If all you knew about Dun & Bradstreet was that it sold mission critical data on more than 520mn companies, that all this data was linked to its widely referenced proprietary identifier, that 96% of its customers retained every year and were mostly monetized through high margin subscriptions, you might be tempted to comp to […]
related post: [APO] Apollo Charles Schwab is broker that monetizes like a bank. They invest excess cash from brokerage accounts into government securities and keep the difference between what they earn on those securities and what they pay to clients. This worked out all right for a while: clients could earn a bit more by […]
In previous posts, I emphasized the part of bioproduction where cell populations are grown in bioreactors and proteins extracted from those cells are purified. This is where Lonza, WuXi, and Samsung mostly play. Catalent does some of that too but their exposure to biologics is heavily tilted toward “drug product”, where the active substance is […]
Related posts [TMO] Thermo Fisher [DHR] Danaher Over the last 4 decades, a growing share of the pharmaceutical market has shifted from small molecules derived through chemical reactions to large molecules extracted from living cells. The latter process is far more difficult. Cell populations are temperamental. They need to be fed with just the right […]
Related post (read this first): [TMO] Thermo Fisher The life sciences behemoth we now know as Danaher was birthed in 1980 as Equity Group Holdings, an investment vehicle through which brothers Steven and Mitchell Rales acquired struggling industrial businesses. The earliest acquisitions included Master Shield (vinyl siding and rubber products) and Mohawk Rubber (tires for […]
(our regularly scheduled life sciences programming resumes in a week or so) Schwab lost a shitload of deposits last quarter. Not as many as the most vociferous bears feared (hoped?) but still, a lot, more than I expected. Across on-balance sheet and BDA balances, it looks like $86bn, or nearly ~18% of the 4q22 deposit […]
Most of the time the subjects of my writing are more similar than they appear. They rhyme with or operate in the same ecosystem as something I’ve looked at in the past, so I can leverage prior knowledge to understand them. But every so often, as in the case of Dow DuPont or Nvidia, I […]
Soon after I published a bullish post on APi Group last week, a few Twitter people hinted that the company might be playing games with their organic growth (as always, thank you for the pushback). I looked into this a bit and noticed the following footnote in an 8-K dated Feb. 15, 2021 announcing preliminary […]