I've been listening to audiobook Psychology of Money. In it is a quote from Buffet, "Charlie and I always knew we'd be very wealthy" I searched that quote to get more context, and that's how i found this post
PoM, one of my favorite books. Temperament oftentimes is more of a valuable asset than intellect. W & C obviously had both with their owner mindsets, which has made them great investors over decades.
Dino has gone from 100 stores in 2010 to 2,500 in 2024. They can at least double that store count expanding into Eastern Poland over the next 5+ years. Once fully saturated, they will either 1) need a change to capital allocation 2) enter Czech Republic market 3) expand current offering (gas stations, other services). Difficult to maintain a 100% reinvestment rate, which is what makes Constellation's run so impressive.
Wonderful write up, enjoyed reading nice refresh about independent thinking
Conviction in a stock and the patience to hold it for a long time is key.
Well said!
I've been listening to audiobook Psychology of Money. In it is a quote from Buffet, "Charlie and I always knew we'd be very wealthy" I searched that quote to get more context, and that's how i found this post
PoM, one of my favorite books. Temperament oftentimes is more of a valuable asset than intellect. W & C obviously had both with their owner mindsets, which has made them great investors over decades.
Thanks for writing and sharing this
I'll have to purchase Alex Morris's book myself! How long do you think Dino Polska can continue reinvesting its cash flows at high rates?
One of my holdings, Basic-Fit, is very similar in that they reinvest all cash flow into expansion.
Dino has gone from 100 stores in 2010 to 2,500 in 2024. They can at least double that store count expanding into Eastern Poland over the next 5+ years. Once fully saturated, they will either 1) need a change to capital allocation 2) enter Czech Republic market 3) expand current offering (gas stations, other services). Difficult to maintain a 100% reinvestment rate, which is what makes Constellation's run so impressive.
Interesting, thanks