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Quiver Quantitative
RT @QuiverCongress: NEW: @RepMikeLevin has introduced legislation to provide a tax credit for purchases of safe gun storage devices. https://t.co/SK1r7ZUzwv
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RT @QuiverCongress: NEW: @RepMikeLevin has introduced legislation to provide a tax credit for purchases of safe gun storage devices. https://t.co/SK1r7ZUzwv
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InsideArbitrage
🚀 $ULTA Ulta Beauty announced that David C. Kimbell has stepped down as CEO and Board member, effective January 6, 2025.
Kecia L. Steelman, currently President and Chief Operating Officer, has been appointed as the new CEO. Kimbell will remain with the company as an advisor through June 28, 2025
Kecia Steelman has been with Ulta Beauty since 2014, holding key roles such as Chief Store Operations Officer and COO.
💼 Steelman’s compensation as CEO includes a base salary of $1.35 million
📈 David C. Kimbell, who served as CEO since 2021, led Ulta to achieve over $11 billion in annual revenue and a 55% return on equity.
Strong Financial Performance: Under Kimbell’s leadership, the company delivered strong financial performance, with current earnings per share at $25.04.
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🚀 $ULTA Ulta Beauty announced that David C. Kimbell has stepped down as CEO and Board member, effective January 6, 2025.
Kecia L. Steelman, currently President and Chief Operating Officer, has been appointed as the new CEO. Kimbell will remain with the company as an advisor through June 28, 2025
Kecia Steelman has been with Ulta Beauty since 2014, holding key roles such as Chief Store Operations Officer and COO.
💼 Steelman’s compensation as CEO includes a base salary of $1.35 million
📈 David C. Kimbell, who served as CEO since 2021, led Ulta to achieve over $11 billion in annual revenue and a 55% return on equity.
Strong Financial Performance: Under Kimbell’s leadership, the company delivered strong financial performance, with current earnings per share at $25.04.
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InsideArbitrage
Stryker $SYK Acquires Inari Medical $NARI in an All-Cash Deal Worth $4.9 Billion :
🩺Under the terms of the agreement, Stryker will commence a tender offer for all outstanding shares of Inari’s common stock for $80 per share in cash, representing a premium of 60.74% from the stock’s last close.
🩺The deal is expected to close by the end of the first quarter of 2025.
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Stryker $SYK Acquires Inari Medical $NARI in an All-Cash Deal Worth $4.9 Billion :
🩺Under the terms of the agreement, Stryker will commence a tender offer for all outstanding shares of Inari’s common stock for $80 per share in cash, representing a premium of 60.74% from the stock’s last close.
🩺The deal is expected to close by the end of the first quarter of 2025.
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Hidden Value Gems
Food for thought from Ruchir Sharma via @FT
🧵 👇🏼
Ten trends to watch in 2025
1️⃣ Return of the contrarians
History shows that the global economy and markets move in cycles, not straight trend lines. Contrarian investing is rooted in these patterns.
1/11 https://t.co/wkMwOKI2Lp
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Food for thought from Ruchir Sharma via @FT
🧵 👇🏼
Ten trends to watch in 2025
1️⃣ Return of the contrarians
History shows that the global economy and markets move in cycles, not straight trend lines. Contrarian investing is rooted in these patterns.
1/11 https://t.co/wkMwOKI2Lp
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Startup Archive
Naval Ravikant: “The future will be almost all startups”
“I firmly believe that the efficient size of a company is shrinking very rapidly, and so the future will be almost all startups.”
In the clip below from a 2012 interview, Naval speculates that information technology will reverse the centralizing force of economies of scale following the Industrial Revolution.
“I think the contract work trend is going to increase, and I think the size of your average company is going to decrease. I think we’re going to see more and more billion dollar businesses built by four or five people, and it’ll stay at that.”
