The Nuances of Revenue Timing
Thoughts on why quarterly headline numbers drive more volatility
The Serial Edge
Focusing solely on a select group of serial acquirers - sharing our in-depth reports, earnings recaps, M&A tracker, management interviews, valuation models and accounting nuances.
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Q2/1H 2026 - Constellation Software
Margin pressure due to incoming acquisitions and timing, 3.5% organic maintenance revenue growth ex. Altera
Q2 2026 - Topicus.com
Small M&A still sluggish, and lowest IRR within the CSI family
Q2 & 1H 2026 - Lumine
The expected EBITA rebound in Q2 - record capital deployment should drive close to 30% EBITA growth in FY27
Some Small Portfolio Tweaking
Selling out of a smaller-sized position we trimmed well; buying more of a promising serial acquirer
Q3 2026 - Diploma PLC
Another quarterly update, another raise in the full-year guide
Q2 & 1H 2026 - Lifco
9-ish percent organic EBITA growth in Q2 2026, after -6% in Q2 last year
Snippets from Our 1H 2026 Letter
The pieces on our serial acquirers
Trimming One Position, Buying More of Two Serial Acquirers
Some prudent portfolio management as we see accelerating fundamental momentum
Are We Buying More of This Serial Acquirer?
Implied CAGR ranging from 16-26% over the next five years