Good to note you are back. Interested in your updated thoughts on SEQ (which I have exited because of the internal friction) and PFG. Simon Madders answer to my questions (last week) were that they will meet FY24 guidance - but I am sure the statutory results will not be flash because of acquisition costs and bedding down costs.
I have been talking about them in the letters on the squarespace site since leaving here but just for reference here are some links with recent discussion on SEQ
Tristan, would be very interested in your views on SEQ fy23 results and more importantly, its future, given the Diverger/Count hook up & SEQ’s pile of cash post FY23. Does SEQ have the best biz model for this industry? That is acquiring employees by buying practices where the principals are ready to retire v acquiring part interests in practices.
I have discussed the SEQ results in August and will be discussing the Diverger/count merger in the Hurdle Rate Unit Trust Master Doc. I did discuss the prospects for these mergers in the June part of that document as well. Going forward this document is updated monthly, and i will push out an email reminder to substack subscribers that it is updated.
Good to note you are back. Interested in your updated thoughts on SEQ (which I have exited because of the internal friction) and PFG. Simon Madders answer to my questions (last week) were that they will meet FY24 guidance - but I am sure the statutory results will not be flash because of acquisition costs and bedding down costs.
Hi,
I have been talking about them in the letters on the squarespace site since leaving here but just for reference here are some links with recent discussion on SEQ
April - https://hurdlerate.substack.com/p/hurdle-rate-april-2024-letter-to
May - https://hurdlerate.substack.com/p/hurdle-rate-may-2024-letter-to-unitholders
PFG I will be discussing in this months letter including the EPM acquisition as well. I was on the call last week and asked a ton of questions.
Tristan, would be very interested in your views on SEQ fy23 results and more importantly, its future, given the Diverger/Count hook up & SEQ’s pile of cash post FY23. Does SEQ have the best biz model for this industry? That is acquiring employees by buying practices where the principals are ready to retire v acquiring part interests in practices.
Hi Damien,
I have discussed the SEQ results in August and will be discussing the Diverger/count merger in the Hurdle Rate Unit Trust Master Doc. I did discuss the prospects for these mergers in the June part of that document as well. Going forward this document is updated monthly, and i will push out an email reminder to substack subscribers that it is updated.
https://hurdlerate.substack.com/p/hurdle-rate-unit-trust-master-document