Letters​

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Industry & Company Analysis

• Backflow prevention, an investment thesis

• Investing at inflection points in shitty industries, the story of United Rentals

• Why are electric process heating distributors such a great business? One word. Plastics.

• The Asplundhs – how a family tree trimmed its way onto the Forbes List

• The case for queso – an overview of the hispanic cheese market

• Underwriting a potential venture investment in Levels Health

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Mergers & Acquisitions

• How to write an investment teaser

• Components of a sell-side M&A process

• Securing the deal – how not to look like a douchebag when meeting management teams

• Merchant banking, the perfect canonical business

• What private equity gets wrong