# ![@max_katzenstein Avatar](https://lunarcrush.com/gi/w:26/cr:twitter::1524911821538336768.png) @max_katzenstein Max Katzenstein

Max Katzenstein posts on X about $csu, $csuto, $toiv, ai the most. They currently have [---] followers and [--] posts still getting attention that total [-----] engagements in the last [--] hours.

### Engagements: [-----] [#](/creator/twitter::1524911821538336768/interactions)
![Engagements Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::1524911821538336768/c:line/m:interactions.svg)

- [--] Week [-----] -48%
- [--] Month [------] +588%
- [--] Months [-------] +1,074%
- [--] Year [-------] +122,833%

### Mentions: [--] [#](/creator/twitter::1524911821538336768/posts_active)
![Mentions Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::1524911821538336768/c:line/m:posts_active.svg)

- [--] Week [--] -91%
- [--] Month [--] +38%
- [--] Months [--] +276%
- [--] Year [--] +7,200%

### Followers: [---] [#](/creator/twitter::1524911821538336768/followers)
![Followers Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::1524911821538336768/c:line/m:followers.svg)

- [--] Week [---] +4.10%
- [--] Month [---] +10%
- [--] Months [---] +243%
- [--] Year [---] +3,190%

### CreatorRank: [---------] [#](/creator/twitter::1524911821538336768/influencer_rank)
![CreatorRank Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::1524911821538336768/c:line/m:influencer_rank.svg)

### Social Influence

**Social category influence**
[finance](/list/finance)  [stocks](/list/stocks)  [cryptocurrencies](/list/cryptocurrencies)  [technology brands](/list/technology-brands)  [currencies](/list/currencies)  [vc firms](/list/vc-firms)  [social networks](/list/social-networks) 

**Social topic influence**
[$csu](/topic/$csu) #25, [$csuto](/topic/$csuto) #22, [$toiv](/topic/$toiv) #6, [ai](/topic/ai), [$hlma](/topic/$hlma), [business](/topic/business), [$lifco](/topic/$lifco), [software](/topic/software), [ceo](/topic/ceo), [products](/topic/products)

**Top accounts mentioned or mentioned by**
[@berkelkip](/creator/undefined) [@buckonsoftwarep145845887](/creator/undefined) [@restructuring](/creator/undefined) [@pgwahlen](/creator/undefined) [@borrowedideas](/creator/undefined) [@michaelgielkens](/creator/undefined) [@speedwellllcs](/creator/undefined) [@dtmesswithtexas](/creator/undefined) [@lioncubsfund](/creator/undefined) [@sempiternoinv](/creator/undefined)

**Top assets mentioned**
[Roper Technologies Inc (ROP)](/topic/$rop) [TransDigm Group, Inc. (TDG)](/topic/$tdg) [Heima (HEI)](/topic/$hei) [Amphenol Corporation (APH)](/topic/$aph) [Danaher Corporation (DHR)](/topic/$dhr) [Novanta Inc. Common Stock (NOVT)](/topic/$novt) [AME Chain (AME)](/topic/$ame) [Integral (ITGR)](/topic/$itgr) [Roko (ROKO)](/topic/$roko) [Heroes of NFT (HON)](/topic/$hon) [Telcoin (TEL)](/topic/$tel) [TE Connectivity Ltd (TEL)](/topic/te-connectivity) [Taiwan Semiconductor (TSM)](/topic/$tsm) [Copart, Inc. (CPRT)](/topic/$cprt) [Waste Management, Inc. (WM)](/topic/$wm) [Illinois Tool Works Inc. (ITW)](/topic/$itw) [IDEX Corporation (IEX)](/topic/$iex) [ENPRO INDUSTRIES (NPO)](/topic/$npo) [Thermo Fisher Scientific Inc. (TMO)](/topic/$tmo) [Veralto Corporation (VLTO)](/topic/$vlto) [Teledyne Technologies Incorporated (TDY)](/topic/$tdy) [IBM (IBM)](/topic/ibm)
### Top Social Posts
Top posts by engagements in the last [--] hours

"@Restructuring__ Nik is the man"  
[X Link](https://x.com/max_katzenstein/status/1881002104015536592)  2025-01-19T15:33Z [--] followers, [---] engagements


"@PGWahlen Multiple clearly matters but its only one part of the total return on an acquisition no"  
[X Link](https://x.com/max_katzenstein/status/1907984666784571552)  2025-04-04T02:32Z [--] followers, [--] engagements


"Universally centralization is why so many large companies are mediocreThey know whats good about scale but they know whats bad about centralization.- Brian Jellison $ROP"  
[X Link](https://x.com/max_katzenstein/status/1915223080550478292)  2025-04-24T01:55Z [--] followers, [---] engagements


"Alexandre Arnault on LVMH culture/operating philosophy: So the way the group is structured we have [--] houses its basically like a private equity fund on an evergreen model where all the brands are very independent. $LVMH $MC.PA"  
[X Link](https://x.com/max_katzenstein/status/1915606478821745147)  2025-04-25T03:19Z [---] followers, [---] engagements


