Sep 3, 2023·edited Sep 3, 2023Liked by JP Picard

Always an easy and interesting read JP. My 2 cents worth for these early growth companies (which is a spooky area for me - but am wanting to learn):

3 key matters determine the future fate (1) quality and conviction of management - this rules out VITURA for mine (2) genuine commercial prospects at scale - as a former motor home owner I know the reluctance to lend or rent because of the potential for damage, so Camplify is a wait and see for mine (3) genuine moat status (and cash) to withstand competition. Your expression in this regard is priceless - “Someone’s growth is someone else’s opportunity for disruption.”

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Thanks for your comment Damian, they are always so thoughtful and valuable, I genuinely love reading them.

I love your 3 “checklist” items.

1. Quality and Conviction of Management

2. Commercial Prospects at Scale

3. Genuine Moat

They remind me of Phil Fisher’s 15. Your ones are probably a great selection of 3 of his most important ones.

You’re right on Vitura; the governance issues there don’t necessarily inspire great trust. Hopefully this changes. And yes, very good point on Camplify, as I wrote in the article for a rich life, I think part of the market will always remain out of their reach. My question is whether they can continue strong growth for years even without that part.

Thanks again mate and enjoy the rest of the weekend!

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