As December 2024 marks the culmination of our fourth year in operation, we still feel like we’re just getting started!

We're on a mission to build the best place in the world for long-term investors and business operators to learn how the greatest businesses in the world create value. Our conviction is that conducting intensive fieldwork at world-class standards is the best way to do this.

The North Star in all we do is Quality > Quantity.

Our emphasis on sourcing and carefully interviewing only the most relevant, seasoned industry operators has continued to power In Practise's rapid growth purely through word-of-mouth since we launched in 2020.

There are two key elements to the IP Library service today:

  • Interviews with industry operators: In Practise-led (blue label) and IP Partner-led (grey label)
  • IP Research: long-form synthesis of fieldwork led by the In Practise team of investment analysts as part of our investment research process

To maintain a high-signal research library, we focus on sourcing only the most relevant executives for our own and our partners' work. We work exclusively with experienced, long-term, fundamental investment fund managers who conduct interviews the IP Partner network. The IP proposition is simple: anyone conducting work through the In Practise platform is 1) seeking long shelf-life information and 2) operates according to industry best-practices. For professional investors who are protective over their time and care deeply about the quality of the sources they are exposed to, we believe that this makes for a superior learning experience.

The IP Partner Network

The number of investment funds we serve through IP Partner network doubled in size in 2024. Through the IP Partner program, we work with a handful of the most experienced long-term fundamental investors who conduct part of their fieldwork through the In Practise platform, using our executive sourcing infrastructure.

We now serve ~50 funds through the IP Partner Program. IP Partners run concentrated portfolios with low turnover and have what we would describe as a mature fieldwork process.  

In 2024 we made progress building the foundations of our research organisation. Our team of 14 is organised to continuously improve on the quality and scale of research published. We doubled the number of interviews and internal IP Research pieces published in 2024. In 2025 we plan to expand the range of companies we cover and depth of our research.

IP Research

Our internal research capabilities continue to grow, led by IP Co-Founder Will Barnes. Our team of four investment analysts currently conducts interviews with 400+ executives per year, the results of which are curated through our IP Research publication.

The IP Research fieldwork budget now includes $400,000 earmarked for interviews with operators in 2025; a budget that is on par with many multi-billion dollar funds.

As the volume of work we have published on the platform steadily accumulates, helping our subscribers navigate the library efficiently is becoming increasingly important. With this in mind, we published several IP Research Round-ups throughout the year, gathering all of the work we have done in a number of verticals including Aerospace, VMS Serial Acquirers, Industrial Holdcos and Vertically Integrated E-commerce.

While we don’t claim to be masters of scuttlebutt, we’re committed to perfecting the art of the process. This will remain at the heart of our business for decades to come. Phil Fisher's comment on the business grapevine feels more true than ever:

“It is amazing what an accurate picture of the relative points of strength and weakness of each company in an industry can be obtained from a representative cross-section of the opinions of those who, in one way or another, are concerned with any particular company”

Over the past four years, we’ve built a learning community which includes thousands of the best operators and investors globally.

We find ourselves at the centre of a unique system: we learn from the best operators, and produce research that is critiqued by the best investors. This feedback loop keeps us on our toes. From these increasingly deep foundations we plan to partner and launch new ventures alongside seasoned operators in 2025 and beyond. More details to follow soon.

It’s a dream to study great companies from seasoned executives each and every day. We deeply appreciate all the support to make it possible for us to continue this work. You have our commitment and dedication to continue producing more of the best research and tools to help you learn. 

This email summarises our most popular and interesting articles of 2024. 

Most Popular Articles

  1. M&A Accounting: Constellation Software, Vitec, Lifco, Lagercrantz, & Teqnion: by far, this was the most read article in 2024. We explore purchase price accounting and compare accounting methodologies of the top, most acquisitive companies globally 
  2. Ferguson vs Watsco: HVAC Distribution: a Former VP at Ferguson explores how its HVAC distribution business competes with Watsco 
  3. Lifco vs Halma: M&A Team Structure & Incentives: we compare how Lifco and Halma organise and compensate their M&A team and the implications on capital deployed and ROIIC
  4. Pall, Cytiva & the Bioprocessing Manufacturing Process: Former VP at Pall walks through Cytiva and Pall’s bioprocessing portfolio assets and potential synergies 
  5. Constellation Software vs Private Equity Operating Strategies: a Former Constellation Software and Thoma Bravo Executive compares the two operating models 
  6. Domino's Pizza: Fortressing a Market: Former CEO of Domino’s Pizza Group walks through the company’s fortressing strategy, why it works, and when it fails
  7. Sunbelt vs United: the Nature of Equipment Rental Competition: a Former Equipment Rental company owner shares the story of selling to Sunbelt and how the company changed the business post-acquisition. 
  8. Loar Group: Portfolio Quality: Former Loar Group Executive walks through the different types of assets Loar owns compared to TransDigm. 
  9. Topicus: History, Culture, and Organic Growth Techniques: a Former Director at Topicus shares a history of the company and compares the approach to organic growth vs TSS. 
  10. Moncler, Hermès, & Scaling Luxury Brands: a Former Manager at Moncler shares the challenges of mid-market luxury brands competing with LVMH and Hèrmes. 

IP Research: Long-form Articles  

Around 50% of the material published on the IP platform in 2024 was conducted by the IP Research team, led by investor and IP Co-founder Will Barnes.