"Alexandre Arnault on LVMHs approach to synergies: Theres some very light synergies at the central level. Why light Because we think that if you bring too many synergies you lose creativity. $LVMH $MC.PA"  
[X Link](https://x.com/max_katzenstein/status/1915606979604885720)  2025-04-25T03:21Z [---] followers, [---] engagements


"Ideal markets for serial acquirers have the unique combination of fragmentation and niche specialization. Electronic connectors is a great example. $250bn market made up of 1000s of niche products that are often specd into customers applications. $APH $TEL This allows"  
[X Link](https://x.com/max_katzenstein/status/1921726066990760032)  2025-05-12T00:36Z [--] followers, [---] engagements


"For a long runway of acquisitions of high-quality companies. Take the history of AMP Inc (now TE Connectivity): Compounded revenue at 17% for [--] years before being acquired by Tyco in [----]. At that time revenues had reached $5.7bn and the company still had 5% market share"  
[X Link](https://x.com/max_katzenstein/status/1921726794526277837)  2025-05-12T00:39Z [--] followers, [---] engagements


"Others believe budgets are a waste of time and create conflict with the goal of absolute growth. Were unique in that we dont have any budgets Budgets are a waste of time. Budgets create more conflict and confusion in business than any other factor. - Brian Jellison $ROP"  
[X Link](https://x.com/max_katzenstein/status/1922448139698483682)  2025-05-14T00:25Z [--] followers, [--] engagements


"Looking at CAGRs for a single period can be dangerous. LVMHs trailing 10-yr operating profit CAGR in [----] was almost 15%. But if you look deeper you see that 2004-2019 CAGR was under 10% and then there was huge growth post-pandemic. $LVMH $MC.PA"  
[X Link](https://x.com/max_katzenstein/status/1923782136403800136)  2025-05-17T16:46Z [---] followers, [---] engagements


"One of the most powerful combinations in business is a massive adoption curve coupled with hard form economies of scale. Example 1: Standard Oil (oil + shipping rates). Example 2: TCI (cable + content costs). Example 3: TSMC (fabless + fab costs). $TSM"  
[X Link](https://x.com/max_katzenstein/status/1926765951636136425)  2025-05-25T22:22Z [--] followers, [--] engagements


"A common mistake I have made is investing behind past performance not the future. Take Roper $ROP. Yes a 25x outcome under Brian Jellison. Yes very high quality earnings streams. But now the company generates sub-10% incremental returns on capital and trades at 24x EBITDA"  
[X Link](https://x.com/max_katzenstein/status/1936133348163780616)  2025-06-20T18:45Z [--] followers, [---] engagements


"Two very different approaches to management for serial acquirers"  
[X Link](https://x.com/max_katzenstein/status/1966552192870982066)  2025-09-12T17:19Z [---] followers, 12.5K engagements


"This is a simplification but there are basically two overarching strategies in serial acquisition: Commodity Product 👉 Create differentiation or cost advantage through tight integration and/or scale Differentiated Product 👉 Preserve platform scalability + differentiation"  
[X Link](https://x.com/max_katzenstein/status/1966928526105604332)  2025-09-13T18:14Z [---] followers, [---] engagements


"Return on incremental invested capital (ROIIC) is the most important metric for serial acquirers. ROIIC is driven by initial cash yield (1/multiple for capital-lite businesses) and cash flow growth. The higher the former the lower the latter must be. Multiple paths to win"  
[X Link](https://x.com/max_katzenstein/status/1967301063201202626)  2025-09-14T18:54Z [---] followers, [----] engagements


"Accountability is obvious here when you walk in the door. Thats an environment that really great performers thrive in and love it. - Brian Jellison former Roper CEO We hire exceptional leaders who are empowered and accountable for making decisions. - Halma $ROP $HLMA"  
[X Link](https://x.com/max_katzenstein/status/1917935507893633311)  2025-05-01T13:33Z [---] followers, [---] engagements


"Today is the 40th anniversary of the founding of Vitec Software (which makes it [--] years older than $CSU) Vitec's story began with founders Olov Sandberg and Lars Stenlund who turned their passion for hobby programming into the company's first software product. $VIT $VIT.B"  
[X Link](https://x.com/max_katzenstein/status/1918269891876143257)  2025-05-02T11:42Z [---] followers, [---] engagements


"Budgets The benefit of an annual budgeting process + managing to a budget is a surprisingly nuanced topic for serial acquirers Some believe a rigorous budgeting process is absolutely critical in allowing for successful decentralized operations (Teledyne Halma Cap Cities)"  
[X Link](https://x.com/max_katzenstein/status/1922447545957052733)  2025-05-14T00:23Z [---] followers, [---] engagements


"Stable predictable revenues are very beneficial for a serial acquirer Were a utility. Nothing can get rid of us. - Willis Johnson founder of Copart $CPRT I like repeat business. Wayne Huizenga founder of Waste Management $WM We want strong captive recurring revenues. Danaher $DHR"  
[X Link](https://x.com/max_katzenstein/status/1967646898157916526)  2025-09-15T17:49Z [---] followers, [----] engagements


