Percentage of S&P stocks outperforming the index. I'm curious to see how much it recovers from this all-time low. apolloacademy.com/percentage-of-…

$EVO acquiring Galaxy Gaming for $124 mill, including debt, to be paid in Cash. Putting some of that cash to work!

$EVO - New capital allocation framework; Another Eur 400 mill share repurchase annoucement!

$BX announced Q2 results today. The alt. asset mgmt has been growing at double-digit % for a while. BX now has $1.1 trillion in AUM. Some interesting comments from Steve Schwarzman.

So, who is $GLXZ? - a pure play table games supplier for land-based and online markets - in Apr 2023 signed a 10-yr contract with $EVO - Matt Reback became CEO in Nov 2023 - some legal issues in the past; but much of it appears settled - More 'morrow in the call

The importance of "time in the market"—Dr. Hendrik Bessembinder has a new report. It's an interesting study showing the power of compounding over a long time, even at a modest rate. h/t MOI Global John Mihaljevic

"...what is life but a mixture of unsolved problems, ambiguous victories, and amorphous defeats?"  I enjoyed reading Wings of Fire, an autobiography by APJ Abdul Kalam

$WRB Rob Berkley Jr. in the Q2 earnings call talks about why Excess & Surplus (E&S) continues to grow. $KNSL the only publicly traded insurer that is 100% E&S has been highlighting the same. Rest of his prepared remarks is interesting & worth reading.

$JMT announced results for Biedronka in Poland. LFL in Q2 was -4.6%! While inflation has come down, competition has been intense. While $DNP has generally done better than Biedronka, wonder what the impact has been.

$RMS "...when there is a tougher time, there is a flight to quality syndrome..." - Axel Dumas (CEO) in H1 2024 call today. A picture is worth a thousand words:

Sometimes I feel that the power of reinvestment doesn't get its due credit for wealth creation. Here is John D. Rockefeller, the richest man on earth then, who didn't go to college, on how he felt about dividends. Source: Titan by Ron Chernow

Now, that's interesting. Wonder what the spread will be over the next 10 or 20 years. h/t Charlie Bilello

I was re-reading this classic, and this quote jumped out.

‘A Success Story’ by Estée Lauder is a fantastic autobiography. Reading this reminded me of Mrs. B of NFM ($BRK), but a lot less cantankerous. 3 main traits of ‘The founder’s mentality’ ⁦Chris Zook⁩: - insurgent’s mission - owner’s mindset - obsession with front line

This was well done. Lots of detail on the business, competition, and valuation.

$HEI Eric Mendelson, Co-President; worth a listen: - history of how HEI came to be - not a $4.0 bill co, but 100 $40 mill co. - 3rd gen. being groomed - gen. don't pay up for acq., but high mult. acq. have been highly successful youtube.com/watch?v=bOx2IY…