Austé

[Taras Holovko @tarasholovko]

Long Lake is in many ways inspired by two schools of thoughts:

1. The great holding companies - Berkshire, Danaher, and Constellation Software, among others. All 3 had exceptional share price performance sustained over decades, and all 3 demonstrated excellence in their own way.
- Berkshire - Buffett's legacy needs no comment, but notably Berkshire was exceptional at stewarding the legacy of family-owned businesses.
- Danaher - excellent at optimizing operations through the Danaher Business System, in concert with their ability to recruit exceptional talent to operate and manage each business. Danaher delivered an average of ~740 bps of margin expansion over some years in 5 noted case studies of their acquisitions.
- Constellation Software - incredible discipline in capital allocation with strict return hurdles. CSU's founder Mark Leonard raised ~$25M of equity in 1995 and compounded to ~$78B enterprise value by 2025 (acknowleding some add'l financing raised during the IPO). If you bought CSU at IPO in 2006 and held to 2025, you would have have made ~280x your money at a ~35% IRR, outperforming virtually all of the best publicly traded tech names in period.

2. Modern AI deployment - AI has the potential to transform services far more than traditional business process optimization and to lift the ceiling for margin expansion fundamentally. At the same time, the services industry is ~1-2 orders of magnitude larger than software or manufacturing, suggesting that there is no ceiling for the AI services holdco assuming continued ability to do exceptional M&A and AI transformation.

Historically, services businesses have scaled headcount in proportion with revenue, with service quality often difficult to sustain as organizations scale. The great promise of AI is twofold: (1) that revenue and headcount can now decouple and, (2) more importantly, that you can deliver exceptional, personalized service as you grow, with customers benefitting from R&D as AI is funded out of free cash flow and improved with millions of unique data points.

Naturally, making this actually work requires an incredibly involved platform and FDE team, which is a modern motion.

[Austé @auste129]

@everestchris6 Pool

[Austé @auste129]

they screaming Austé is back

[K-State Men's Basketball @KStateMBB]

ELITE 8 BABBBBYYYYYYY

#KStateMBB x #MarchMadness

[Patrick Mahomes II @PatrickMahomes]

#ChiefsKingdom

[Austé @auste129]

Hate me or love me, you watched. That's all you could do

[Action Network @ActionNetworkHQ]

Saturday’s game between #1 Tennessee - #3 Georgia is currently the most expensive ticket for a college football regular season game on record, according to @TickPick 🤯

Current get-in price: $626

(h/t @FieldYates)

[DeKaylin Metcalf @dkm14]

I’m a dog don’t deny it at all

[Austé @auste129]

@Codie_Sanchez 🔥

[The Athletic NFL @TheAthleticNFL]

Commanders rookie QB Sam Howell says he only eats chicken.

He's never tried a burger or a steak and won't eat seafood. He orders chicken tenders at steakhouses and brings his own tenders to team dinners.

H/T @MarkPArmstrong | @Commanders

[Ja Morant @JaMorant]

yesterdays price ain't todays price

[Austé @auste129]

@BreezyBeBased swag swag

[Austé @auste129]

@ActionNetworkHQ Lmk where you can get a Metu jersey, he just saved my house

[Action Network @ActionNetworkHQ]

CHIMEZIE METU WINS IT FOR THE KINGS AT THE BUZZER (-110 ML)

[Austé @auste129]

@chasebrown_24 @therealezurek

[Austé @auste129]

@arodr_0129 been it

[Michael Thomas @Cantguardmike]

Either you got it or you don’t

[Austé @auste129]

@arodr_0129 See no lies here

[Austé @auste129]

*yuggin beers with the bros*
“Alexa, play my footwork music”

[Austé @auste129]

@chasebrown_24 talk to me nice 🗣