Croda (CRDA / CRDA.L): Part 1
Croda is an interesting business to understand because their business model helps explain some of the long-term disruptions happening in the beauty industry.
The Beauty Flywheel is Broken
The traditional "big beauty" model is facing several structural headwinds and while I expect big beauty brands like L'Oréal and Estée Lauder to amply navigate these headwinds, their best days are behind them.
The Luxury Flywheel: Part 3
An overview of China's rise, the GFC, China's dominance and the Chinese corruption crackdown.
Update: HEICO (HEI / HEI.A)
Update on Q2 F2025 results
Update: Diploma (DPLM)
Update on H1 2025 results.
The Luxury Flywheel: Part 2
A deep dive on luxury's emergence from serving Europe's ultra wealthy to Japan's boom and bust. This article sets the stage to better understand China as luxury's key market and growth driver.
The Luxury Flywheel: Part 1
In this post, I describe the luxury flywheel and the 5Ps of luxury.
Deep Dive: HEICO (HEI / HEI.A)
HEICO is a serial acquirer of nice aerospace and electronic components businesses run by exceptional owner/operators.
What is The Gorilla Game?
In this journal, I post deep dives on companies I believe can either become Gorillas or are already Gorillas.
Update: Judges Scientific (JDG)
Mark Lavelle (COO) is retiring in September 2026
Deep Dive: Reply SpA (REY, REY.MI)
Italian IT-services serial acquirer with unique organizational model and culture
Primer: I.T. Services Industry
Deep dive on the IT Services Industry