Category: Newsfeed
-
Constellation Software Update Jan. 2024 (3Q23)
Last year we published a short Constellation update when they released their 2022 results. As it has now been a bit over a year since our original Extensive Research Report, we wanted to provide a more comprehensive of an update to our Constellation Software report. While we will update various numbers and provide some…
-
Google Shut the Door on Competition, AI Swung it Back Open
There is a podcast of this memo available if you prefer listening to it. You can find it on our podcast feed here (Apple, Spotify). Intro. This is paraphrased from the Graham & Dodd Annual Breakfast 2022 with guest speaker Todd Combs: “[Todd] Combs recalled the first question Charlie Munger ever asked him was what…
-
The Risk Circle: Deciding What Risks Matter and When
Welcome to Speedwell Research’s Newsletter. We write about business and investing. Our paid research product can be found at SpeedwellResearch.com. You can learn more about us here. There is a podcast of this memo available if you prefer listening to it. You can find it on our podcast feed here (Apple, Spotify).…
-
2023 Year-end Review: Highlights, Changes, and Business Thoughts
Welcome to Speedwell Research’s Newsletter. We write about business and investing. Our paid research product can be found at SpeedwellResearch.com. You can learn more about us here. 2023 was Speedwell Research’s first full year in business and we would like to share some highlights, as well as how we…
-
How Pies, Proofs, and Punch Cards Hold Key Insights into the Cost of Equity
Introduction. Every truth requires an assumption. The Münchhausen Trilemma, also sometimes referred to as Agrippa’s Trilemma, states that it is impossible to assert any proof without appealing to an assumption. Thus, the only three ways to complete a proof are using 1) a circular argument, 2) a regressive argument, or…
-
Understanding Modularity: How Apple, Bloomberg, and Amazon Kept Strategic Coherency
Clay Christensen, Ben Thompson, the iPhone, A&P, Bloomberg Terminals, Prime Air, and AWS. There is a podcast of this memo available if you prefer listening to it. You can find it on our podcast feed here (Apple, Spotify). Clay Christensen is known for his brilliant theories on Disruptive Innovation and…
-
Evolution Deep Dive
Everyone says the house always wins. But that’s because they haven’t encountered the world of online gambling. While in theory players choose to play at a specific online casino, just like they choose to play at a land-based casino, in practice the casino game supplier sways where the players…
-
Walker & Dunlop Business History
A podcast of this memo has been released if you prefer listening over reading. You can find it in our podcast feed here (Apple, Spotify). This is an excerpt from our Walker & Dunlop research report. It is just the first 13 pages of our 63 page report (~16k word report). For…
-
The Piton Network: Decisions that Simultaneously Support and Limit the Future Decision Space
Business Philosophy Series We have recently decided to increase our publishing cadence and you can now expect a written piece from us every Friday morning. Also, a podcast of this memo has been released if you prefer listening over reading. You can find it on our podcast feed here (Apple,…
-
Etsy Deep Dive
We just released our latest report on Etsy! Some background on it below. Robert Kalin felt there had been a multi-century war against the individual craftsman. The unrelenting drive of standardization and mass production kicked off by the industrial revolution centuries ago had driven consumers away from carefully crafted, unique…