Heico is highlighted for its success in completing over 100 acquisitions, exemplifying programmatic growth through smaller deals.
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What Has Changed Since Writing '100 Baggers'?
Sep 16, 2026
The creator discusses what has and hasn't changed since writing '100 Baggers,' highlighting the enduring importance of holding high-return-on-capital businesses and the quality of leadership. A significant shift noted is a more favorable view on growth by acquisition, supported by research and examples like Swedish serial acquirers (Lifco, Lagercrantz, Addtech) and Constellation Software, contrasting with the traditional view of M&A underperformance.
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Roper Technologies is mentioned as an example of a company that has grown sustainably with good returns through programmatic smaller acquisitions.
Watsco is mentioned as an example of a company that has grown sustainably with good returns through programmatic smaller acquisitions.
Charles Schwab is used as an example of a company whose success is tied to its founder's story.
Apple is mentioned as a company whose success is linked to its founder's story (Steve Jobs).
Walmart is cited as an example of a company where the founder's story (Sam Walton) is well-known and contributed to its success.
News Corp is highlighted for its significant market cap growth (80x) over 30 years, attributed to entrepreneurial leadership, contrasting with The New York Times.
The New York Times is mentioned as an example of a company that had stagnant market cap growth over 30 years, contrasting with News Corp.
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