Today's Unqualified Opinion is about why Permanent Equity has never done an average deal...

Someone asked me about Permanent Equity’s average deal the other day, so I pulled the numbers. On average, I reported back, when we make an investment we buy 75% of a company, write a…

Today's Unqualified Opinion is about how the world is more correlated than you think (and what you can do about that)...

Something I first read a long time ago, but that took a while to understand and appreciate was a special feature in the June 2000 Bank for International…

Today's Unqualified Opinion is (since it's in the news) about non-competes...

The thing I miss most about living in the city is skateboarding to work. See, because if you live one mile or so from your office (and not on a gravel driveway in rural Missouri), a skateboard is the…

Today's Unqualified Opinion is about how maybe you're not obsolete...

Emily Holdman texted me the other day and said “Your next Unqualified Opinion should be about how just because you say something doesn’t make it true.” Her beef was with an email we had received from someone…

Today's Unqualified Opinion is about how to think about diversification in a portfolio of small, private businesses...

Diversification can get a bad rap in the investing community as “diworsification,” which is to say that if you are spreading your bets too thin, you’re not…

Today's Unqualified Opinion is about how hair is opportunity...

We have a joke around the office that we’re in the business of shaving hair. This is in recognition of the fact that small- and medium-sized businesses (SMBs) often come with lots of hair on them in many forms. That…

I'm still working on that white paper, so today's Unqualified Opinion is about how much to invest...

When it comes to thinking about how much capital to put behind an individual investment, one universal truth and three considerations apply. The universal truth is that anything…

Today's Unqaulified Opinion is about negotiating for working capital...

One negotiation that can get, shall I say, animated as we complete diligence on a deal and finish drafting the purchase agreement is the question of how much working capital needs to be left on a company’s…

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Learn first-hand from leaders who have solved the very problem keeping you up at night. Meet potential partners and future collaborators. Gain inspiration…

I started working on that portfolio construction white paper, so today's Unqualified Opinion is about knowing what you are trying to accomplish...

It turns out that trying to write an entire white paper at once is a pretty heavy lift. In the spirit of turning one…

Today's Unqualified Opinion is about how to add value at a small business post-close...

One thing that I’ve found to be true of most small business owners is that they are fairly financially conservative. That’s because despite being wealthy, most of their net worth is tied up…

The difference between totality and 94% totality is... significant. We still ate PopRocks and had fun though.
Permanent Equity

We've been on Spring Break, but back Monday. See you then!

It took Morgan Housel 3 years to release a second book. Will be hot off the presses Capital Camp …

Today's Unqualified Opinion is about drinking to add value...

One observation that we made Permanent Equity recently is that when we travel as a team, we have significantly more productive experiences when we share an Airbnb instead of having individual hotel rooms. The reason…

Today's Unqualified Opinion is about much time needs to pass before you can make a judgment...

Something we struggle with over and over again at Permanent Equity is how long to wait and watch before declaring that something is going well or poorly. And then, relative to that,…

Today's Unqualified Opinion is about BS earnings and unconscious reinvestment...

I guess I shouldn’t have been surprised that more than a few people were interested in what Permanent Equity does with its money. After all, it’s one thing to brag about bullshit earnings (shoutout…

Today's Unqualified Opinion is about the 7 reasons to sell your business...

Our founder and CEO Brent Beshore is getting set to update his 2018 book The Messy Marketplace later this year. Perhaps exciting news on its own, the point here is that in advance of that, we’ve all been…

Today's Unqualified Opinion is about having hard conversations...

One of the things that’s true about our line of work is that we have a lot of stakeholders. As a result, we have a lot of hard conversations. That’s because stakeholders are people and people, as Brent Beshore…

Today's Unqualified Opinion is about how to build a portfolio...

Our CEO Brent Beshore and I were talking the other day, as we regularly do, about investing. And more specifically about portfolio construction as in “what type of opportunity might we want to invest in next.”…