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https://substackcdn.com/image/fetch/w_1272,c_limit,f_auto,q_auto:best,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9d41055a-4a27-488d-b95e-e46c5917feaf_600x600.png 1272w, https://substackcdn.com/image/fetch/w_1360,c_limit,f_auto,q_auto:best,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9d41055a-4a27-488d-b95e-e46c5917feaf_600x600.png 1360w" width="1360" loading="eager" style="height:min(35vh, 680px);" class="_img_16u6n_1 publication-cover-photo pencraft pc-reset"/></picture><h1 class="publication-name with-cover _balancedText_1o1mi_257">Invariant</h1><p class="publication-tagline with-cover verbose with-cover _balancedText_1o1mi_257">Valuation. Business analysis. Investing. Finance meets curiosity, creativity, and skepticism. </p><div class="publication-meta"><div class="pencraft pc-display-flex pc-gap-4 pc-reset pc-display-inline-flex">By Devin LaSarre</div> · Over 6,000 subscribers</div><div style="width:100%;" class="pencraft pc-display-flex pc-justifyContent-center pc-reset"><div style="width:100%;max-width:380px;" class="pencraft pc-display-flex pc-flexDirection-column pc-gap-4 pc-reset"><div class="_container_11q5m_1"><form action="/api/v1/free?nojs=true" method="post" novalidate class="form _form_11q5m_6"><input type="hidden" name="first_url" value/><input type="hidden" name="first_referrer" value/><input type="hidden" name="current_url"/><input type="hidden" name="current_referrer"/><input type="hidden" name="referral_code"/><input type="hidden" name="source" value="cover_page"/><input type="hidden" name="referring_pub_id"/><input type="hidden" name="additional_referring_pub_ids"/><div class="_sideBySideWrap_11q5m_10"><div class="_emailInputWrapper_11q5m_57"><input type="email" name="email" placeholder="Type your email..." class="pencraft _emailInput_11q5m_23 _emailInputOnWelcomePage_11q5m_44"/></div><button tabindex="0" type="submit" class="button rightButton primary subscribe-btn _button_11q5m_76"><span class="button-text ">Subscribe</span></button></div><div id="error-container"></div></form></div></div></div><a class="no-styles"><button tabindex="0" type="button" data-testid="maybeLater" class="pencraft pc-reset pencraft _maybeLater_1o1mi_28 _buttonBase_1wc5i_1 _button_1wc5i_1 _buttonOld_1wc5i_51 _buttonOldColors_1wc5i_70 _priority_secondary-theme_1wc5i_280 _size_md_1wc5i_155 _fill_empty_1wc5i_370 pc-justifyContent-center">Let me read it first<svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.8" stroke="#000" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M7.5 15L12.5 10L7.5 5" stroke-width="1.5" stroke-linecap="round" stroke-linejoin="round"></path></g></svg></button></a><div class="blurb-buffer"></div><div class="pencraft pc-display-flex pc-gap-20 pc-reset blurbs"><div class="pencraft pc-display-flex pc-flexDirection-column pc-gap-8 pc-reset blurb"><div class="pencraft pc-reset _line-height-20_h3mln_80 _font-text_h3mln_106 _size-13_h3mln_39 _weight-regular_h3mln_142 _reset_h3mln_1 blurb-text"><div style="position:relative;"><div>“Devin is both a natural storyteller and looks at the world in a unique, thoughtful way. Invariant will fast become a favorite in your inbox.”</div><div style="visibility:hidden;position:absolute;width:100%;"></div></div></div><div class="pencraft pc-reset _line-height-20_h3mln_80 _font-text_h3mln_106 _size-13_h3mln_39 _weight-semibold_h3mln_148 _reset_h3mln_1 blurb-text">Adam Singer, <a href="https://www.hottakes.space">Hot Takes</a></div></div><div class="pencraft pc-display-flex pc-flexDirection-column pc-gap-8 pc-reset blurb"><div class="pencraft pc-reset _line-height-20_h3mln_80 _font-text_h3mln_106 _size-13_h3mln_39 _weight-regular_h3mln_142 _reset_h3mln_1 blurb-text"><div style="position:relative;"><div>“Not your typical financial newsletter. Devin's curiosity bleeds through writing