The Ledger, every show
Every statement that passed quotation and attribution checks, across all 44 shows. Pick shows below, then mix any filter with any other.
shows 
every show 44 of 44
Falbe: Visa, MasterCard, MarketAxess, and Tradeweb have 30-year protected growth moats
“So you think of like Visa or a MasterCard or Market access or trade web or something. These companies are, it's gonna be 30 years where they're gonna continue growing, and that growth, it's all inside the moat.”
Falbe: Even elite companies face a 50% drawdown once a decade
“We know from experience and also from academic research that even the best companies out there They tend to experience a 50% drawdown from peak to trough at least once every decade”
Vulcan Value Partners scaled from $1B to $20B during Falbe's tenure
“When I signed on to Vulcan, it was a one billion dollar boutique. They were large enough that I was very confident they'd be able to pay the bills. There'd be some stability, but also small enough to still be able to really perform. And that was important to m…”
Vulcan Value Partners capped inflows while raising $100M weekly at $10B AUM
“We hit ten billion. We had a retreat and CT said, you know what? We are not taking any more money. And it took us, I think, to like, 12 or 13 before it actually stopped. We were bringing in a hundred million dollars a week in AUM because the performance was ju…”
Vulcan Value Partners built an eight-person AI team to drive value
“Ended up with us doing kind of a full AI effort at Vulcan, where we, you know, had eight people at the peak, and we're spending a lot of money, but just added a ton of value.”
Masonite and competitor Jeld-Wen control 80% of their door market
“What happened is his biggest competitor, Jeldwin, three days later, followed suit, raised their prices. Between the two of them, they own 80% of the market.”
WCM's Paul Black serves on the board of Saguaro Capital Management
“Paul's actually on our board now because of that.”
Vulcan sold Apple at a split-adjusted $33, missing a massive run
“When I first started at Vulcan, we owned Apple, and at the time, I mean, it was just unbelievably cheap. It was like, and the iPhone that they'd released that year was not as popular as the Samsung Galaxy, which is hard to believe today, but everybody was kind…”
Only 5% of acquisition takeout offers exceed Saguaro's internal valuation ranges
“We kind of went back and historically looked at things. I think it was five percent of the time acquisition takeout offers were above the high end of our range.”
Falbe: Games Workshop generates 90%+ gross margins on manufacturing plastic models
“First thing you notice is, wow, they are 90% plus gross margins on producing plastic.”
Notre Dame endowment moved early into private equity and emerging markets
“They were very early in the 19 nineties into private equity. They were also early into the aughts in emerging markets. And when I was there right after 2010, they were looking to pivot into the frontier markets.”