5th issue of AGB in 2023 is Brown & Brown $BRO -6th largest insurance broker, still family run -Decentralized model + focus on middle markets -Acquisitions lay foundation for future organic rev growth Would appreciate a like/retweet. Thanks for reading! open.substack.com/pub/yhamiltonb…

How little we know about what works in corporate governance: "The dialogue about corporate governance is dominated by rhetoric, assertions, and opinions that—while strongly held—are not necessarily supported by either applicable theory or empirical evidence..."

Just published my Deep Dive on Brown & Brown Disclosure: I am long $BRO

How it started, how it’s going

$CSU

Nothing to add. RIP ❤️

"a 10% rise in CEO ownership reduces the likelihood of corporate giving by 40% (Masulis & Reza, 2014). Another great example of the agency problem.

I highly recommend a subscription to C.J.+ if you are interested in anything $CSU related or any of his other holdings. Adds a ton of value.

Great management teams don't have to "restructure." $BRO h/t The Hales Report

A Qualitative Checklist .. In a company do you look for: - exceeding customer expectations - high staff ownership - long-term mindset - Separate Profit & Loss centres - Local Integration - Promotes internal competition - Prioritizes culture - Ensures transparency - Trains staff

CSI - best acquisition month since January Added well over 1,000 employees 🔥

Topicus $TOI.V capital deployment announcements in 2025 dwarf capital deployed since spin-out 🤑 -> quarterly amounts are actuals, Cipal Schaubroeck & Others are estimates -> note some of the '25 deals close in coming months -> Q4'24 data we'll get shortly, should be healthy

TerraVest is building out an all-weather manufacturing footprint to win in North America (& beyond) -> markets are rough so I thought I'd share some of my work here on the public side 🙂 -> 👇🏻 these are $TVK.TO's facilities that manufacture trailers - carbon steel, aluminum,

"I think the runway is a lot longer than people appreciate, than even internally at Constellation we might have appreciated. If you think of a company even like Topicus today, given their size, still 60% of their revenues are in the Netherlands, which is a country of 17 million

pretty sure this is their largest contract to date. Well done, EnTrans!

5 million percent 🫡

Almost a third of shareholders believe the new CEO’s pay is excessive, with a maximum of £2.2 million for 2025 -a figure that few American CEOs would accept 45% CAGR since he took over as CEO. $GAW.LN