How We Published 3 Interviews in 4 Hours

We’ve unlocked an efficient new way to create content. In about four hours, I recorded, transcribed, and published three hour-long interviews:

• Third South Capital: Learn how our founders are building software companies without knowing any programming.

• Founder Spotlight: An interview with the founder of one of our recently acquired companies.

Our process is simple and AI-powered: Google Gemini handles the transcription, an AI agent refines it with pre-set instructions, and we get a polished Google Doc that requires only a few minutes of final review.

I love text-based interviews. Beyond the clear search engine optimization advantages, I find myself wishing there was more written communication on the internet.

While we may offer audio alongside text in the near future, I find the written format incredibly fun to play with, and I hope you do, too.

The new 30 for 30: Decoding Constellation

I've been working on a piece analyzing Constellation Software's remarkable performance:

While some of these points might seem intuitive to seasoned investors, I believe the insights remain valuable. In broad strokes, their success hinges on the following belief:

“The market has perpetually valued vertical market software companies below their intrinsic value, and there are scarce reinvestment opportunities in these companies, so we should develop investor talent to buy as many as we can”.

In contrast, their imitators falter because:

• they acquire low-quality businesses

• accept "above market" valuations

• sell prematurely

• they neglect to cultivate and train their investors.

The full piece is coming soon. If this sparks any thoughts, I'd love to hear them!

Bookshelf Shenanigans

I recently read two highly recommended books: Autopsy of a Merger and Rockefeller's Secret Weapon. My mind is buzzing with thoughts that deserve their own post, but I wanted to share a few takeaways now:

• Some books are fantastic pairings, offering a richer understanding when read together. It's a useful way to approach your reading.

• While some knowledge is fleeting, the media that endures often blends education with entertainment.

• Strategic vertical integration is an enduring edge. It can build an accidental monopoly

• To truly understand Rockefeller's genius, the story of the Union Tank Car Company is surprisingly illuminating, mirroring his own path to success.

• Ultimately, every business challenge is a human challenge.

New Apps, an Offsite, and a New Adventure

This July is shaping up to be a busy one for Third South Capital. We're having an offsite and, on the development front, we're excited to be re-launching an app, and bringing a new major version to another one.

On a personal note, I'll be moving out of Richmond, Virginia. I had my apartment there for two years, but it genuinely felt like only half that time.

I'll miss my friends, the beauty of VMFA, and the view from my Third South office. I have tons of memories here, both excellent and challenging, but it's time to start a new adventure. Carlisle, here I come!