"EBITDA margins for serial acquirers of engineered products. Median = 26% $TDG $AME $DHR $JDG $NORBT $ITW $APH $IEX $HEI $NPO $ATCO $TMO $VLTO $TDY $HLMA $NOVT $DSCV"  
[X Link](https://x.com/max_katzenstein/status/1968041916328452104)  2025-09-16T19:58Z [---] followers, [----] engagements


"The tradeoff of more customization is generally lower revenue quality (e.g. recurring) but also typically a stronger moat. You see this in both engineered products and vertical software. A big part of the world we are in which is super mission-critical software in Europe oftentimes with some version of a government client is that theres this layer of customization and professional services that happens around the software. - Chapters Group $CHG.F https://twitter.com/i/web/status/1977742125253956079 https://twitter.com/i/web/status/1977742125253956079"  
[X Link](https://x.com/max_katzenstein/status/1977742125253956079)  2025-10-13T14:24Z [---] followers, [---] engagements


"Building a one-stop-shop or complete solution can be a legitimate strategy for a serial acquirer. Allows for potential volume + price growth through bundling. Danaher $DHR in bioprocessing is a good example. You might also see this strategy at a market or product-specific acquirer like Novanta $NOVT or Integer $ITGR. However this kind of strategic acquisition approach has major tradeoffs. First it requires a level of centralization for coordination purposes. Second and perhaps most importantly it forces you to buy subpar businesses just to fill in your product offering gaps. Most"  
[X Link](https://x.com/max_katzenstein/status/1977761362274070720)  2025-10-13T15:40Z [---] followers, [---] engagements


"@borrowed_ideas Returns on incremental capital are more important no"  
[X Link](https://x.com/max_katzenstein/status/1988267976190292419)  2025-11-11T15:30Z [---] followers, [---] engagements


"Some principles from Todd Graves: [--]. Focus - Do one thing and do it better than anyone else. [--]. Constantly refine your one thing [--]. Maintain extreme discipline [--]. Reinvest all profits for growth [--]. Never sell Could easily apply to $CSU $TDG no"  
[X Link](https://x.com/max_katzenstein/status/1988691301588697421)  2025-11-12T19:32Z [---] followers, [---] engagements


"The combination of: + Sticky revenue + Avg. earnings growth + High cash conversion / low capital intensity + Moderate entry valuation + Aggressive buybacks Can produce amazing returns due to earnings growth + share count reduction + multiple expansion. A common theme for Buffetts large public stock investments. Doesnt work if earnings are in structural decline (like at IBM) because you get hit with earnings decline + multiple compression. https://twitter.com/i/web/status/2005670346200920475 https://twitter.com/i/web/status/2005670346200920475"  
[X Link](https://x.com/max_katzenstein/status/2005670346200920475)  2025-12-29T16:00Z [---] followers, [---] engagements


"Were looking at nurturing M&A targets for many many years. Sometimes well over a decade. Mark Leonard Constellation Software $CSU"  
[X Link](https://x.com/max_katzenstein/status/2007095622030266847)  2026-01-02T14:24Z [---] followers, [---] engagements


"$CSU President Mark Millers comments on the competitive advantages of VMS suggests that AI is a big risk: Development is usually the biggest competitive advantage. If you look at Porters Five Forces the barrier to entry would generally be around how many years it takes to develop software. I was honestly surprised that he didnt focus more on distribution / customer intimacy. AI undoubtably drives down development costs and timetables. https://twitter.com/i/web/status/2007225434908373453 https://twitter.com/i/web/status/2007225434908373453"  
[X Link](https://x.com/max_katzenstein/status/2007225434908373453)  2026-01-02T23:00Z [---] followers, [---] engagements


"(1) Management has been pretty clear that they have struggled to drive above-trend organic growth. Programmatic investment in organic growth hasnt earned an adequate return. Management believes that the biggest driver of organic growth is the overall inflation rate"  
[X Link](https://x.com/max_katzenstein/status/2007994100315042269)  2026-01-05T01:54Z [---] followers, [--] engagements


"(2) Is AI likely to be a contributor or detractor to organic growth"  
[X Link](https://x.com/max_katzenstein/status/2007994487348552062)  2026-01-05T01:56Z [---] followers, [---] engagements


"(3) Will M&A economics (returns and reinvestment rates) go up or go down Management has been very clear that competition for VMS deals has gone up. Total industry deal count has been flat for [--] years. $CSU deal count has been flat for [--] years. Capital deployment growth has been driven by doing more big deals. https://twitter.com/i/web/status/2007995326784036925 https://twitter.com/i/web/status/2007995326784036925"  
[X Link](https://x.com/max_katzenstein/status/2007995326784036925)  2026-01-05T01:59Z [---] followers, [---] engagements


"Is $CSU a good long-term investment today Over the last [--] years the share price has compounded at 20% per year exactly in sync with companys 20% annual earnings growth. This has been driven by 25% incremental returns on capital and an 85% reinvestment rate. Organic growth has been roughly 3% per year primarily driven by pricing. So the vast majority of growth has been by M&A. So what will earnings growth likely be over the next [--] years https://twitter.com/i/web/status/2007993360213012880 https://twitter.com/i/web/status/2007993360213012880"  
[X Link](https://x.com/max_katzenstein/status/2007993360213012880)  2026-01-05T01:51Z [---] followers, [---] engagements


