Serial Acquirer ROIC, Fiserv Debacle and Management Credibility, Wise and Stablecoins

The podcast features a post-Thanksgiving discussion between two speakers, focusing on serial acquirers and their return on invested capital (ROIC). They delve into the challenges of accurately calculating ROIC for these companies, particularly regarding amortization and impairments, using Constellation Software as a case study. The conversation shifts to management credibility, using Fiserv and other companies as examples of how some leaders may obfuscate information. Finally, they discuss Wise and the potential impact of stablecoins and central bank digital currencies on its business model, considering the complexities of cross-border payments and the inertia of existing systems. The speakers announce a hiatus for the month of December, with plans to return in January to discuss Big Tech earnings and AI developments.