serial acquisition holding companies. Here are some of the structural and operational features of these businesses: - These are newco formations that are effectively capitalized on day 1 at book value - They focus on buying & building recurring revenue businesses in niche markets - Radical equity efficiency - with often just $10 - 25 million of equity capital deployed forever - An ethos of exceptional resource allocation → very much aligned with the Outsiders playbook - The harnessing of both organic AND inorganic growth with a focus on improvability with the assets they acquire - And, very importantly, these are investors backing founders with an unlimited time horizon and with a focus on ‘multiple on invested capital’ rather than IRR The alchemy of these attributes are companies that don’t exist to be sold but rather to eternally flourish ♾ – an asset class that harnesses the joys of compounding better than anything else we’ve come across. 📈 I hope you enjoy this class on the rise of long duration, serial acquisition holding companies with our friend and mentor, the eternal outsider, Will Thorndike! Links in comments.

We’re thrilled to announce that we're joining forces with @DavidSenra1 of @FoundersPodcast to host a conference in a ridiculously beautiful redwood grove 🌲 🌲🌲just south of the Bay Area in Scotts Valley, CA on July 29th-31st!! The venue, the discussions, and, most importantly, the 130 attendees will all be world class and grovey! We already have a stellar crew signed up and the remaining slots are going fast. Once you show up at the venue, all lodging, meals and activities will be taken care of, so you can relax, enjoy and build some amazing new friendships! If you’re interested in joining, don’t delay — sign up at this link: founderspodcast.com/events/founder… @buhrman_rick @artofinvest @joincolossus @ReustleMatt @patrick_oshag

@BrettKPG @JeshuaTLauka @buhrman_rick Love this duo!!! Let’s get Jim out to the redwoods!

@JeshuaTLauka @PaulBuser @buhrman_rick Jim Collins has been a huge influence on our journey! So I asked him to wear the Kelly+Partners hat !! Couldn’t resist.

If you haven’t listened to this podcast 3 times, you are missing out. Mitch Rales is a one of a kind. Well done @PaulBuser @buhrman_rick

Hello @artofinvest nation - this session was a blast and so inspiring! @NDFootball Head Coach @Marcus_Freeman1 joined us at our studios to chat life, leadership, and football! We hope you enjoy and can see why all Irish fans feel so fortunate to have Coach Freeman at the helm. Spotify - open.spotify.com/episode/79Z3Pz… Apple - podcasts.apple.com/us/podcast/art… @buhrman_rick @joincolossus @patrick_oshag @domcooke @ReustleMatt

@bizbreakdowns @artofinvest On the edge of my seat!!!

In his 2016 letter, Mark Leonard identified 8 High-Performance Conglomerates (HPCs) that his team studied. Our colleagues on @artofinvest covered Danaher earlier this week. We cover another tomorrow.

For all you fans of permanent capital holding companies AND vertical market software, have a listen to our latest @artofinvest podclass with Daniel Eisen and Paul Yancich of Arcadea Group! They share lots of Constellation Software stories and discuss their approach to VMS... Spotify - open.spotify.com/episode/0GJJhL… Apple - podcasts.apple.com/ae/podcast/arc… joincolossus.com/art-of-investi…

@MandarKagade Thanks Mandar!

Tripping on this series of pods for the last 48 or so hours. Loved Thomas, Altimeter, and a few others- open.spotify.com/episode/0s4td3…

@AcquiredFM @FoundersPodcast @gilbert @djrosent So jealous!!! Did you record the transcript to input into Founders Notes??

It will not surprise you that this dinner ran nearly 5 hours.

@patrick_oshag The Mendelson's are legendary!! Can't wait to listen!

The moat around this biz is nuts “I think if you ask Larry Mendelson, the Chairman and CEO of HEICO, to describe HEICO, he would describe it not as an aerospace or electronic technologies company, but as a "very strong, well-managed vehicle for generating cash flow."

Check out our latest @artofinvest podclass with Katie Koch, CEO of TCW, one of the largest and most storied asset management firms in the world! Katie is a true FORCE MULTIPLIER in everything that she does. In this class you'll hear more about her meteoric rise in the investing world and the unique ways she melds culture and excellence! You'll also hear from Patty Brady, Managing Director of the @NotreDame Institute for Global Investing about the largest undergraduate Women-focused investing summit coming up on campus Feb 29 - Mar 1. Spotify - open.spotify.com/episode/2ifJtv… Apple - podcasts.apple.com/au/podcast/kat… @joincolossus @buhrman_rick