"(6) We are starting to see style drift already as more and more deals are not true VMS (e.g. hardware data horizontal SaaS etc.)"  
[X Link](https://x.com/max_katzenstein/status/2007997551866499328)  2026-01-05T02:08Z [---] followers, [---] engagements


"(7) $CSU now trades at around 20x EBITDA / 30x FCF. It recently traded at 30x EBITDA and nearly 50x FCF. What would you pay for a company that will compound per share earnings at 20% over the next [--] years What if that number is 15% or 10%"  
[X Link](https://x.com/max_katzenstein/status/2007999217231667437)  2026-01-05T02:14Z [---] followers, [---] engagements


"I fundamentally believe in probability-weighted scenario modeling for thinking about investments and the risks around those investments. I am happy with dispersion in outcomes as long as the IRR is very attractive To me its just probabilities statistics and bet sizing. Mark Leonard $CSU https://twitter.com/i/web/status/2008542960464400672 https://twitter.com/i/web/status/2008542960464400672"  
[X Link](https://x.com/max_katzenstein/status/2008542960464400672)  2026-01-06T14:15Z [---] followers, [---] engagements


"Power of best practice sharing at $CSU $TOI.V $CSU.V Every discipline has its own summit"  
[X Link](https://x.com/max_katzenstein/status/2012161128722276370)  2026-01-16T13:52Z [---] followers, [---] engagements


"Benchmarking at $CSU and $TOI.V: The most important aspect of integration is explaining to the leadership team why we do what we do and why we measure things the way we do The first thing we do every time is conduct a class on how we measure businesses This helps everyone understand why we might need to reduce our R&D staff for example. We then compare these metrics against [---] other acquired companies to show how they align"  
[X Link](https://x.com/max_katzenstein/status/2012163376705589491)  2026-01-16T14:01Z [---] followers, [---] engagements


"Constellation Software $CSU $TOU.V on post-acquisition value creation priorities: Labor costs are the biggest lever for any software company so we focus our initial effort there. We dont rely on growth to achieve IRR pricing is also crucial. We examine maintenance pricing and develop a rate card We review each customer and create a fair maintenance pricing program which often means price increases for most customers. https://twitter.com/i/web/status/2013274140065538375 https://twitter.com/i/web/status/2013274140065538375"  
[X Link](https://x.com/max_katzenstein/status/2013274140065538375)  2026-01-19T15:35Z [---] followers, [---] engagements


"Its like being in a crowd and a parade is going by. One person stands on their tiptoes and they see a little better. Then the person behind them stands on their tiptoes. Ten seconds later everyone in the crowd is up on their tiptoes. They arent seeing any better than they were before but now their legs hurt"  
[X Link](https://x.com/max_katzenstein/status/2014151107627380970)  2026-01-22T01:40Z [---] followers, [---] engagements


"As observed with many acquisition-compounders the divisions and segments appear distinct and well-organized from the outside. However internally these labels hold little significance"  
[X Link](https://x.com/max_katzenstein/status/2015874749109248191)  2026-01-26T19:49Z [---] followers, [---] engagements


"We dont want any big prime contracts. We prefer to be important technically-oriented subcontractors who serve those who want to be prime contractors. George Roberts former President of Teledyne (under Singleton)"  
[X Link](https://x.com/max_katzenstein/status/2016276680902353405)  2026-01-27T22:26Z [---] followers, [---] engagements


"Henrys search for talented people went down even to the individual managers of his smallest companies. George Roberts Former President of Teledyne"  
[X Link](https://x.com/max_katzenstein/status/2016537426768941548)  2026-01-28T15:42Z [---] followers, [---] engagements


"Teledyne is like a living plant with our companies as different branches and each putting out new branches and growing so no one business is too significant. To Singleton diversification was insurance against catastrophe"  
[X Link](https://x.com/anyuser/status/2017364058333196356)  2026-01-30T22:27Z [---] followers, [----] engagements


"@MichaelGielkens Sorry I typically just tweet things Im interested in for my own benefit 🤣. The source for this one is the book Distant Force"  
[X Link](https://x.com/max_katzenstein/status/2017378624605687938)  2026-01-30T23:25Z [---] followers, [---] engagements


"EBITDA margins for serial acquirers of contract manufacturers. Median = 18% $UFPT $ITGR $TVK.TO $FTG.TO $CICN.SW https://twitter.com/i/web/status/1968400818677407889 https://twitter.com/i/web/status/1968400818677407889"  
[X Link](https://x.com/max_katzenstein/status/1968400818677407889)  2025-09-17T19:45Z [---] followers, [----] engagements


"Rko $ROKO is a nascent Swedish serial acquirer founded by the former CEO of Lifco. The interesting twist is that Rko is 100% sector agnostic with an underwriting framework heavily driven by financial characteristics like consistent earnings growth"  
[X Link](https://x.com/max_katzenstein/status/1996076663965450433)  2025-12-03T04:38Z [---] followers, [----] engagements


"Brad Jacobs has raised almost $10bn of equity for $QXO in [--] months. Thats more equity than XPO and United Rentals raised in total over 20+ years"  
[X Link](https://x.com/max_katzenstein/status/2012180385942110289)  2026-01-16T15:09Z [---] followers, [----] engagements


