The Bodnar Letter
Notes on buying, building, and holding businesses for the long term — and the judgment calls that don't show up in a spreadsheet.
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Half of all acquisitions destroy value. Here's the underwriting that never did.
The counterweight to all that autonomy is sunlight.
Autonomy without ownership is abandonment. Ownership without autonomy is a slogan.
A blank-sheet exercise that shows where the roster drifted.
You can't fix the market. You can work the levers.
The difference shows up the moment things get hard.
Your gut already knows who your A players are. Here's how to ask it.
We obsess over how high the bar is. The thing that actually holds it up gets ignored.
