13 Comments

Really enjoyed this one!

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Sep 16, 2023·edited Sep 16, 2023Author

Awesome! We've enjoyed all the pieces you've put out as well. Thanks for the encouragement.

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No problem. Keep up the great work! Always a great read to start the weekend

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Sep 16, 2023Liked by Six Bravo

Thank you for this excellent article. I am not familiar with CME but after reading your piece,I plan on checking it out.

Have a great weekend, guys!

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Thanks, PK! Glad you found the piece interesting. It's a pretty incredible company. We hope you enjoy your weekend too.

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Thanks for sharing the latest Berkshire Beat! I really appreciate it!

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Sharing your work is a no-brainer.

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Sep 16, 2023Liked by Six Bravo

Thank you for writing great content. I always look forward to your content as I always learn something new from each one.

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Chetan, thank you! Hearing that our pieces help you learn is so rewarding. 🙏

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Great piece 6B team! Love the inflation hedge embedded in these exchange businesses.

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That hedge is so real. Print more money…more money flows through exchanges…

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Jan 5Liked by Six Bravo

I learned about the exchange business model from Horizon Kinetics / Murray Stahl. Really amazing stuff.

I think HK Exchange & Clearing was probably the best performing. From 10 HKD in 2001 to 500 HKD at its 2021 peak, 22% CAGR is crazy.

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Michael, we agree, exchanges are baller. We hadn't looked at HK E&C before. Thanks for the introduction.

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