9 Characteristics of a Good Acquirer:
1. Fragmented markets with a relevant pipeline: acquirers need a robust acquisition pipeline to deploy their strategy and compound returns over time.
Example: $ONEW 2. Evidence of real synergies and economies of scale: best acquirers are those that are able to add value to the target company.
Example: $BLD (acquisition of Distribution International)

The beauty of $POOL business model lies on its capacity to create a win-win-win situation where all the players (manufactures, retailers and the Company itself) within the pool industry’s hugely-fragmented supply chain can benefit $POOL successful strategy is based mainly on two pillars:
1. Continuous expansion of its services centers network, increasing density and market coverage. As a result, it provides its customers with a proximity and quickness hard to beat.

$GTIM interesting microcap for the post-COVID world (no investment advice):
- Fast-casual burger chain (loved by its customers; great reviews)
- Steadily growing: CAGR 12% last 4y
- Growing conservatively: 1-2 restaurants/year
- Room to grow: just 39 restaurants mainly in CO & NC $GTIM (cont.)
- EBITDA & FCF positive (even under COVID!)
- 4.4x EV/LTM EBITDA & 5.5 EV/LTM FCF (much better than comps)
- Strong balance sheet: net cash ex PPP loans
- Penalized by COVID (hospitality sector, dining rooms closure in Colorado)

How information technology and networks have merged to create companies with unprecedented market shares, very high ROICs and rapid growth?
Insightful paper: “Exploring Network Economics” by Mauboussin
docuri.com/download/explo…
Some highlights:
1) The idea of “winner-takes-most” 2) Supply- versus demand-side scale economies

How will the global economic order change by 2050?
(source: pwc.com/gx/en/world-20… by @PwC)
Highlights:
1) Global economic growth will be driven by emerging market economies, which will gradually increase their share of world GDP over time 2) Emerging markets will dominate the world’s top 10 economies in 2050 (GDP at PPPs)

Deloitte's digital media trends survey (US)www2.deloitte.com/insights/us/en…
Some highlights:
- Streaming services penetration (69%) has finally surpassed pay TV services (65%). This difference increases for new generations (they even prefer streaming music services rather pay TV services) - Gaming is competing with other forms of entertainment, especially among new generations, and not only in time spent but also in the way gaming platforms engage fans. The survey found that it is not only playing videogames: 32% of respondents watch eSports on a weekly basis!!

Open thread about Netflix ($NFLX). Netflix seems to be an astonishing business but would it be able to achieve market expectations?
Below some positive (P) and negative (N) points
(no advice, just food for open discussion) POSITIVE POINTS (P):
P.1. Netflix is a highly replicable and scalable business within a trillion-dollar industry (i.e. huge total addressable market) and it has proven to be able to globally expand and compete.