Shareholder Letters
2023
2023 was a year that reminded us of the virtues of patience. There were times over the course of the year where we feared that we may have nothing new to report. Several opportunities went painfully far into diligence before we had to walk away. Just when we thought we may never find something we could get excited about, our patience was rewarded by two pleasant surprises that seemingly came out of nowhere.
2022
What a difference a year makes. Rewind the clock to 2020-2022. Crypto was surging, SPACs were peaking…but as with all cycles, they come to an end. Well, it’s 2023 and now our strategy is back in vogue. Thankfully, we’ve spent the past 3 years flying mostly under the radar, and now own a group of companies that generate $95 Million in annual revenue and (redacted) Million in cash flow.
2021
As they say in the newspaper business, “don’t bury the lede.” Your shares have gone up in value by 400% in the last 24 months. We raised our first and only round of equity financing in early 2020 to launch this grand experiment in long-term compounding. We expected with reasonable luck to make 2-3 small business acquisitions with that money and spend the first 3-5 years grinding it out to get the flywheel turning.