Keep pulling the thread on Daniel Mahncke.
From 2009 to 2025, Exor's net asset value compounded at approximately 16% per year, outperforming the MSCI World Index's 11% annual compounding rate.
Universal Music Group owns the rights to approximately one-third of the world's recorded music catalog.
Universal Music Group's free cash flow conversion is over 80% of its operating profit.
The three major music labels, Universal Music Group, Sony, and Warner Music Group, collectively control the rights to approximately 98% of the top 1,000 singles globally each year.
The Trade Desk's stock is down 85% from its all-time high.
The Trade Desk generates approximately $20 in revenue for every $100 of advertising spending that flows through its platform.
The Trade Desk has gross margins of 80%, operating margins of 20%, and free cash flow margins of 27%.
A Pentagon Inspector General audit found that TransDigm had markups of over 1,000% on a selection of its defense parts.
The Intrinsic Value Portfolio plans to sell its positions in Copart and TransDigm and increase its Amazon position to 9%.
In the fourth quarter, Reddit's net income margins reached 34%.
Reddit has experienced revenue growth of close to 70%.
Universal Music Group, Sony, and Warner Music Group collectively control the rights to approximately 98% of the top 1,000 global singles each year.