"Simplified commercial aerospace supply chain $TDG $LOAR $HON $GE $HEI $SARO $RTX $BA $AIR.PA"  
[X Link](https://x.com/max_katzenstein/status/2014068063612686784)  2026-01-21T20:10Z [---] followers, [----] engagements


"Distribution is becoming less and less an important part of our profits. Lifco $LIFCO 4Q25 call"  
[X Link](https://x.com/anyuser/status/2018334309547917418)  2026-02-02T14:42Z [---] followers, [---] engagements


"Customers increasingly buying vs building AI. $TOI.V $CSU $CSU.TO"  
[X Link](https://x.com/anyuser/status/2020552422058319892)  2026-02-08T17:36Z [---] followers, [----] engagements


"Judges Scientific annual organic growth $JDG $JDG.L"  
[X Link](https://x.com/max_katzenstein/status/1917296808243650628)  2025-04-29T19:15Z [---] followers, [----] engagements


"Trailing 15-yr organic growth (mean vs standard deviation) for a selection of high-quality serial acquires. CSU has noticeably slower growth. Judges has noticeably higher variance. $JDG $JDG.L $LAGR.B $LAGR $VIT.B $VIT $HLMA $HLMA.L $LIFCO $LIFCO.B $HEI $CSU $CSU.TO"  
[X Link](https://x.com/max_katzenstein/status/1917590693444260019)  2025-04-30T14:43Z [---] followers, [----] engagements


"What Halma is looking for are businesses where they can acquire the business invest time money and expertise and have the business grow at a very rapid rate - greater than 10% per year profit growth is their stated aim. - Former Halma Opco Director $HLMA $HLMA.L"  
[X Link](https://x.com/max_katzenstein/status/1974578403488747590)  2025-10-04T20:52Z [---] followers, [---] engagements


"We tend to do more work pre-LOI so by the time we get to LOI we put forward a number that we really feel good about. - Halma Division CEO $HLMA $HLMA.L"  
[X Link](https://x.com/max_katzenstein/status/1975173939182944460)  2025-10-06T12:18Z [---] followers, [---] engagements


"If a company requires huge capital investment it may no longer fit within our business model. Halma VP of M&A $HLMA $HLMA.L"  
[X Link](https://x.com/max_katzenstein/status/1975177184122663183)  2025-10-06T12:31Z [---] followers, [---] engagements


"There are typically a lot of little things that well get wrong with a deal. But over the decades weve compiled a list of the key things weve missed. So as we go forward we get smarter and smarter. And I think it really helps. Halma Division CEO $HLMA $HLMA.L"  
[X Link](https://x.com/max_katzenstein/status/1975177671245004906)  2025-10-06T12:33Z [---] followers, [---] engagements


"The biggest risk around M&A is misreading the market. Not so much at the time of acquisition but more about where those markets are going. Halma VP of M&A $HLMA $HLMA.L"  
[X Link](https://x.com/max_katzenstein/status/1975177990083399905)  2025-10-06T12:35Z [---] followers, [---] engagements


"Proactivity is really highly regarded. If that doesnt happen in a company for a while at the same time that profit is flat then theyre changing the CEO no matter if its the company founder. - Former Manager at Addtech $ADDT $ADDT.ST"  
[X Link](https://x.com/max_katzenstein/status/1984710538182455628)  2025-11-01T19:54Z [---] followers, [---] engagements


"I think buying small companies that dont have enough similarities to the portfolio you already have is a challenge you should preferably find a cluster. - Addtech"  
[X Link](https://x.com/max_katzenstein/status/1985396397798260923)  2025-11-03T17:19Z [---] followers, [---] engagements


"Key insight on Constellation Software (and spinoffs) that isnt talked about enough: Constellation is pretty confident that they can acquire just about any software company and take it to around 30% profitability regardless of the shape or size of that business. - Head of M&A in the Volaris Group of Constellation This confidence in margin expansion (from years of data and reps) gives them the ability to underwrite to higher margins (which competitors cannot) and thus pay up to win competitive processes if necessary. This is a true competitive advantage in the increasingly competitive world of"  
[X Link](https://x.com/max_katzenstein/status/1995513813739688265)  2025-12-01T15:22Z [---] followers, 124.1K engagements


"Bergman & Bevings $BERG $BERG.B strategy under CEO Magnus Sderlind: Magnus position is more about acquiring niche technology companies and allowing them to operated independently similar to Lagercrantzs strategy. I think its a relatively dramatic change in strategy"  
[X Link](https://x.com/max_katzenstein/status/2013705147659014215)  2026-01-20T20:08Z [---] followers, [---] engagements


"Bergman & Bevings $BERG $BERG.B definition of a niche market: We have the idea of that the addressable market should not be bigger than 30mm"  
[X Link](https://x.com/max_katzenstein/status/2013748816642547952)  2026-01-20T23:01Z [---] followers, [---] engagements


"The core bull case for niche VMS acquirers is that the factors most critical to competitive advantage are the factors that AI has the least impact on. $CSU.TO $CSU $TOI.V"  
[X Link](https://x.com/max_katzenstein/status/2016913929348247842)  2026-01-29T16:38Z [---] followers, [----] engagements


