Value investor Connor Leonard successfully filters business opportunities into four subsets. We explore Reinvestment Moats – entrenched flywheels where management can redeploy capital at high incremental rates of return.

Exploring why the luxury resale market is growing four times faster than the overall luxury industry and the evolving interactions between brands and marketplaces.

We believe inequality will only become more extreme, with Covid-19 accelerating a number of the dynamics in our economic system that give rise to inequality. And growing inequality will feedback into our economic system in two key ways: more grievances and more debts.

An excerpt from our Montaka Monocle which looks inside our portfolio to show you what businesses we own and why we own them. In this blog you’ll see highlights from the most recent reporting season for our major holdings.

An exploration of the structural drivers causing Insurance providers to abandon their legacy liabilities and why we expect to see many more alternative asset manager transactions.

The vision for the Metaverse is that humans will increasingly live in a growing collection of spaces – both physical and digital – that mesh together seamlessly. Similarly, our social lives will increasingly span the physical and real-time 3D digital realms, as will our economy.

We have written in the past about Apple’s upcoming App Tracking Transparency (ATT) changes and their impact on ad publishers. In recent days, information has emerged that throws a spanner in the works for Apple’s plan.

The idea that we are in a market bubble is repeated constantly. Both public and private tech companies have been raising money at incredible valuations. Read on to know our take on whether this bubble exists.

The most durable, self-sustaining and valuable marketplaces connect consumers, suppliers and realign themselves as the clearinghouse in a transaction, reducing friction and increasing scale for both sides. We look at some key characteristics of successful online marketplace models.

The profound impact FB has on society by creating and fostering opportunities for small businesses to efficiently and cheaply get their products discovered by consumers is often overlooked.

A new phenomenon emerged in the credit market in early December, real-yields on investment-grade bonds turned negative for the first time in history. The setup will likely skew incentives for corporations in managing their capital structures.

Many structural winners today enjoy embedded real options in their business models that did not appear on their financial statements but significantly altered the direction of their futures. In this article, we look at some examples of real options in digital businesses.