Run the Numbers
00:33:41 · CJ Gustafson
The base rate on this serial acquirer is the next Teledyne is not great, but it is also not impossible. Some miscellaneous stuff of note before we go. So the financial statements are shaded gray, not banker blue. Mind blowing. I know it's a small thing, but the whole filing uses this understated grayish shading on the financial line items instead of the standard navy. Every Goldman deck has used since 1985. It's it's very Milan. Number two, they acquire constantly and the s one is already stale. The portfolio list and the filing doesn't even capture everything. So they picked up Tractive, the Austrian pet tracking company on 05/18/2026. By the time this trades, there will probably be another logo. Three, the TAM pitch is a thousand more of these. Thousand more of these companies. Management estimates an addressable market of more than 1,000 businesses generating nearly 400,000,000,000 in aggregate annual revenue. So looking at businesses generating between 50 and 500,000,000 in revenue, and Ferrari's framing the entire discount rack of the digital economy as inventory. Number four, they're listing alongside the heavyweight. So Bending Spoons is filing into the same window as SpaceX and a parade of trillion dollar adjacent names. A $20,000,000,000 European roll up is going to have to fight for attention in the summer or the rockets are getting all the oxygen. And Drake out, he tends to drop those in the summer. Disclosures, none of this is investment advice. Do not invest based on what I said. I write these on my kitchen table while my dog Walter snores on my foot. Do your own homework. This is for information and entertainment purposes only. Wishing you an acquisition pipeline is deep as their job applicant pool and a balance sheet that compounds faster than its interest expense. Peace. Run the Numbers is a mostly media production. Yelling an intro by Fat Joe. Artwork by Meg D'Alessandro. Show is executive produced by Ben Hillman. Nothing said on this podcast is intended to be business or investment advice. It's the sole opinion of me, a guy who feeds his dog way too much ice cream and has a history of net operating losses. LOL. If you like this podcast, hit subscribe and give us five stars. It'll take like two seconds, and our algorithm overlords love it. Drink water, call your mom, and have a great day. Peace.