Category Archives: SAMPLE POSTS

[EQIX – Equinix; INXN – Interxion] Network Effects in a Box

The “internet”, as the name implies, is a network of networks.  Scuttleblurb.com is sitting on server somewhere connected to an IP network different from the one your device is connected to and the fact that you are reading this means those two networks are communicating.  Likewise, if your internet service provider is Charter and you’d like […]

[MCO – Moody’s] The Self-Reinforcing Standards Moat

Moody’s is one of the big 3 Nationally Recognized Statistical Rating Organizations (NRSROs), a title bestowed by the SEC on a handful of credit rating agencies, the top 3 of whom act as an oligopoly in the US debt ratings gambit.  As you well know, Moody’s (and S&P and Fitch) fell into disrepute during the […]

[VRSK – Verisk] High Quality Cash Flow, Limited Reinvestment Opportunities

When evaluating the competitive advantage of a data-based analytics business, three important questions come to mind: 1) Is the data proprietary? 2) Are the insights from the data critical? and 3) Does the data fuel a product feedback loop? Verisk began its operations in 1971 as Insurance Services Offices (ISO), a non-profit enterprise started by P&C […]

[GAIA – Gaia] Interesting Company, Less Interesting Price

The ~$100mn float may render this jockey bet too illiquid for some of you hedge fund MoUs.  GAIA is a speculative enterprise with a questionable business moat run and 38%-owned by competent CEO/ascetic, Jirka Rysavy, who after spending years building and then paring away various businesses inside (as it is now called) GAIA, is left steering […]

[RYAAY – Ryanair] Low Cost Flywheel

(1,827 words) “One thing we have looked at is maybe putting a coin slot on the toilet door…Pay-per-pee.  If someone wanted to pay £5 to go to the toilet, I’d carry them myself.  I would wipe their bums for a fiver.” Michael O’Leary, CEO of Ryanair In a letter to one of GEICO’s officers dated […]

[BRO – Brown & Brown] Compounder in a Fragmented Sector

“He wasn’t just saving his own soul when he donned his coat and hat after dinner and went out again to resume his work – no, it was also to save some poor son of a bitch on the brink of letting his insurance policy lapse, and thus endangering his family’s security ‘in the event […]