『The Holding Company with Fexingo: Multi-Business Owners, Portfolio Companies, and Diversified Operators』のカバーアート

The Holding Company with Fexingo: Multi-Business Owners, Portfolio Companies, and Diversified Operators

The Holding Company with Fexingo: Multi-Business Owners, Portfolio Companies, and Diversified Operators

著者： Fexingo
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Lucas and Luna sit down in the strategy room to examine how operators, not just investors, build and manage multi-business portfolios. This show is for the CEO with three companies, the private-equity partner looking at permanent capital vehicles, and the family-office executive diversifying operating assets. Each episode focuses on a specific portfolio architecture: holding-company structures, platform acquisitions, roll-up strategies, and the governance that makes them work. Lucas brings the journalistic rigor, citing real public filings and case studies—Berkshire Hathaway's capital allocation, Constellation Software's decentralized model, and newer entrants like The Chernin Group. Luna challenges with the operational reality: how do you align incentives across unrelated businesses? When does diversification become dilution? They walk through actual portfolio maps, discussing why Danaher divests certain units while adding others, and how Exor balances industrial holdings with luxury brands. No hypotheticals. Every claim is anchored in a named company and a specific number. Listeners will leave with a framework for evaluating whether their own portfolio—or the one they aspire to build—has genuine competitive advantage or is just a collection of assets. The central tension: can a holding company create value that the individual businesses could not achieve alone? #HoldingCompany #PortfolioManagement #MultiBusinessOwners #BerkshireHathaway #ConstellationSoftware #Danaher #Exor #CapitalAllocation #RollUpStrategy #PlatformAcquisition #DecentralizedManagement #FamilyOffice #PrivateEquity #OperatingPortfolio #Business #FexingoBusiness #BusinessPodcast #Careers Keep every episode free: buymeacoffee.com/fexingo© 2026 Fexingo. All rights reserved. 経済学
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  • How Holding Companies Use Treasury Stock to Manage Valuation

    How Holding Companies Use Treasury Stock to Manage Valuation
    2026/06/05
    Episode 33 of The Holding Company with Fexingo dives into treasury stock—the shares a holding company repurchases but does not cancel. Lucas and Luna examine how Berkshire Hathaway has accumulated over $140 billion in treasury stock since 2020, and why that matters for book value per share and earnings per share. They compare Berkshire's approach to Alphabet's $70 billion buyback program, where Alphabet retires shares, and discuss the strategic trade-offs: treasury stock gives a holding company a reservoir of shares for acquisitions, employee compensation, or future reissuance at higher prices. The episode also covers the accounting mechanics—why treasury stock reduces shareholders' equity on the balance sheet—and the tax implications for investors. Listeners learn why Warren Buffett treats treasury stock as a capital allocation tool, not just a way to boost EPS, and why holding companies in Japan and Europe use treasury stock differently from their US counterparts. A concrete case: how Berkshire used treasury stock to fund the Alleghany acquisition without issuing new common shares. #TreasuryStock #BerkshireHathaway #ShareBuybacks #CapitalAllocation #WarrenBuffett #Alphabet #ShareholdersEquity #BookValuePerShare #EarningsPerShare #AlleghanyAcquisition #HoldingCompany #CorporateFinance #BalanceSheet #TaxStrategy #JapaneseHoldingCompanies #EuropeanHoldingCompanies #FexingoBusiness #BusinessPodcast Keep every episode free: buymeacoffee.com/fexingo
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    9 分
  • How Holding Companies Use Employee Ownership to Retain Talent

    How Holding Companies Use Employee Ownership to Retain Talent
    2026/06/05
    In this episode of The Holding Company with Fexingo, Lucas and Luna explore how multi-business owners use employee stock ownership plans (ESOPs) as a retention and culture tool. They dive into the case of Publix Super Markets, an employee-owned company with over 250,000 associates and a market cap exceeding $50 billion, examining how ownership stakes create alignment and reduce turnover. The hosts also discuss the structural challenges — including valuation complexity and liquidity constraints — and compare ESOPs to phantom stock and direct equity grants. Finally, they touch on how listener support via buy me a coffee dot com slash fexingo keeps the show ad-free and independent. #HoldingCompany #ESOP #EmployeeOwnership #Publix #RetentionStrategy #CultureBuilding #PrivateCompany #BusinessPodcast #FexingoBusiness #CapitalAllocation #OwnershipStructure #TalentManagement #LongTermIncentives #PhantomStock #LiquidityEvent #BusinessStrategy #MultiBusinessOwner #ValueCreation Keep every episode free: buymeacoffee.com/fexingo
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    10 分
  • How Holding Companies Use Cryptocurrency as a Strategic Asset

    How Holding Companies Use Cryptocurrency as a Strategic Asset
    2026/06/04
    Episode 31 of The Holding Company digs into a surprising trend: a handful of diversified holding companies are allocating balance sheet cash to cryptocurrency, not as a speculative bet but as a strategic treasury reserve. Lucas breaks down how MicroStrategy rewrote the playbook under Michael Saylor, converting a legacy software firm into a bitcoin-backed holding company. Luna questions whether this model works for multi-business operators who need liquidity for acquisitions and operating expenses. The hosts explore the mechanics — how bitcoin-backed loans work, why some holding company CEOs see crypto as a hedge against fiat debasement, and the regulatory risks that keep most diversified operators on the sidelines. Specific examples include MicroStrategy's debt-to-bitcoin conversion, the tax implications of using crypto as acquisition currency, and the early warning signs from 2022's crypto winter that reshaped boardroom attitudes. A grounded, no-hype look at digital assets inside a real holding company structure. #HoldingCompanies #CryptoAsTreasury #MicroStrategy #MichaelSaylor #Bitcoin #CorporateFinance #BalanceSheetStrategy #DigitalAssets #PortfolioCompanies #TreasuryManagement #DiversifiedOperators #Business #Finance #CryptoWinter #BitcoinBackedLoans #FexingoBusiness #BusinessPodcast #TheHoldingCompany Keep every episode free: buymeacoffee.com/fexingo
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    8 分
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