Micro family office accumulating šÆ quality x š³ growth x šØāš owner-operator stonks | š§Happiness snob | #BillsMafia | š Chaos is a ladder
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If a business uses shares to fund their investments, then that cost must be reflected as well. 
Some highlights from Burford's 11/2/2021 Investor Day:
It's simple but there is beauty in simplicity
2/ 2-9% of adults in the U.S. suffer from abnormal breathing during sleep, known as Obstructive Sleep Apnea (āOSAā). Heart attacks, strokes and other chronic conditions are highly correlated with OSA. Resmed, $RMD, is the leading provider of Sleep Apnea care products globally 
2/ TMO uses cash generated from their resilient businesses, laboratory equipment, supplies and services as well as diagnostic instruments, and through a systemic M&A program, buys high optionality businesses serving the pharmaceutical industry
2/ Cadence is the second largest EDA business behind Synopsys with $2.4B and $3.3B of TTM sales respectively
2/ Roper reports across four segments, two that provide VMS and contribute ~65% of earnings power and the other two offering industrial and medical devices. Over the next four tweets, I pair a thumbnail of each segmentās financial profile, with its description from ROPās 2019 10K 
2/ SPSC is a cloud-hosted EDI software used by retailers, their suppliers and logistics providers. EDI, Electronic Data Interchange, is a set of common syntax that allow regular business transaction to be processed automatically, see details below
Since Andreesenās prophetic essay, enterprise software sales have nearly doubled, growing from $245mm in 2010 to $456mm in 2019, a CAGR of 7.1% according to Gartner. In January 2020, Gartner projected increased growth of 10.5% for the industry through 2021 (2/14) 
Since 1965, when he began writing his yearly letters to BRK shareholders, WEB has explained the virtues and perils of the insurance business. While his insurance operations have always been profitable, the industry generally operates with underwriting losses (2/13) 
1/Advertising has transformed from creative campaigns displayed in newspapers, TV, etc. to strategies made possible by the internet, connected TVs and other digital media. Data driven advertising maximizes ROI by targeting interested customers and attributing their spending 
2/ Refreshing my long thesis after they reported 2020 Q2 earnings yesterday. Y/y Revenue and EPS growth of +10% and +16% beat sell-side estimates but track closely to the Companies performance recently. Guidance is for +11% sales growth in Q3 and FY2020 
