Grupo Exito just released a new presentation with a lot more details about the business.

Thanks for all the thoughts and comments on this, appreciate it!

Nice thread on the $RHE pref exchange situation. Does anybody have any pushback?

Would make a great addition to anybody's team:

@borrowed_ideas I made this

A good place to learn more about the company is through the latest IR Deck:

Apologies, the summary incorrectly states "2024 and 2025" when it should be "2023 and 2024".

Lastminute $LMN.SW is a dirt-cheap travel beneficiary at ~4.5x EBITDA undergoing a strategic review. Below is the summary thesis (and a link to the write-up in the next tweet). Any feedback / comments / pushback is appreciated! Thanks in advance to all!

An interview with Rose Blumkin (at age 103), founder of the Nebraska Furniture Mart, which was acquired by Berkshire in 1983.

Spending a month in Richmond, Virginia. Anybody else here? Who should I meet?

Source:

Peter Bernstein on risk: "The riskiest moment is when you're right. That's when you're in the most trouble, because you tend to overstay the good decisions. So, in many ways, it's better not to be so right."

Good analysis from Marathoner:

Excellent profile of Nassim Taleb from 2002. Worth a read. "Blowing Up" - How Nassim Taleb turned the inevitability of disaster into an investment strategy.

$OB Outbrain announcing a 10% reduction in force which will lead to ~$13m in annualized savings per year. Mgmt had guided '23 EBITDA to "at least $28m." Assuming they are still on track, this should now be at least north of $40m relative to a PF EV of ~$140m.

Italian defense prime, Leonardo, is trading at a ~30% FCF yield after backing out its publicly-listed US segment, DRS, and an investment in the listed company, Hensoldt AG. Not a bad price for a business with massive defense tailwinds and an improving civilian aerospace market.

Love this: Bill Ackman getting a nudge from Richard Rainwater to start his fund. "You don't have to be old to be right." h/t @BillAckman

Excited to join my first spaces with these awesome guys! Join us on June 6th, 2.15pm EST / 1.15pm CT. Looking forward to it!

@alluvialcapital @BabeasCorpus Hahaha so good. When I was growing up and needed money, I would ask my mom if I could get funds from the "bank of mom-erica"