A Bittersweet Ending

TC Energy Update: Great assets at a fair price

Philip Morris International (PM): Transitioning to a smoke-free future

CSU Back At It: A review of the Optimal Blue acquisition

Canada Goose (GOOS): Where performance meets luxury

Going Paid: I started publishing my work in late-2019 and have continued to do so for nearly four years without succumbing to the temptation of putting up a paywall. I’ve met some great people, had amazing engagement with readers, and generally had a lot of fun along the way. Today, there are ~2,600 subscribers to The 10th Man, and I appreciate every single one of you.

DaVita (DVA): One of the largest dialysis providers in the United States

Berry Global (BERY): The largest plastic packaging business in the world

Dream Finders Homes (DFH): Small builder on the block, taking a page out of the OG's asset-light playbook

NVR, Inc. (NVR): The asset-light king

Homebuilding Industry: Part 1 in a multi-part series on the homebuilders

Constellation Software Update (CSU): Revisiting the initial thesis

Lumine Group (LMN) : The second spin to come out of CSU

Ally Financial (ALLY): Lean, mean, auto lending machine

Cloudflare Inc. (NET): Edge network with explosive growth

Converge Technology Solutions (CTS): ITSP roll-up story

Costco (COST): Scale economies to take over the world

Carvana (CVNA): The challenger in used-vehicle retailing

CarMax (KMX): The leader in used-vehicle retailing

GoodRx (GDRX): Taking on the prescription drug market

Topicus (TOI): Baby CSU let loose

Constellation Software (CSU): Vertical market software and the M&A GOAT

Take Two Interactive Software (TTWO): Ah shit, here we go again...

Electronic Arts (EA): The dominant video game sport franchises, and the moats behind them

Activision Blizzard (ATVI): The FPS game to rule them all