All interviews are conducted to test hypotheses that we believe drive the long-term investment thesis of the company. From those interviews, we curate our learnings into written research pieces. We’ve listed the top research articles published last year below: 

  1. Burford Capital: Risk from Insurance-Backed Financing: how new insurance-backed products are attempting to compete with traditional single case or portfolio legal financing. 
  2. Sunbelt Rentals: Competition with Independent Equipment Rental Firms: a survey of independent rental company owners on how they compete with Sunbelt and United. 
  3. Discount Gyms, Domino’s, & Hotelling’s Location Model: an analysis of proximity-led retail models like discount gyms and Domino’s and where the models may go wrong. 
  4. Trupanion & TRUP Express: Vet Practice Owners: a survey of vet practice owners to understand the attractiveness of TRUP insurance and Express. 
  5. ACV vs Manheim, ADESA & Physical Auto Auctions: Indie Used Car Dealers: a survey of indie auto dealers on how they use physical vs digital auctions like ACV. 
  6. Credit Acceptance vs Westlake: Loan Origination Process: how a dealer underwrites a sub-prime loan on CAPS vs Westlake
  7. M&A Accounting: Constellation Software, Vitec, Lifco, Lagercrantz, & Teqnion: an analysis of purchase price accounting, its implications on the balance sheet and P&L, and a comparison of PPA methodologies of the top, most acquisitive companies globally 
  8. Evolution Gaming's Asia and Crypto Risk: a breakdown of Evolution Gaming’s Asia business, GGR mix, and potential risks across the region 
  9. The Gym Group: Risk from Anytime Fitness, ènergie, & Franchise Chains: how franchise gyms aim to compete with discount gym models across UK and EMEA. 
  10. Watsco Customer Survey: Service Quality, SEER, and Replacement Demand: a survey of HVAC contractors to understand how and why they use Watsco vs Ferguson and potential pricing and demand drivers through 2025
  11. Lifco vs Halma: Org Structure & Opco Incentives: comparison of Lifco and Halma’s org and incentive structure at the subsidiary level 
  12. Lifco vs Halma: M&A Team Structure & Incentives: we compare how Lifco and Halma organise and compensate their M&A team and the implications on capital deployed and ROIIC
  13. FTAI, Chromalloy & the CFM56 HPT Blade PMA: replacement cost and repair challenges of a CFM56 HPT blade and the potential adoption of FTAIs HPT blade PMA. 
  14. FTAI Aviation CFM56 Module Swap Offering & Addressable Market: how a CFM56 module swap works and FTAI module mix, expertise, and operational risks
  15. Perimeter Solutions vs Fortress: Aerial Fire Retardant Competition: aerial fire retardant QPL process and Perimeter’s operational moat 
  16. Perimeter Solutions: Product Litigation & New Entrants: history and outlook of Fortress vs Perimeter product litigation and potential new EPA-approved entrants 
  17. Danaher Cytiva: History, Moat, and Bundling Pall Filters: a breakdown of the bioprocessing sales process and how DHR may bundle Pall filters and Cytiva chromatography resins and equipment. 

IP Company Profiles

We aim to curate all our internal primary research into Company Profiles that act as learning journeys for you to effectively get up to speed on a company or topic. Here is a list of profiles published in 2024:

IP Research Roundups 

IP Research Roundups are free articles that showcase an industry, topic, or thread of primary research that we’ve focused on for months or years. These roundups link the most insightful articles and highlight the hypotheses we’ve explored on each topic.  

IP Fieldwork Podcast

IP Fieldwork is a free podcast that explores the pitfalls, challenges and opportunities inherent in conducting fieldwork at a professional level - work that we consider is an art and a science.

You can follow IP Fieldwork on Spotify and Apple or add our feed to any podcast player here. Two of the most recent episodes include:

  1. Our Primary Research Philosophy (Spotify / Apple)
  2. Primary Research Methods 1: Working with Expert Networks (Spotify / Apple): focuses on common mistakes investors make when submitting research projects to expert networks.

IP Hardback Volume 1 Physical Book

We released a clothbound hardback book that you can order here. The book curates a number of our favourite interviews that share timeless insights about how industries and businesses work. Each interview is with an operator with a minimum of 25 years experience in their field.

The book covers:

  • How Costco buyers work with suppliers, manage categories, and drive dollars per pallet.
  • The history of US wine and spirits distribution since Prohibition and scale benefits of Pernod Ricard and Constellation Brands
  • How Domino's scales its network to dominate local markets
  • Constellation Software's best-in-class processes to operate vertical market software companies
  • How Universal Music works with artists and Spotify's bargaining power in the music value chain
  • TransDigm's value-based pricing techniques and operational processes
  • The history of PlayStation and Nintendo's approach to building durable intellectual property
  • How LVMH and Goyard, the two oldest luxury leather companies globally, distributes product whilst maintaining brand equity
  • How Sunbelt and United Rentals leverage economies of scale to consolidate the equipment rental market
  • A practical account of how Danaher deploys its Business System across the group
  • How Zara sources raw material, manufactures, distributes, and merchandises product compared to SHEIN

Q1 2025 Upcoming IP Coverage 

  • Thermo Fisher vs Danaher
  • Ferguson and Watsco
  • Markel
  • LVMH and Hèrmes
  • Carvana's Finance Operation
  • Netflix
  • Veralto
  • Google
  • Tesla
  • Belron
  • Repligen
  • KLA
  • LAM
  • Technoprobe and FormFactor
  • Aldevron, Lonza, & CDMOs