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#30 William Thorndike: The Outsiders

Investing by the Books

CHAPTER

The Search Fund a Eco System

All the companies in the book created a lot of value through acquisition. They waited until they saw something that they thought was overwhelmingly compelling, and then took a large bite out of it. The one company in the book had a different pattern, which was lots of little acquisitions. That's closer to the pattern i've seen work in smaller, recurring revenue private companies where lotsfLots of little acquisitions can con create a lot ofvalue if they meet certain criteria.

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