Stock Exchanges | Beautiful Business Models

Stock exchanges are beautiful business models with very strong two-sided economics. In fact, you could say that they are multi-sided economics. Exchanges serve companies in need of efficiently racing capital through Initial Public Offerings, as well as serving sellers and buyers of risk capital by making the secondary market for those assets more efficient. Demutualization … Continue reading Stock Exchanges | Beautiful Business Models

The Most Profitable Industry Ever?

Allan MacDonald, Senior Vice President and Portfolio Manager at Burgundy Asset Management Ltd presented at the Ben Graham Centre's 2018 Value Investing Conference. The topic of his talk was: Finding Great Investment Opportunities in New Business Models. Companies owned by their own customers One of the opportunists that Allan covers he refers to as Demutualization. The term … Continue reading The Most Profitable Industry Ever?