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InsideArbitrage
Emersub CXV, Inc., a wholly owned subsidiary of Emerson Electric $EMR, commenced the tender offer to acquire Aspen Technology $AZPN, for $265 per share.
The offer will expire on March 10, 2025.
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Emersub CXV, Inc., a wholly owned subsidiary of Emerson Electric $EMR, commenced the tender offer to acquire Aspen Technology $AZPN, for $265 per share.
The offer will expire on March 10, 2025.
Emerson Electric $EMR Acquires Aspen Technology $AZPN in a $16.8 Billion Cash Deal -
✴️Emerson plans to buy all AspenTech shares it doesn’t already own by offering $265.00 per share in cash through a tender offer, representing a premium of 3.86% from the stock’s last close.
✴️Once the transaction is complete, which is expected in H1 2025, AspenTech will become a wholly owned subsidiary of Emerson. tweet
Offshore
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Startup Archive
Max Levchin explains why B-players hire C-players
The co-founder of PayPal and Affirm reflects on the famous Steve Jobs insight that A-players hire A-players, and B-players hire C-players:
“It’s profoundly true. But there should be an asterisk explaining why this is true. And the reason for this is fear.”
A-players love working with other A-players because they know it will make them better. They want other A-players who challenge them and will tell them when their work isn’t good.
Most B-players are net positive too, but as Max argues, some are fearful and will say:
“If I have too many B-players or A-players around, I will look terrible and it’ll be very obvious that I’m just not that good. So the way to fix this is for me to become a manager and hire a bunch of people who aren’t very good at all so that I’ll look like the tallest mushroom.”
Max continues:
“That is the real danger of B-players. Having people who are perfectly willing to do good work day-in and day-out is not the worst thing in the world. There’s plenty of things that A-players will turn their nose from because it’s just not that challenging. B-players are very good for that [type of work]. And a lot of B-players will over time grind their way to being A-players, so you’re investing in their future and they know it, and that’s also positive. But B-players who have fear of being found out are the ones you have to watch out for.”
Video source: @twentyminutevc @HarryStebbings (2025)
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Max Levchin explains why B-players hire C-players
The co-founder of PayPal and Affirm reflects on the famous Steve Jobs insight that A-players hire A-players, and B-players hire C-players:
“It’s profoundly true. But there should be an asterisk explaining why this is true. And the reason for this is fear.”
A-players love working with other A-players because they know it will make them better. They want other A-players who challenge them and will tell them when their work isn’t good.
Most B-players are net positive too, but as Max argues, some are fearful and will say:
“If I have too many B-players or A-players around, I will look terrible and it’ll be very obvious that I’m just not that good. So the way to fix this is for me to become a manager and hire a bunch of people who aren’t very good at all so that I’ll look like the tallest mushroom.”
Max continues:
“That is the real danger of B-players. Having people who are perfectly willing to do good work day-in and day-out is not the worst thing in the world. There’s plenty of things that A-players will turn their nose from because it’s just not that challenging. B-players are very good for that [type of work]. And a lot of B-players will over time grind their way to being A-players, so you’re investing in their future and they know it, and that’s also positive. But B-players who have fear of being found out are the ones you have to watch out for.”
Video source: @twentyminutevc @HarryStebbings (2025)
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Dimitry Nakhla | Babylon Capital®
6 Quality Stocks ROIC >20% Annually Last 5 Years | <$50b10% From Highs 💵
🏦 Fair Isaac $FICO
•LTM ROIC: 58%
•Market Cap: $45B
•% Down: -22%
🏢 NVR Inc $NVR
•LTM ROIC: 41%
•Market Cap: $27B
•% Down: -24%
🚿 A O Smith $AOS
•LTM ROIC: 34%
•Market Cap: $9B
•% Down: -30%
🐕 IDEXX Labs $IDXX
•LTM ROIC: 46%
•Market Cap: $38B
•% Down: -34%
📊 Manhattan Associates $MANH
•LTM ROIC: 74%
•Market Cap: $12B
•% Down: -35%
🏊🏼♂️ Pool Corp $POOL
•LTM ROIC: 23%
•Market Cap: $13B
•% Down: -43%
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6 Quality Stocks ROIC >20% Annually Last 5 Years | <$50b10% From Highs 💵
🏦 Fair Isaac $FICO
•LTM ROIC: 58%
•Market Cap: $45B
•% Down: -22%
🏢 NVR Inc $NVR
•LTM ROIC: 41%
•Market Cap: $27B
•% Down: -24%
🚿 A O Smith $AOS
•LTM ROIC: 34%
•Market Cap: $9B
•% Down: -30%
🐕 IDEXX Labs $IDXX
•LTM ROIC: 46%
•Market Cap: $38B
•% Down: -34%
📊 Manhattan Associates $MANH
•LTM ROIC: 74%
•Market Cap: $12B
•% Down: -35%
🏊🏼♂️ Pool Corp $POOL
•LTM ROIC: 23%
•Market Cap: $13B
•% Down: -43%
tweet
Offshore
Video
Startup Archive
RT @ArthurMacwaters: A key character trait to hire for is obsession. Obsessed people don’t play politics / manage appearances nearly as much
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RT @ArthurMacwaters: A key character trait to hire for is obsession. Obsessed people don’t play politics / manage appearances nearly as much
Max Levchin explains why B-players hire C-players
The co-founder of PayPal and Affirm reflects on the famous Steve Jobs insight that A-players hire A-players, and B-players hire C-players:
“It’s profoundly true. But there should be an asterisk explaining why this is true. And the reason for this is fear.”
