Seeking Winners
@SeekingWinners_
Senior Financial Controller & Chartered Professional Accountant
Humbled that @chriswmayer has subscribed to my substack on long term investing. Although we haven’t met, I look at Chris as an investing mentor similar to how Chuck and Phelps are/were mentors to him. Link below if you’d like to follow along as well: seekingwinners.substack.com
SVN Capital on Copart $CPRT US Thesis: Copart is the dominant player in the auto salvage duopoly, benefiting from industry trends that favor increased vehicle total loss, despite recent stock declines attributed to slowing growth and competition for insurance contracts.…
I was a guest on CSI Chat with Scott Denneny, who asked lots of good questions. #37 - Chris Mayer youtu.be/4EvUJ4Ha7cM?si… via @YouTube
Bell Global Equities Fund on Gartner $IT US Thesis: Gartner is a resilient market leader in research and advisory services with strong financials and global reach, making it well-positioned for sustained growth. (Extract from their 05'25 letter)
New memo out on $JDG.L. I don’t currently own this, but wanted to put out the summary memo from my research. seekingwinners.substack.com/p/judges-scien…
Another big up market customer win for $APPF appfolio.com/newsroom/north…
Q2 2025 Letter is now out. seekingwinners.substack.com/p/q2-2025-seek… Hope everyone is enjoying summer!
Press Release: Lumine Group Completes the Purchase of Datafusion Systems. Datafusion provides critical secure communication and intelligence solutions for telecom operators, law enforcement, and government agencies. This acquisition will enhance Lumine’s presence in the…
Everyone’s talking about agentic AI. We’re already putting it to work 💪 With our system-native Realm-X Performers, AppFolio is leading the charge on agentic operations in real estate. Get the full story in @Bisnow: bit.ly/45FLoyn
The future of AI is vertical. Does anyone have opposing views and think AI will be a negative to VMS? Curious to hear your thoughts if so. bvp.com/atlas/part-i-t…
I have mixed views on this. We have three other public comps who have crushed it while doing larger acquisitions. MSD-HSD organic growth with 35%+ margins is worth a fairly high exit multiple.
$BRO making a big acquisition kinda kills the small high ROIC acquisition profile going forward (as they won't move the needle). Transformational acquisition. Not necessarily a bad thing. But starts to move into the generic insurance bucket now (less interesting).
AppFolio Inc. Director Timothy Bliss bought a total of 22,000 $APPF shares this week, spending over $4.78 million in three back-to-back purchases. Another director, Bob Casey, joined in with a ~$871K buy. Strong insider conviction just ahead of @AppFolio’s upcoming earnings…
Just finished reading the Q2 transcript from $HEI. Don’t think I’ve ever heard management as bullish as they were during the Q&A. They haven’t even closed the gap on aftermarket parts pricing with OEMs yet and they are still putting up insane numbers organically.
Great visual here to show how insane this is. Plenty of other BS costs in here that should be tackled first. One could argue $FICO was undercharging for years
Another visual to show how insignificant the $FICO FICO Score Royalty cost is compared to other cost categories that the consumer pays when closing a loan.
$APPF has a sub-3% churn rate, so customers stay for over 20 years
$CSU Mark Leonard on Assessing moats: "Looking at how long the customers have been there is really a great way to look at that. Obviously, your -- have a pricing power, what you have, the stronger the moat, you have that. And that's a wonderful thing because you actually can…
I don’t think most have put this part of the AGM together with previous comments around the CSI team studying $APPF and $VEEV. Layering payments on top of a low churn software business creates massive margin expansion
$CSU focusing on payments: "We're definitely focused on payments, and we've done a couple of acquisitions in the space. We're looking at other ones, and it's something that I think can add tremendous value. And what we see from our competitors in this space is a lot of…
Lumine marketing meeting notes - $60B addressable market - no style drift for now given the long runway - specialized targets are in media/communications which limits copycats - open to acquiring public companies, carve out assets and assets owned by PE - all 31 acquisitions so…
Not sure if this matters to $GOOG longs, but we’ve received quite a few subscribers the past couple months where the direct source is @perplexity_ai. Small sample size of course, but that’s interesting
Our investment memo on $BRO is now live. Give it a read and let me know your thoughts: seekingwinners.substack.com/p/brown-and-br…
Based on how good Psychology of Money was, this will be a instant buy for me. Added bonus, I find the way Morgan writes and the chapter length to be perfect for my reading style
I wrote a new book: The Art of Spending Money Out October 7th.