He doesn’t think we’ll see many more companies like Facebook or Google with tens of thousands of employees:
“I think any entrepreneur worth their salt could today build Facebook with a few hundred people… Facebook and Google are in the situation that large companies end up in where the founders know that 80% of the people are not really needed, they just don’t know which 80%.”
Video source: @PandoDaily (2012)
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Naval Ravikant: “The future will be almost all startups”
“I firmly believe that the efficient size of a company is shrinking very rapidly, and so the future will be almost all startups.”
In the clip below from a 2012 interview, Naval speculates that information technology will reverse the centralizing force of economies of scale following the Industrial Revolution.
“I think the contract work trend is going to increase, and I think the size of your average company is going to decrease. I think we’re going to see more and more billion dollar businesses built by four or five people, and it’ll stay at that.”
He doesn’t think we’ll see many more companies like Facebook or Google with tens of thousands of employees:
“I think any entrepreneur worth their salt could today build Facebook with a few hundred people… Facebook and Google are in the situation that large companies end up in where the founders know that 80% of the people are not really needed, they just don’t know which 80%.”
Video source: @PandoDaily (2012)
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InsideArbitrage
Getty Images $GETY and Shutterstock $SSTK to Merge in a $3.7 Billion Deal -
📸Shutterstock shareholders can choose one of three options at closing: $28.85 in cash per share, 13.67 shares of Getty Images stock per share, or a combination of 9.17 Getty Images shares and $9.50 in cash per Shutterstock share.
📸The merged company will be called Getty Images Holdings, Inc. and will keep trading on the New York Stock Exchange under the symbol “GETY.”
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Getty Images $GETY and Shutterstock $SSTK to Merge in a $3.7 Billion Deal -
📸Shutterstock shareholders can choose one of three options at closing: $28.85 in cash per share, 13.67 shares of Getty Images stock per share, or a combination of 9.17 Getty Images shares and $9.50 in cash per Shutterstock share.
📸The merged company will be called Getty Images Holdings, Inc. and will keep trading on the New York Stock Exchange under the symbol “GETY.”
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InsideArbitrage
Cintas Makes $CTAS $5.1 Billion Takeover Offer for Uniform Supplier UniFirst $UNF - WSJ
👔Cintas proposed acquiring all of UniFirst’s outstanding common and Class B shares for $275 apiece, in cash.
👔Cintas plans to publicize its offer imminently after UniFirst’s board refused multiple times to engage further in any deal talks.
👔UniFirst's discussions with Elis SA in October 2024 had ended without the companies reaching any agreement.
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Cintas Makes $CTAS $5.1 Billion Takeover Offer for Uniform Supplier UniFirst $UNF - WSJ
👔Cintas proposed acquiring all of UniFirst’s outstanding common and Class B shares for $275 apiece, in cash.
👔Cintas plans to publicize its offer imminently after UniFirst’s board refused multiple times to engage further in any deal talks.
👔UniFirst's discussions with Elis SA in October 2024 had ended without the companies reaching any agreement.
Elis SA made an informal takeover proposal to U.S. peer UniFirst $UNF - Bloomberg
⏩UniFirst reached out to Elis to gauge its appetite for a deal after Elis’s takeover approach to rival Vestis $VSTS became public last month.
⏩Elis made a non-binding proposal for UniFirst, whose board rejected it in recent days, and the companies aren’t currently in talks.
⏩It remains to be seen whether the interest in UniFirst will be revised. tweet
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Stock Analysis Compilation
Orbis on HDFC Bank $HDB US
Thesis: HDFC Bank combines robust market share growth and a strategic merger, presenting a compelling value opportunity amidst temporary earnings pressure
(Extract from their Q3 letter) https://t.co/rNXDFIdNIS
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Orbis on HDFC Bank $HDB US
Thesis: HDFC Bank combines robust market share growth and a strategic merger, presenting a compelling value opportunity amidst temporary earnings pressure
(Extract from their Q3 letter) https://t.co/rNXDFIdNIS
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