Luca Ferrari

10 years go by and you look back and you're like, oh, wow, I remember we were making half a million a year.

Now we're making a billion.

It's always been the same things on a high level.

And that would be, so far, we've always focused on digital technology.

We haven't bought supermarket chains, nor do we plan to.

I feel you want to stay reasonably within your circle of competence.

Ideally, here and there, you want to take a step outside of it.

You need to keep pushing the boundaries because that will keep your TAM expanding as you expand within the TAM.

But I don't think it would be wise, especially as long as the model works well, it's efficient to take massive leaps outside of the circle of competence just because.

So digital technology, scale.

Scale is relative, but because our approach is so hands-on,

So time consuming.

I mentioned we can, sometimes we radically rethink a business or at least several components of it.

We will do maybe five acquisitions a year, could be one, could be 10 max, if it's really a stretch.

And each, some more than others, will really go super deep and rethink the details.

The time investment and the effort does not scale linearly with revenue.

So for us to do

An acquisition that will bring in half a billion in revenue is not five times as time consuming as one that will bring 100 million.

Maybe it's on average a little bit more time consuming because it tends to be more complicated, but nowhere near linearly.

And so we want to do fewer acquisitions, but bigger.