Hi everyone!
If you’re receiving this email, you’ve likely discovered my work via Twitter, my compilations, my stories, or my research. And if you’ve followed my journey, you’ll have seen that I’ve gone from collecting (compilations) -> curating (twitter) -> analyzing (DJY Research) -> storytelling (Cloud Valley). At the very least, you’re familiar with DJY Research.
Now, I’m going to be combining all of them with Speedwell Research, where we’ll be doing extensive deep dives (ranging from 10k-50k words) into companies just like we did with DJY Research. But rather than limiting ourselves to the universe of large cap, investable Asia companies, we will be covering only the companies we believe are truly great.
While these companies may have broader coverage than the previous companies we’ve covered, we believe our ability to research, analyze, and teach give us a unique perspective that others do not have. It’s why our research is read by everyone from students and individual investors to family office allocators and investors at the top hedge funds and mutual funds.
As such, we’ll be closing down this DJY Research Substack, and migrating to Speedwell Snippets, where we’ll not only announce new reports, but also share the “Business History” sections of our reports so you can get a taste of what to expect.
You can also see full samples of previous work here on Sea Limited and here on Coupang which cover everything from business history and fundamentals to financials and valuation.
Last month we started off with Constellation Software, a Canadian software rollup company that has essentially no Wall Street coverage or hedge fund ownership, but has a cult following amongst individual investors, pensions, and mutual funds. The company was founded in 1995 by the reclusive Mark Leonard, and has compounded at nearly 30% ever since IPOing in 2006.
Despite being a #Fintwit darling, few people truly understand the business or its history, and even fewer understand what really moves the company. But for those who do, the question remains: As Constellation has grown to $5B+ of revenues and a market cap over $30B, what does the future portend for Constellation and their shareholders?
For the full deep dive, subscribe at speedwellresearch.com/subscribe!
But if you’re not quite ready to subscribe, we’ve introduced the option to purchase individual reports.
Thank you for your support, and see you on Speedwell!