For each business that reaches the final step of our investment process, we typically speak to around 20 industry experts we source ourselves. We write up our findings in a 30-50 page report that is typically only shared with these sources. In the example reports below we were able to agree to a wider distribution and hope it helps you gain greater insights into the specific type of work we do.

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Terravest (TVK.TO)

January, 2024

Terravest has delivered shareholder returns of ~30% p.a. for the last decade, key management have most of their net worth in the stock, and the CEO is only 40. The company is a roll-up acquiring at an average 11x P/E then restructuring to cut that to 7x. The acquired companies are generally mom & pops in ‘boring’ industries with limited competition, and Terravest is often the biggest in each niche. The company does not speak to sell-side analysts, hold earnings calls, or give presentations. We expect it to keep compounding as management executes and investors discover the company.

We presented an update at the Fairfax Financial shareholder’s dinner in April, 2024.

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Naked Wines (WINE.LN) -> Passed

June, 2022

We sent a report on Naked Wines to our sources when the stock traded around £3.5. While Naked initially appeared to be a promising investment opportunity, we discovered some concerning findings that are detailed on p.13-18 of the report. As a result we passed on the stock, which declined around 75% in the months after.

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