Keep pulling the thread on Sir Chris Hohn.
TCI's investment philosophy excludes industries it considers "bad," such as banks, the auto industry, retail, insurance, commodity manufacturing, tobacco, traditional asset managers, fossil fuel utilities, airlines, and wireless telecom.
During the financial crisis, TCI purchased shares of Moody's at 10 times earnings, including shares that Warren Buffett was selling as Berkshire Hathaway reduced its stake from 25% to 15%.
TCI made a billion dollars by forcing the sale of ABN AMRO to a consortium of three banks (Royal Bank of Scotland, Fortis, and Santander) that subsequently faced severe financial distress.
TCI launched an activist campaign against Safran's proposed €10 billion acquisition of Zodiac, which ultimately forced Safran to cut the purchase price in half and pay in cash.
TCI filed a formal criminal complaint for fraud against Wirecard with the Munich prosecutor's office to act as a catalyst and force an investigation into the company.
The TCI Foundation has approximately $6.5 billion in assets, and combined with Sir Chris Hohn's personal philanthropy, gives away over $500 million per year.
TCI's investment philosophy prioritizes companies with high and sustainable barriers to entry, a principle popularized by Warren Buffett.
TCI has invested in a Spanish airport group because airports like the one in Madrid are natural monopolies where a second airport will never be built.
The aircraft engine market is a duopoly for both narrow-body and wide-body planes, with General Electric being the last new entrant over 50 years ago.
Pratt & Whitney has a 25% share of new aircraft engine orders, but its product is considered inferior, with 35% of its engines grounded due to multiple technical problems.
Spanish airport operator Aena is a strong investment because approximately 70% of its value comes from unregulated, low-capital intensity businesses like retail and parking.
London Stock Exchange has a vulnerability in its business model as approximately half of its earnings come from reselling non-proprietary data.