"IT is one of the areas where you need a lot of domain knowledge. Even programmers and UX designers benefit from understanding how a school is organized. $TOI.V $CSU.TO $CSU"  
[X Link](https://x.com/anyuser/status/2017031083397660852)  2026-01-30T00:24Z [---] followers, [---] engagements


"There is a lot of focus on data being valuable and acting like a moat but in my view what might be more important than data will be processes and workflows. Our businesses have incredible knowledge of the end users processes and workflows often better than the end users themselves. I believe that this will be the big opportunity for us - looking at those processes reimagining some of them by embedding AI in certain areas and go from systems of record (systems that capture data) to systems of action which in some cases the AI solution will do certain steps to automate some of the human work."  
[X Link](https://x.com/anyuser/status/2018423813608980872)  2026-02-02T20:38Z [---] followers, [---] engagements


"Not surprising to see the correlation between proprietary products and gross margins at Swedish serial acquirers. Interesting to see the major portfolio shift at Bergman & Beving $BERG.B. $ADDT $LAGR $LAGR.B $LIFCO.B $LIFCO"  
[X Link](https://x.com/max_katzenstein/status/1914499206909394975)  2025-04-22T01:59Z [---] followers, [----] engagements


"@DTmesswithtexas @LionCubsFund My concern with $MMGR has been the business mix heavily weighted to distribution and services vs proprietary products. The latter is a much higher quality business model IMO. Thoughts"  
[X Link](https://x.com/max_katzenstein/status/1922457914276446562)  2025-05-14T01:04Z [---] followers, [---] engagements


"Product / sector agnostic serial acquirers can develop an important accumulating advantage: diversification. But acquiring companies across diverse products / markets comes with the risk of making mistakes. One way to reduce potential risk is to only acquire in adjacencies rather than in completely new categories. The less knowledge you have of the target companys market or product area the higher your risk. By definition therefore the highest risk acquisitions are those which lead to diversification. David Barber founder of Halma $HLMA We continue to explore deals in core and adjacent"  
[X Link](https://x.com/max_katzenstein/status/1967959442101584260)  2025-09-16T14:31Z [---] followers, [---] engagements


"EBITDA margins for sector-agnostic Swedish serial acquirers of product companies. Median = 16% $LIFCO $LAGR $ROKO $KARNEL $IDUN $BERG $VOLO https://twitter.com/i/web/status/1970861972787773874 https://twitter.com/i/web/status/1970861972787773874"  
[X Link](https://x.com/max_katzenstein/status/1970861972787773874)  2025-09-24T14:44Z [---] followers, [---] engagements


"Former Addtech exec on typical component vs OEM dynamics: Component companies are often more profitable than the OEMs. If they have a unique product its really good If they are in a niche where they are the best which is often the case then the margin can be 20-30%. Its very rare for an OEM to have a 20-30% margin. https://twitter.com/i/web/status/1985395065632456962 https://twitter.com/i/web/status/1985395065632456962"  
[X Link](https://x.com/max_katzenstein/status/1985395065632456962)  2025-11-03T17:14Z [---] followers, [---] engagements


"Lifco using speed and conviction to win deals: Lifco showed they really wanted these companies that we also wanted to acquire by saying Ok what do you want in price Well fix everything in one week and now were ready to go. They simply met the sellers there. - Former Addtech Exec $LIFCO https://twitter.com/i/web/status/1985805999433761246 https://twitter.com/i/web/status/1985805999433761246"  
[X Link](https://x.com/max_katzenstein/status/1985805999433761246)  2025-11-04T20:26Z [---] followers, [---] engagements


"Dave Cote on what makes diversified industrial compounders work: At the end of the day its consistent application of a management operating system that works quite well. Note that its not about synergies $CMPO $RHLD $HON $ROP $LAGR $LIFCO $NOVT $HLMA $TDG $AME $HEI"  
[X Link](https://x.com/max_katzenstein/status/1990095913549787192)  2025-11-16T16:33Z [---] followers, [----] engagements


"Thanks for sharing. Re: business quality for acquisitions I think its about where you choose to draw the line. Even very successful serial acquirers have various levels of business quality (Transdigm Halma Lifco Addtech). Fredrik would argue two things: (1) he can buy better companies because hes so diversified and (2) hes more disciplined about the financial characteristics than other acquirers but I share your skepticism on the B2C businesses. https://twitter.com/i/web/status/1996221175416946739 https://twitter.com/i/web/status/1996221175416946739"  
[X Link](https://x.com/max_katzenstein/status/1996221175416946739)  2025-12-03T14:13Z [---] followers, [---] engagements


"@Sempiterno_Inv @BerkelKip I just think specd in engineered components/products with IP in regulated/secularly growing markets (Halma) are better businesses in general than niche distribution (Addtech)"  
[X Link](https://x.com/max_katzenstein/status/1996223126590439528)  2025-12-03T14:20Z [---] followers, [---] engagements


