Thomas Ince

one of the greatest visuals of all time. would add that some of the black lines of the past connect to green lines of the future even if it’s not clear how.

Key insights.. Frugality Small headquarters Decentralised cultures Decision making close to customer Empower employees Entrepreneurial spirit Delight customers Customer problem solver (sell solutions) Strong purpose Recurring revenue business with strong cashflows ‘Cash’ culture Value based pricing Barriers to entry Mission critical / specialised product Flow products / proprietary product Value added distribution Local focus - ‘local champions’ Low product cost vs total cost Pricing power Exit commodity/ low margin products Integrated product / high switching costs Smaller market niches High margins High insider ownership / ‘ownership is a mindset’ Management have investor mindset Servant Leadership Employees are partners & shareholders Reinvest >80% of cash flows High ROE Small private market acquisitions Quality cos not turnarounds Acquisitions need cultural fit Know industry targets / courtship M&A Trusted acquirer - family businesses Sellers retain stake (skin in game) Self-funding model Perpetual company owner - seek sellers who want legacy not highest price Seperate PnL’s Managers mini-CEOs Autonomy provided financial metrics ok Disciplined buyer Don’t bet the farm Promote from within Pay well Long tenures Long term philosophy Family culture Internal competition across units - benchmarking - ‘champion’s league’ Information transparency Aligned / stable shareholder base Golden Rule - all counterparties Respect for everyone Knowledge sharing across businesses Don’t dilute owners / no share issuance / ‘precious shares’ Conservative balance sheet Sensible growth (no shortcuts) Decentralise M&A function Continuous learning (learning organisation) Every employee understands how daily action impacts business - leverage employees collective insights Acquisition post mortems Train everyone (internal academies) Leadership cultivated not imported Teaching is an investment not a cost Build people Copy ideas from others (eg ITW, Jack Henry, Danager, Ikea) Invest in crisis when others can’t Focus on profit / working capital Control contollables Synergies enabled not forced Continuous improvement High levels of R&D on products Management walk the floors

It’s becoming abundantly clear that America’s Shenzhen will be here.

Petting your dog

This is essential

BREAKING: NO MORE LEARING Quality Learing Center has been shut down Journalism that creates actual change, BOOM!

You literally can’t find a single mainstream article about the Minnesota fraud... Not even one... How is it that a simple guy with a camera can uncover over $110,000,000 in fraud in a single day, but giant billion‑dollar media organizations behind the glass doors somehow “miss” it for years? It’s not that they couldn’t find it. It’s that they wouldn’t They are desperate to bury this, protect their ideological allies, and smear anyone who exposes how rotten the system is with “it’s not as bad as it looks” think‑pieces or by turning it into a race‑based narrative to shut people up This is as clear as it gets in broad daylight The story isn’t just the fraud... The story is the massive cover‑up....

🚨 Here is the full 42 minutes of my crew and I exposing Minnesota fraud, this might be my most important work yet. We uncovered over $110,000,000 in ONE day. Like it and share it around like wildfire! Its time to hold these corrupt politicians and fraudsters accountable We ALL work way too hard and pay too much in taxes for this to be happening, the fraud must be stopped.

Brad Jacobs’ Industry Filter 1. Immense scale 2. Inherent long-term growth 3. Fragmented landscape ripe for M&A at favorable multiple arbitrage 4. Economies of scale 5. Tech backwardness