In short: One of the "Swedish serial acquirers" — "these companies like Lifco and Lagercrantz and Addtech… names I didn't hear about and knew nothing about when I wrote 100 Baggers" — that "have proven to grow very well by acquisition." (Name reconstructed from an auto-transcript garble.)
Lagercrantz is a second Swedish serial acquirer — a decentralised group of small technology and niche-product businesses, grown by a steady drip of tiny acquisitions rather than big deals. Mayer names it in the trio (with Lifco and Addtech) he "knew nothing about" when he wrote 100 Baggers, and which he now points to as proof that acquisition-led growth can be done well and repeatedly.
The interest is in the model, not the price: many small deals, each cheap relative to the buyer's own valuation, in businesses the group then leaves alone. That is the opposite of the leveraged, splashy, one-big-deal pattern the M&A failure literature is built on.
10:56And then personal experience. I've learned about a group of companies with people called Swedish serial acquirers, these companies like Lifco and Lagercrantz and Addtech, and these names I didn't hear about and knew nothing about when I wrote 100 Baggers. And those are companies that have proven to grow very well by acquisition, including something like Constellation Software, which again is something when 100 Baggers came out, maybe I was vaguely aware of, but otherwise didn't really know or appreciate. So those
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