The Intrinsic Value Podcast - The Investor’s Podcast Network MI310: A Serial Acquirers Deep Dive w/ Chris Mayer
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Dec 5, 2023 
Chris Mayer, an expert in serial acquirers, discusses the qualities that make them compelling investments. Topics include valuation, decentralization, leverage in mergers, scaling serial acquirers, and traits of successful acquirers. He also shares his favorite debt ratios and the importance of aligning incentives between companies. A fascinating exploration of the world of serial acquirers.
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Serial Acquirers: Definition and Appeal
- Serial acquirers routinely and regularly make acquisitions to fuel company growth.
- Their appeal lies in high returns on capital, reinvestment opportunities, and business resilience.
Constellation Software: A Catalyst for Understanding
- Chris Mayer's interest in serial acquirers began with Constellation Software, despite initial skepticism.
- Studying Mark Leonard's letters and Constellation's decentralized model changed his perspective.
Decentralized vs. Centralized Acquisition
- Chris Mayer prefers decentralized serial acquirers for their resilience and scalability.
- Centralized models can become burdensome on headquarters as the company grows.