hurdlerate.substack.com/api/v1/file/...

It is a shame right, such a good setup in the core business through to 2053 yet feel the need to do M&A.

To understand the frequency of corrections and bear markets, I would recommend listening to the great Peter Lynch below:

www.youtube.com/watch?v=XRFf...

What am I doing? The same as always, hunting for deals.

I remain laser focused on maximising absolute returns over the long term (5+ year periods). Volatile periods and drawdowns create a greater pool of opportunities for us!

The Hurdle Rate Unit Trust is in the process of having it's February accounting done, but, I can say that we are also in a drawdown, though not quite as much as either at the time of writing.

Does this change things? No.

In our 2024 Letter you will find discussion of various divestments.

1 investment ( $DVR.AX ) was acquired

2 were on valuation ( $PBEE.L $BVS.AX )

3 were adverse thinking ( $PPE.AX $ORCH.L $FNX.AX )

www.hurdlerate.com.au/home/founder...

Divestments seem to be often the result of being acquired, just like Constellation, but, in cases where that is not the case it is adverse changes in expectations, concentration of their portfolio, or the combined presence of overvaluation, alternatives, and liquidity.

The buyout was Gladstone Plc, a cornerstone of their education business within the Jonas subsidiary

open.spotify.com/episode/3pbJ...