Paywalled niche financial services company with 26% market share, 59% EBITDA margins, and 33% year over year revenue growth.

“All my possessions for a moment of time” - Elizabeth I

I am mostly a generalist investor, and perhaps that’s what makes value so comfortable. In areas outside of my core competence, those businesses had better be cheap enough to give me a margin of ignorance… err margin of safety. But there is an area or two where I can reasonably judge a business, and with my time as a financial advisor for Merrill Lynch, I am reasonably familiar with the wealth management industry. Perhaps that was why I was so bold with Jackson Financial (JXN) and Finance of America Companies (FOA), because they fell into my circle of competence.

Well now I have found a new darling company that fits the niche wealth management market, catering to the Baby Boomers with their $75 trillion in assets. Unlike FOA, this company is not at distressed valuations, but unlike JXN, this company has over 50% EBITDA margins and grew revenues 33% year over year.