“if there's 3 value equations in pizza, it's quality, value, and convenience. And what they realized is if we really, really invest in technology, we can make…”
AI lets already-strong physical distributors lower costs and convert the lead into a permanent moat.
“My partner Catherine, who when we first underwrote Figma in 2020, and also when we led the investment round in '21, is the same person who basically was at…”
Figma is a durable holding Durable backed private through its IPO and still owns as a compounder.
“Among our largest positions in the public markets are DoorDash, Affirm, Toast. We led those last private rounds, right?”
Toast is a durable holding that successfully made the transition to profitability and discipline.
“Among our largest positions in the public markets are DoorDash, Affirm, Toast. We led those last private rounds, right? And so yeah, they persisted and we…”
DoorDash is a durable compounder Durable held from private through public markets.
“I think what's misunderstood about Jay... What people haven't realized is he's built an incredible business, both in asset management on the real estate side…”
Colliers is mispriced as a cyclical real estate broker but is really a strong asset manager and consulting firm.
“he's got great believe that a firm can grow at the rates it's growing at for a reasonable period of time. In addition, they can do it without adding…”
Affirm can keep growing fast without adding headcount by using AI to lean out legal and compliance processes.
“Luis has talked about being 20x faster and generating content. And we've already seen it. He's publicly said he developed Chess, which is doing incredibly…”
Duolingo was purpose-built for AI, so it ships products 20x faster and turns a point app into a learning suite.
“what Amazon was able to do is ride a cost curve where they were deflating the cost of sending a box out at 3 to 5% a year for 20 straight years. And the…”
Robotics riders that get on the steep cost-down curve early build power-law moats rivals can't catch.
“I love physical real estate. I love Amazon or We're investors in Carvana.”
Carvana's hard-to-replicate physical reconditioning centers form a durable moat in used cars.
“I think about the example of Danaher so much because what Mitch and Steve have done. It's just stunningly hard to imagine that for nearly 40 years you've…”
Danaher compounds at 20% for 40 years through its business system and capital allocation, not a single moat.
“None of them actually have these super sharp competitive advantage, but yet if you really have studied Jay and you truly understand his human capital culture,…”
FirstService compounds through superior human capital and capital allocation despite owning no obvious moat.