A-players love working with other A-players because they know it will make them better. They want other A-players who challenge them and will tell them when their work isn’t good.
Most B-players are net positive too, but as Max argues, some are fearful and will say:
“If I have too many B-players or A-players around, I will look terrible and it’ll be very obvious that I’m just not that good. So the way to fix this is for me to become a manager and hire a bunch of people who aren’t very good at all so that I’ll look like the tallest mushroom.”
Max continues:
“That is the real danger of B-players. Having people who are perfectly willing to do good work day-in and day-out is not the worst thing in the world. There’s plenty of things that A-players will turn their nose from because it’s just not that challenging. B-players are very good for that [type of work]. And a lot of B-players will over time grind their way to being A-players, so you’re investing in their future and they know it, and that’s also positive. But B-players who have fear of being found out are the ones you have to watch out for.”
Video source: @twentyminutevc @HarryStebbings (2025) tweet
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InsideArbitrage
Hyatt $H to Acquire Playa Hotels $PLYA for $2.6 Billion -
🏖️Hyatt will acquire all outstanding shares of Playa for $13.50 per share, representing a premium of 4.33% from the stock’s last close.
🏖️Hyatt, which currently owns 9.4% of Playa, expects to close the merger later this year.
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Hyatt $H to Acquire Playa Hotels $PLYA for $2.6 Billion -
🏖️Hyatt will acquire all outstanding shares of Playa for $13.50 per share, representing a premium of 4.33% from the stock’s last close.
🏖️Hyatt, which currently owns 9.4% of Playa, expects to close the merger later this year.
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Stock Analysis Compilation
Protean Funds on Essity $ESSITY SS
Thesis: Essity is a stronger company than the market recognizes, strategically exiting volatile sectors and focusing on high-margin products, with limited downside potential and an upcoming change in leadership.
(Extract from their Q4 letter) https://t.co/YG9NYLFqBZ
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Protean Funds on Essity $ESSITY SS
Thesis: Essity is a stronger company than the market recognizes, strategically exiting volatile sectors and focusing on high-margin products, with limited downside potential and an upcoming change in leadership.
(Extract from their Q4 letter) https://t.co/YG9NYLFqBZ
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Quiver Quantitative
BREAKING: Senator Dave McCormick just disclosed a sale of his whole ~$5M position in Rumble stock, $RUM. https://t.co/RP3xXsGbsy
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BREAKING: Senator Dave McCormick just disclosed a sale of his whole ~$5M position in Rumble stock, $RUM. https://t.co/RP3xXsGbsy
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Quiver Quantitative
RT @QuiverCongress: Representative Josh Gottheimer has proposed legislation to ban the use of DeepSeek by executive agencies.
Do you support this?
Poll below. https://t.co/LPrwISYmHJ
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RT @QuiverCongress: Representative Josh Gottheimer has proposed legislation to ban the use of DeepSeek by executive agencies.
Do you support this?
Poll below. https://t.co/LPrwISYmHJ
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Offshore
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Quiver Quantitative
JUST IN: Representative Chris Deluzio appears to be re-introducing a bill which would invest $200B in high-speed rail across the United States. https://t.co/X6vbBQR6uv
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JUST IN: Representative Chris Deluzio appears to be re-introducing a bill which would invest $200B in high-speed rail across the United States. https://t.co/X6vbBQR6uv
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