"This [----] speech by the founder of Halma $HLMA David Barber is a must read for understanding the business and its core philosophy. Summarized the key points in an infographic below. https://www.halma.com//media/Files/H/Halma/Corp-V2/documents/david-barber-halma-strategy-speech.pdf https://www.halma.com//media/Files/H/Halma/Corp-V2/documents/david-barber-halma-strategy-speech.pdf"  
[X Link](https://x.com/max_katzenstein/status/1996415665356566594)  2025-12-04T03:06Z [---] followers, [---] engagements


"The strategy of serial acquisition + extreme cost frugality has worked many many times across many many industries. Capital Cities (broadcasting) Transdigm $TDG (aerospace components) Amphenol $APH (electrical components) Constellation $CSU (software) Broadcom $AVGO (semiconductors) Computer Associates (software) ABInbev $BUD/3G Capital (CPG) Nucor $NUE (steel) TCI (cable) https://twitter.com/i/web/status/2005008390645326000 https://twitter.com/i/web/status/2005008390645326000"  
[X Link](https://x.com/max_katzenstein/status/2005008390645326000)  2025-12-27T20:10Z [---] followers, [----] engagements


"What I see is that vertical market solutions for instance in education have no problem integrating AI solutions in different areas I dont see this as a threat. Its more that they have to do it and it enhances the proposition. $TOI.V $CSU.TO $CSU"  
[X Link](https://x.com/anyuser/status/2017033331175551449)  2026-01-30T00:33Z [---] followers, 15.9K engagements


"Operationally we dont see that our markets are fading away or are seeing increased competition. Vitec Software 4Q25 Earnings Call $VIT $VIT.B $TOI.V $CSU $CSU.TO"  
[X Link](https://x.com/anyuser/status/2019849181863551475)  2026-02-06T19:02Z [---] followers, [---] engagements


"From Y Combinator Hacker Forum: The bottleneck is still knowing what to build not building. A lot of the value in our product is in decisions users don't even know we made for them. Domain expertise + tight feedback loop with users can't be replicated. $TOI.V $CSU $CSU.TO"  
[X Link](https://x.com/anyuser/status/2020865701787922858)  2026-02-09T14:21Z [---] followers, [---] engagements


"Interesting quote: The river of AI is likely to flow around the massive existing rock formation that is deterministic software. $TOI.V $CSU $CSU.TO https://substack.com/@buckonsoftware/p-145845887 https://substack.com/@buckonsoftware/p-145845887"  
[X Link](https://x.com/anyuser/status/2020952165905465509)  2026-02-09T20:05Z [---] followers, [---] engagements


"As agentic AI scales the bottleneck seems like it wont be agent power but rather the human interface (how humans manage interpret and guide agent processes). The competitive advantage in vertical AI will come from thoughtful client-side experiences that let humans interact with many agentic processes smoothly. The companies that win are not just ones that automate workflows but ones that build interfaces and tools that make humans super productive with agents. https://verticalized.co/p/vertical-clients https://verticalized.co/p/vertical-clients"  
[X Link](https://x.com/anyuser/status/2022705421228679569)  2026-02-14T16:12Z [---] followers, [--] engagements


"Seems more unlikely that human users will coordinate multiple siloed expert agents and more likely that there will be some intelligent coordinated agent layer on top of more commoditized SaaS APIs. $CSU $CSU.TO $TOI.V"  
[X Link](https://x.com/anyuser/status/2022375825358631004)  2026-02-13T18:22Z [---] followers, [---] engagements


"AI Control Plane https://ai.plainenglish.io/the-fading-of-saas-3b8028d5b8ea https://ai.plainenglish.io/the-fading-of-saas-3b8028d5b8ea"  
[X Link](https://x.com/anyuser/status/2022391539243323416)  2026-02-13T19:24Z [---] followers, [---] engagements


"How would Buffett approach $CSU $CSU.TO $TOI.V today He wouldnt view the 50% drawdown as an automatic reason to sell. But he also wouldnt view it as an automatic sign of mispricing. He would likely re-underwrite the business using the same framework he applied to American Express Washington Post and GEICO: (1) is the long-term earning power intact or repairable (2) is customer behavior showing any real franchise damage (3) can the business fund itself through stress without dilution (4) are sellers driven by narrative or forced selling rather than fundamentals (5) do returns still work"  
[X Link](https://x.com/anyuser/status/2021381468644093975)  2026-02-11T00:31Z [---] followers, [---] engagements


"Interesting quote: The river of AI is likely to flow around the massive existing rock formation that is deterministic software. $TOI.V $CSU $CSU.TO https://substack.com/@buckonsoftware/p-145845887 https://substack.com/@buckonsoftware/p-145845887"  
[X Link](https://x.com/anyuser/status/2020952165905465509)  2026-02-09T20:05Z [---] followers, [---] engagements


"Boldest and most contrarian claim re: AI Ive heard: AI isnt making developers more productive. https://mikelovesrobots.substack.com/p/wheres-the-shovelware-why-ai-codingtriedRedirect=true https://mikelovesrobots.substack.com/p/wheres-the-shovelware-why-ai-codingtriedRedirect=true"  
[X Link](https://x.com/anyuser/status/2020871901699080507)  2026-02-09T14:46Z [---] followers, [---] engagements


