The EOS Proven Process after founder tinkering 😆

I told a guy at a barbecue last weekend that I had been buying busted small-cap software stocks at 4x free cash flow, and he looked at me with the specific facial expression of a man who has just realized he is trapped in a conversation with someone who voluntarily reads 10-Ks on vacation. He asked, with great gentleness, if I had considered Nvidia. I said I had considered Nvidia in the way one considers jumping off a bridge: briefly, theoretically, and with a clear understanding of the outcome. I told him I owned a company that sells dental practice management software to 11,000 orthodontists and that the CEO, a 64-year-old man named Greg who has not updated his LinkedIn since 2017, was, in my professional opinion, the single greatest capital allocator alive in North America today, and that I would, if legally permitted, have Greg’s name tattooed on my forearm. He asked if Greg knew this. I said Greg did not know I existed, and that this was the foundation of our relationship and the source of its strength. He excused himself to go check on his children, who, I observed, were not present at the barbecue. I stood by the grill alone for the next 40 minutes, eating directly from a bag of buns, thinking about Greg, who at that exact moment was, somewhere in suburban Indianapolis, almost certainly buying back stock at prices that will, in 2031, be regarded as the single greatest gift any small-cap CEO has ever given his shareholders, and the host’s wife came over and asked, with palpable concern, if I needed a ride home, and I said no, I needed nothing, I had Greg, and Greg was enough, and I have not been invited back to that house, and I do not care, because Greg loves me even though Greg does not know I am alive, and the math, as it has always been in every great deep value trade in history, is the only thing in this country that has not lied to me.

I’ve got to say, Kemi is emerging as a true hero.

I've signed. So should you petition.parliament.uk/petit…

interesting article

What a brave man - @PeterEttedgui. “I do not want the school bully to become my Prime Minister”. I’m no comms expert, but “i’m horrified to be reminded of saying such hateful things as a boy - i was insecure and silly. im deeply sorry Peter” is what i would have liked in reply

i endorse this tweet - generous benefits for the genuinely disabled, everyone else unable/unwilling to sustain employment should have to physically clock in/out & maintain public spaces etc. My guess is most tax payers would *happily* cover scheme setup costs in short term.

i just paid a £35, camera-issued automatic fine because i momentarily drove in the wrong lane whilst trying to navigate an unfamiliar city at night, in the rain 🤣 #anarchotyranny 🇬🇧

What a legend. I know it’s silly, but i tend to get more nervous teeing off at a modestly posh golf club than i do in any business context. This is his most impressive and courageous endeavour to me. Total badass.

Love this on Rory’s Masters success by @KylePorterNS here: “What it must be like when your dream and your nightmare happen to overlap, and you fulfill one while conquering the other at the exact same time.”

“You’re getting paid for headaches and risks” - so true. Scary when people with no appetite for either risk family & wellbeing by buying small businesses.

Super AI will be crazy powerful in knowledge work and *should* eliminate the need for all professionals. But, my lawyer-hating pro full automation friends, the limiting factor is likely to be you - the client & your unwillingness to steer, prompt & check thoroughly - not the tech

Madison Keys after winning her first major: “I’ve done a lot of work to no longer need this. I really wanted it but it was no longer the thing that was going to define me. Letting go of that burden finally gave me the ability to actually play for it.”

Interesting on the “hollowing” of British politics - podcasts.apple.com/gb/podcas…. I hope @KemiBadenoch can build on her interview with @amolrajan to bring more substance to our discourse - looking forward to her being clearer on what her values imply (not guarantee) for future policy

Being lectured on business by career politicians is like taking lessons on love-making from your 12yr old nephew🤦‍♂️. Don’t mistake enthusiasm for experience, folks.

We're at the start of a new private equity X venture capital supercyle: Whether it’s PE funds buying venture backed companies, venture funds launching PE strategies, or startups using PE-like approaches to buy their customers, something big is going on. There's four separate but related things happening at once that are driving PE and VC inexorably closer together. 1) Category maturity. As software has become now fully legible it's just another low growth category for PE to buy and fix. 2) Limits on organic growth. As pure play (application) software hits limits on growth and adoption in the real economy, companies are looking for new ways to deploy their products. ~Buying real businesses and transforming them with software is just a different business model (value capture) for the same basic products (value creation)~ we've always seen. 3) Asset class maturity. Because of the massively increased AUM multistage funds over the last few years "just do private equity" is becoming a hot trend for VCs to just deploy big dollars. 4) Entrepreneurial culture. Founders are increasingly keen to control their own destiny and find faster, more efficient paths to profitability and independence.

German designer Erik Spiekermann goes on an incredible rant on why he hates the Helvetica font: ▫️"Real typefaces need rhythm and contrast...Helvetica hasn't got any of that." ▫️"[Typefaces are like people]. If you're slightly heavy in the middle, you're not going to walk around in tight t-shirts. You'll look like an idiot. Helvetica is heavy in the middle...it needs wide space. It needs a lot of space sideways...it's a nightmare." ▫️"It's the whole Swiss ideology. The guy who designed it tried to make letters look all the same. Hello, that's called an army, that's not people...it doesn't further individualism."  ▫️"Now, Helvetica will never go away. It's ubiquitous. It's like air. There's no choice. You have to breathe, like you have to use Helvetica." ▫️ "I'm obviously a typo-maniac, which is an incurable disease. I can't explain it. I just like looking at it...they are my friends. I get a kick out of typefaces.” Might be best random niche topic rant I’ve ever heard. *** TikTok User Spark: tiktok.com/@drgstacks/video/…  "Helvetica" Documentary: watchdocumentaries.com/helve…