Nice writeup! Pretty frustrating that mgmt makes a big deal out of the rough comps from 1-time benefits last year but didn't disclose them when they were benefits last year.
Also, more capital deployment doesn't resolve the bull / bear debate at all. Bear case is all these software businesses are getting disrupted and worth a lot less, so CSU deploying tons of capital may be very value destructive. Question is really about the LT durability of these VMS businesses and I read this quarter as a slight incremental negative with a lot of CSU excuses.
Hey, thanks for the shoutout! 💚 🥃
Agree with everything here.
So much focus on +/-2% organic growth in one specific quarter... the tree that hides the forest !
And now with all that cash deployed YTD, there are good chances we see accelerated growth next year (maybe even near 20%)
Nice writeup! Pretty frustrating that mgmt makes a big deal out of the rough comps from 1-time benefits last year but didn't disclose them when they were benefits last year.
Also, more capital deployment doesn't resolve the bull / bear debate at all. Bear case is all these software businesses are getting disrupted and worth a lot less, so CSU deploying tons of capital may be very value destructive. Question is really about the LT durability of these VMS businesses and I read this quarter as a slight incremental negative with a lot of CSU excuses.
FYI, I linked you here: https://www.libertyrpf.com/p/653-jensen-commoditizes-capital-constellations
Cheers 💚 🥃
🙌
🤝