style, structure and content-matter of Invariant. I am never quite sure what I will receive in my inbox, but it's always high quality and off the beaten track, and that's why I enjoy it. ”</div><div style="visibility:hidden;position:absolute;width:100%;"></div></div></div><div class="pencraft pc-reset _line-height-20_h3mln_80 _font-text_h3mln_106 _size-13_h3mln_39 _weight-semibold_h3mln_148 _reset_h3mln_1 blurb-text">Conor Mac, <a href="https://www.investmenttalk.co">Investment Talk</a></div></div><div class="pencraft pc-display-flex pc-flexDirection-column pc-gap-8 pc-reset blurb"><div class="pencraft pc-reset _line-height-20_h3mln_80 _font-text_h3mln_106 _size-13_h3mln_39 _weight-regular_h3mln_142 _reset_h3mln_1 blurb-text"><div style="position:relative;"><div>“Excellent deep dives, deeply researched and accompanied by relevant data. Also great to see someone dig back in to some older industry stalwarts. ”</div><div style="visibility:hidden;position:absolute;width:100%;"></div></div></div><div class="pencraft pc-reset _line-height-20_h3mln_80 _font-text_h3mln_106 _size-13_h3mln_39 _weight-semibold_h3mln_148 _reset_h3mln_1 blurb-text">Hunter, <a href="https://www.lewisenterprises.blog">Lewis Enterprises</a></div></div></div></div><div class="pencraft pc-reset _color-pub-tertiary-text_h3mln_196 _line-height-20_h3mln_80 _font-text_h3mln_106 _size-14_h3mln_43 _weight-regular_h3mln_142 _reset_h3mln_1 tos">By registering you agree to <span translated class="pencraft pc-reset _reset_h3mln_1">Substack's <a href="https://substack.com/tos" target="_blank" rel="noopener noreferrer">Terms of Service</a></span><span translated class="pencraft pc-reset _reset_h3mln_1">, our <a href="https://substack.com/privacy" target="_blank" rel="noopener noreferrer">Privacy Policy</a></span><span translated class="pencraft pc-reset _reset_h3mln_1">, and our <a href="https://substack.com/ccpa#personal-data-collected" target="_blank" rel="noopener noreferrer">Information Collection Notice</a></span></div></div></div></div></div> </div> <script src="https://js.sentry-cdn.com/6c2ff3e3828e4017b7faf7b63e24cdf8.min.js" crossorigin="anonymous"></script> <script> window.Sentry && window.Sentry.onLoad(function() { window.Sentry.init({ environment: window._preloads.sentry_environment, dsn: window._preloads.sentry_dsn, }) }) </script> <script>window._preloads = JSON.parse("{\"isEU\":false,\"language\":\"en\",\"country\":\"SG\",\"base_url\":\"https://invariant.substack.com\",\"stripe_publishable_key\":\"pk_live_vNnuGHOFnt4mM7V9PuCAAPJz\",\"captcha_site_key\":\"6LdYbsYZAAAAAIFIRh8X_16GoFRLIReh-e-q6qSa\",\"pub\":{\"apple_pay_disabled\":false,\"apex_domain\":null,\"author_id\":90856422,\"byline_images_enabled\":true,\"bylines_enabled\":true,\"chartable_token\":null,\"community_enabled\":true,\"copyright\":\"Devin LaSarre\",\"cover_photo_url\":\"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/9d41055a-4a27-488d-b95e-e46c5917feaf_600x600.png\",\"created_at\":\"2022-05-09T15:49:11.236Z\",\"custom_domain_optional\":false,\"custom_domain\":null,\"custom_publication_theme_id\":null,\"default_comment_sort\":\"best_first\",\"default_coupon\":null,\"default_group_coupon\":\"fbbecc5c\",\"default_show_guest_bios\":true,\"email_banner_url\":null,\"email_from_name\":\"Invariant\",\"email_from\":null,\"embed_tracking_disabled\":false,\"explicit\":false,\"expose_paywall_content_to_search_engines\":true,\"fb_pixel_id\":null,\"fb_site_verification_token\":null,\"flagged_as_spam\":false,\"founding_subscription_benefits\":[\"Be recognized for being an early supporter\"],\"free_subscription_benefits\":[\"Occasional public posts\"],\"ga_pixel_id\":null,\"google_site_verification_token\":\"AoQgTbeqIcYoA4MXmcx2t_1X29kKqKsgzrExiLrxCL0\",\"google_tag_manager_token\":\"\",\"hero_image\":null,\"hero_text\":\"Valuation. 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