"From Y Combinator Hacker Forum: The bottleneck is still knowing what to build not building. A lot of the value in our product is in decisions users don't even know we made for them. Domain expertise + tight feedback loop with users can't be replicated. $TOI.V $CSU $CSU.TO"  
[X Link](https://x.com/anyuser/status/2020865701787922858)  2026-02-09T14:21Z [---] followers, [---] engagements


"Customers increasingly buying vs building AI. $TOI.V $CSU $CSU.TO"  
[X Link](https://x.com/anyuser/status/2020552422058319892)  2026-02-08T17:36Z [---] followers, [----] engagements


"AI threats to niche VMS ranked by most to least likely: (1) Seat compression (person - agent) (2) Pricing model shift (seat - outcome) (3) AI-native vertical competition (4) Generalist AI-native competition (5) Customer insourcing AI opportunities for niche VMS ranked by most to least likely: (1) Cost structure reduction (2) Upselling + reselling commodity AI features (e.g. chat general agents) (3) Upselling proprietary AI features (e.g. expert agents) (4) Lock-in into new customer AI workflows (e.g. agent workflows) (5) Building more complete industry operating systems $TOI.V $CSU $CSU.TO"  
[X Link](https://x.com/anyuser/status/2020542020473786763)  2026-02-08T16:55Z [---] followers, [---] engagements


"In the long run yes seat compression is a possible development. But its not a risk across the line (e.g. across all products). Its not something we see today but its a potential future development. We have been working on pricing models value-based pricing. If our customers get more efficient through the software we are providing we are adding a great value to them So we must work with the business models and the pricing models We are not seeing it as of yet but it has been on our radars for many years. Vitec Software 4Q25 Earnings Call $VIT $VIT.B $TOI.V $CSU $CSU.TO"  
[X Link](https://x.com/anyuser/status/2019886050777395677)  2026-02-06T21:28Z [---] followers, [---] engagements


"Nearly all of our customers want to discuss AI features But a lot of them are super conservative. They say yes we want all that but please dont change anything They are really reluctant to do any big changes. This is one of the moats of VMS. It is so embedded in the customers processes. So its a very slow moving animal here. So youll have to do this very gradually. Vitec Software 4Q25 Earnings Call $VIT $VIT.B $TOI.V $CSU $CSU.TO"  
[X Link](https://x.com/anyuser/status/2019884665885041013)  2026-02-06T21:23Z [---] followers, [----] engagements


"Operationally we dont see that our markets are fading away or are seeing increased competition. Vitec Software 4Q25 Earnings Call $VIT $VIT.B $TOI.V $CSU $CSU.TO"  
[X Link](https://x.com/anyuser/status/2019849181863551475)  2026-02-06T19:02Z [---] followers, [---] engagements


"New divisional structure at Bergman & Beving $BERG $BERG.B"  
[X Link](https://x.com/anyuser/status/2019115575658836104)  2026-02-04T18:27Z [---] followers, [---] engagements


"There is a lot of focus on data being valuable and acting like a moat but in my view what might be more important than data will be processes and workflows. Our businesses have incredible knowledge of the end users processes and workflows often better than the end users themselves. I believe that this will be the big opportunity for us - looking at those processes reimagining some of them by embedding AI in certain areas and go from systems of record (systems that capture data) to systems of action which in some cases the AI solution will do certain steps to automate some of the human work."  
[X Link](https://x.com/anyuser/status/2018423813608980872)  2026-02-02T20:38Z [---] followers, [---] engagements


"Distribution is becoming less and less an important part of our profits. Lifco $LIFCO 4Q25 call"  
[X Link](https://x.com/anyuser/status/2018334309547917418)  2026-02-02T14:42Z [---] followers, [---] engagements


"Visual history of Teledyne under Henry Singleton:"  
[X Link](https://x.com/anyuser/status/2017999479970955312)  2026-02-01T16:32Z [---] followers, [---] engagements


"Teledyne is like a living plant with our companies as different branches and each putting out new branches and growing so no one business is too significant. To Singleton diversification was insurance against catastrophe"  
[X Link](https://x.com/anyuser/status/2017364058333196356)  2026-01-30T22:27Z [---] followers, [----] engagements


"If you compare this to the technical revolution we took advantage of (cloud) that revolution required rebuilding the entire software stack. This (AI) is different. It can be easily bolted on to what is already there - which is not a disadvantage to existing players. They are perfectly capable of doing it. $TOI.V $CSU.TO $CSU"  
[X Link](https://x.com/anyuser/status/2017034484302873033)  2026-01-30T00:37Z [---] followers, [---] engagements


"What I see is that vertical market solutions for instance in education have no problem integrating AI solutions in different areas I dont see this as a threat. Its more that they have to do it and it enhances the proposition. $TOI.V $CSU.TO $CSU"  
[X Link](https://x.com/anyuser/status/2017033331175551449)  2026-01-30T00:33Z [---] followers, 15.9K engagements


"IT is one of the areas where you need a lot of domain knowledge. Even programmers and UX designers benefit from understanding how a school is organized. $TOI.V $CSU.TO $CSU"  
[X Link](https://x.com/anyuser/status/2017031083397660852)  2026-01-30T00:24Z [---] followers, [---] engagements

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