Handing out umbrellas...
Joined November 2011
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Analog Capital retweeted
Let's be honest, though, this isn't just about Iran. Or oil prices, or tariffs, or whatever else. People are sick of the whole clown show, dealing with a President that insists on making himself the center of attention in every aspect of American life.
$APG quietly executing, growing rev/EPS 20%+. 16% organic growth in Q3, 9% in fire & safety and 30% in specialty. Hinted DD org growth in 27. Closed 13 deals YTD. Private this week told me API is consistently most disciplined buyer in sector where scaled assets trade 15-20x.
"USI is partially held in a traditional third-party fund but also on the buyout shop’s own balance sheet. KKR will make a $3.3B after-tax cash gain off the balance sheet portion in USI" $KKR
ft.com/content/865e4bd5-f960…
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As a Munger fanboy, was surprised to just now learn that Charlie backed Stonehouse, a small (120M AUM) Australian holding company that only invested in 3 companies from 2011-2022: horse transporter, HVAC dist'r and a nursery. No new capital until 2052!
stonehousecorp.com/s/AFR-Art…
$FERG purring with largest deal in years. ~$1B rev / $150M EBITDA. 60 locations. mdm.com/news/featured/featur…
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Robot says $CPRT msg is consistent: Copart is not a passive beneficiary of rising TLF — it drives it. Better auction returns make totaling cheaper than repairing, so every improvement in Copart's marketplace shifts more claims from the repair channel to the total-loss channel.
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Analog Capital retweeted
"Late Kakistocracy" is that phase of democratic decline where the regime starts running out of ppl who will work for it, and so the folks who aren't qualified for their current positions are promoted to even larger positions for which they are even more unqualified
Analog Capital retweeted
Follow the money on this one. It is rotten to the core.
The Pentagon just lent $620,000,000 to a tiny North Carolina startup called Vulcan Elements. The company is two years old.
It had fewer than 50 employees.
And three months before the deal was announced, Donald Trump Jr.’s venture firm quietly took a stake in it.
Here is the part the administration tried to bury.
Of the dozens of companies the Pentagon was weighing, Vulcan was the only deal initiated by a top White House aide. That aide was Peter Navarro, a close friend of Trump Jr. The order came down to move fast.
One official put it plainly: The call came from the White House. We have to get this done.
Staff worked late nights to push it through in weeks. Deals like this normally take many months of vetting. And when it closed, Vulcan’s valuation jumped from about 200 million dollars to roughly 2 billion.
A windfall for the investors, including the president’s son.
This is public money. Your money.
Routed through the Pentagon to enrich the president’s family and their friends. The Bush administration’s own chief ethics lawyer called it corruption we pay for.
And there is more coming.
A drone parts company Trump Jr. holds a stake in is also under Pentagon review.
This is not a one-off. It is a pattern. The president’s family is treating the federal Treasury like a private bank, and the bill lands on every taxpayer.
propublica.org/article/donal…
Analog Capital retweeted
'Our Board recently authorized an increase to our share repurchase program by an additional $500 million.
Taking a step back, there is clearly a lot of noise in some of the markets where we operate. But from our seats, there is a big disconnect between perception and our long-term prospects across our diversified business model.
That's why we have been leaning into buying back our stock. And you would have also seen our co-CEOs and a number of our directors buying stock personally in the quarter.'
- Robert Lewin, CFO - KKR. Q1 2026 Investor Call.
Analog Capital retweeted
My intuition is that we're back to regular capitalism here -- lots of capex spending & lots of competition, that never ends. When it comes to creating hyper-profitable, competition-immune business models, AI is not comparable to the internet. Not even close.
$APG adding Onyx, Canadian inspection-first fire & safety provider. 18 branches, 190M revs.
ir.apigroupcorp.com/News/pre…
BX "Tactical Opportunities" acquired Onyx-Fire just 2 years ago
privsource.com/acquisitions/…
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While the media out here laddering the alt managers daily, $KKR co-CEOs each bought $4.4M in the open market today or ~$17M each over the past 2 weeks.
Was initially cynical about the Apple TV F1 deal, but this is master stroke in bringing entire Drive to Survive series and more F1 hype to Apple while keeping Netflix viewers engaged with live race coverage $FWONK $FWONA
hollywoodreporter.com/tv/tv-…
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Own goal of the day: Saw Larry Page gave up CA residency for Fla and picked up this humble abode ahead of proposed CA tax on unrealized gains. Due to proposed tax indexed to <voting> rights, Grok estimates Larry would owe $55-65B, cash, on his unsold GOOG stake should this gem of a law come to fruition.
miamiluxuryhomes.com/larry-p…
