It’s been a privilege to see so many new subscribers to this blog, as well as to our flagship publication, the Private Investment Brief. (1) The quality of this group is even more humbling, as it includes hedge fund managers, allocators, and businesspeople around the world, many representing household names of finance and industry. You […]

At the risk of belaboring a point, one of the more fascinating business models is that of the humble middleman. Middlemen usually operate quietly, out of sight of consumers and the media, so they often go unnoticed by investors. And they can be tricky to analyze because often it’s not obvious why a business that […]