Jon Bathgate

“This is one of the most important companies you have never heard of.” @bjohns3 and @jbathgate explain why. joincolossus.com/episodes/93241…

Trane Technologies? This company embodies the irresistible allure of industrial pureplays Thank you to Brett Larson and @NZSCapital for bringing this one to @bizbreakdowns ▫️ $50bn market cap (TT) yet rarely discussed ▫️ 100+ year history of between independence and "conglomeration"(Ingersol) ▫️ Epic father + son founder combo with James and Reuben Trane ▫️ Textbook equipment vs. aftermarket mix-shift story (~70%/30%) ▫️ Resi vs. Commercial segments highlights unique demand dynamics ▫️ Customer cost is split: 10% equipment, 10% maintenance, 80% energy costs (...think about how that drives pricing vs product considerations) ▫️ Secular opportunities (decarbonization) in what you'd assume is a cyclical industry ▫️ Operating system comes with Toyota DNA and 25% incrementals BONUS points: 👁‍🗨Rebranding HVAC as "climate control" is worth a 20% premium. No questions asked 👁‍🗨Reuben started career at Milwaukee Tools in 1910... fun to think about the "resume building corporations" of yesteryear

Enjoyed talking to @ianmking for this excellent Bloomberg article about ASML's rise and their unique position amidst the geopolitical tensions in semiconductor land.

NEW: ASML’s rapid rise to become Europe’s most valuable tech firm has put it at the heart of the US-China chip war. Read The Big Take ⬇️ trib.al/IXqd75l

“On average, 24-month forward earnings estimates for the SOX have been trimmed by 17% since a peak in the first quarter of 2022.” @bjohns3 and @jbathgate is this enough of a cut? bloomberg.com/opinion/articl…