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Anonymous

Heico

TransDigm Group Inc

Operator: The leverage is the other thing. They run a very strong balance sheet, unlike TransDigm. If they were to suddenly change that, I would be concerned.

Investor Dialogue: HEICO, Transdigm, & Terminal Values

Costco Wholesale Corp

Peter Malizia: It would vary by demographics because the in areas with lots of families you have a better chance of finding new members. In downtown Toronto, where people live in an 800 square foot condo, your chances of signing up that person are not great because they don't have storage to consistently buy from Costco. Going forward, their potential is the more rural areas where people have lots of land, big families and they don't have the same issues as somebody living in a condo. The ceiling is dependent on how far they're willing to go, because they are almost at their max in the big city areas. I don't know how many buildings they have projected to open in Canada this coming year, but it will be interesting to see what markets they go into, because that might give us an indication of the future strategies for opening up new warehouses.

Peter Malizia

Former Assistant General Merchandise Manager, Costco Canada

26 years at Costco Canada

Walmart Inc

Matt Croasmun: America loves it. It is what it is. We want to be a part of a club. Whether it's a Sam’s Club or a Costco, we want to be a part of a club.

Matt Croasmun

Former General Manager, Sam's Club

Costco Wholesale vs Sam's Club

Burford Capital

Operator: Analyst 2: 6X book seems nice. That's kind of the point; why not Buffett this a bit more and just be more transparent about fairish intrinsic value and try to treat people like partners? Maybe it's just too hard to do, I don't know. 

Burford Capital: YPF, Book Value, & Valuation

Operator: I don’t the stores are going to change much. I think they are going to keep percolating on the way they are. They are going to grow and be strong. I think that they have significant resources being dedicated to online. With Amazon suffering a pretty big blow, I think they would be wise to take good note. They are concerned about leakage from foot traffic and basket size in the warehouses – because those are brick and mortar – to online. It is my opinion that they should stop being afraid of growing online.

Former Senior Manager at Costco

Costco Wholesale: Management, Philosophy, & Culture

United Rentals Inc

Ashtead Group PLC

Operator: A 5% FCF yield for a business growing 15% py suggests the market doesn't necessarily believe in the resiliency of AHT. Can this business really grow if the cycle turns over? We're not sure. Management surely thinks so. 

Ashtead & Equipment Rental: A More Resilient Business

Illumina Inc

Former Director of Clinical Operations at GRAIL

Illumina: GRAIL's Clinical Trials

Matthew Burton: They are thinking about it every day.

Matthew Burton

Former Director, Specialty Strategy, United Rentals

United Rentals: Specialty Division Growth & M&A Strategy

Operator: I'm not a financier, but that would be my reading. A financier might have a different analysis.

Former Director at Harbour Litigation Funding

Burford Capital, Harbour Litigation, IRR's, & Asset Recovery

Squarespace

Current Wix Partner

Wix: Partner Program Developments

Operator: Either way, the conclusion of YPF should be positive for the equity as it will help investors understand the true book value. As the older vintages flow through, BUR can show a cleaner ROE and tell an uncorrelated book value compounding story to the market. 

Burford Capital & YPF Risk-Reward

Evolution Gaming

Operator: Thanks very much, great to chat to you. My knowledge spans multiple areas of the sector, so happy to have a chat at any point.

Former COO at NetEnt

Evolution Gaming, NetEnt, & Online Gaming Regulation & Tax Outlook

Operator: You bet, thanks. Anything you ever need, call me, and best success ahead. 

Former VP, Maintenance Operations at Southwest Airlines

HEICO: Airline MRO Customer Perspective

Schindler Holding AG

Kone Oyj

Otis Worldwide Corp

In Practise: This has been great, thank you very much for your time.

Former Sales Director at KONE Corporation

KONE: European New Installation & Maintenance Contract Pricing

Sebastian Maril: As long as this case continues to be open, Argentina can score big and score late in the game. Based on what we know, this is supposed to be go all the way to Burford's side. We don't know 70% of what is said, we don't know the private documents, we don't know the private positions. We don't know lots of things. Experts have testified in both sides; we don't know what's there. We just know 30% of what’s out there. Based on what's out there, this should be home run for Burford

Sebastian Maril

CEO of Latam Advisors LLC

Burford Capital: A History of Petersen & the YPF-related Assets

Halma PLC

Constellation Software

Judges Scientifc PLC

Operator: Either way, if JDG can add recurring service revenue on top of its portfolio of niche monopolies, it will improve the durability of the holdco even further. 

Judges Scientific, Geotek, & GDS Instruments

In Practise: Yes, no that's super helpful. Thank you very much for your time, we really enjoyed the conversation and if we have more questions, we'll be back.

Wix: Agency Partner Perspective

Takis Halkidis: In a nutshell, these are the challenges of adapting to different areas. In China, for example, GDS has a great agent, who knows the business very well. They have dedicated engineers, who are trained by GDS, and they know the product just as well as GDS engineers do. Every country is different; every territory is different. For the more specialized systems, the more difficult it gets.

Takis Halkidis

Former Sales Manager at GDS Instruments, Judges Scientific PLC

Judges Scientific: GDS Instruments

Hagerty

In Practise: I appreciate you taking the time to chat with me today and hear your insights into what you did at Hagerty.

Former VP at Hagerty

Hagerty: Agency and Insurance Partnerships

WAYFAIR INC

WILLIAMS SONOMA INC

Raj Patel: Yes; they’re out of my control.

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