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1360w" width="1360" loading="eager" style="height:min(35vh, 680px);" class="img-OACg1c publication-cover-photo pencraft pc-reset"/></picture><h1 class="publication-name with-cover balancedText-oQ__Kv">Invariant</h1><p class="publication-tagline with-cover verbose with-cover balancedText-oQ__Kv">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 class="pencraft pc-display-flex pc-alignItems-center pc-reset"><svg role="img" style="height:16px;width:16px;" width="16" height="16" viewBox="0 0 40 40" fill="none" stroke-width="1.8" stroke="#000" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M17.8212 2.19198C19.5364 1.48152 21.4636 1.48152 23.1788 2.19198L31.198 5.51364C32.9132 6.2241 34.2759 7.58682 34.9864 9.30201L38.308 17.3212C39.0185 19.0364 39.0185 20.9636 38.308 22.6788L34.9864 30.698C34.2759 32.4132 32.9132 33.7759 31.198 34.4864L23.1788 37.808C21.4636 38.5185 19.5364 38.5185 17.8212 37.808L9.80201 34.4864C8.08682 33.7759 6.7241 32.4132 6.01364 30.698L2.69198 22.6788C1.98152 20.9636 1.98152 19.0364 2.69198 17.3212L6.01364 9.30201C6.7241 7.58682 8.08682 6.2241 9.80202 5.51364L17.8212 2.19198Z" stroke="#FF6719" stroke-width="4" fill="transparent"></path><path d="M27.1666 15L17.9999 24.1667L13.8333 20" stroke="#FF6719" stroke-width="4" stroke-linecap="round" stroke-linejoin="round"></path></g></svg></div></div> · Over 7,000 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-IpPqBD"><form action="/api/v1/free?nojs=true" method="post" novalidate class="form form-M5sC90"><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="first_session_url" value/><input type="hidden" name="first_session_referrer" value/><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-vGXrwP"><div class="emailInputWrapper-QlA86j"><input type="email" name="email" placeholder="Type your email..." class="pencraft emailInput-OkIMeB emailInputOnWelcomePage-nqc9VK"/></div><button tabindex="0" type="submit" class="button rightButton primary subscribe-btn button-VFSdkv"><span class="button-text ">Subscribe</span></button></div><div id="error-container"></div></form></div><div translated class="pencraft pc-paddingLeft-0 pc-mobile-paddingLeft-16 pc-paddingRight-0 pc-mobile-paddingRight-16 pc-paddingTop-16 pc-reset line-height-20-t4M0El font-text-qe4AeH size-13-hZTUKr weight-regular-mUq6Gb reset-IxiVJZ tosText-yAQHNw">By subscribing, I agree to Substack’s <a href="https://substack.com/tos" target="_blank" rel="noopener noreferrer" class="tosLink-n6HoHl">Terms of Use</a> and acknowledge its <a href="https://substack.com/ccpa#personal-data-collected" target="_blank" rel="noopener noreferrer" class="tosLink-n6HoHl">Information Collection Notice</a> and <a href="https://substack.com/privacy" target="_blank" rel="noopener noreferrer" class="tosLink-n6HoHl">Privacy Policy</a></div></div></div><a class="no-styles"><button tabindex="0" type="button" data-testid="maybeLater" class="pencraft pc-reset pencraft maybeLater-PlK9NK buttonBase-GK1x3M button-iUdbkg buttonNew-KfJF0Q button2-bH8fBu priority_quaternary-kpMibu size_md-gCDS3o">Let me read it first<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-chevron-right"><path d="m9 18 6-6-6-6"></path></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-t4M0El font-text-qe4AeH size-13-hZTUKr weight-regular-mUq6Gb reset-IxiVJZ blurb-text blurbText-isJ4mY"><div style="position:relative;"><div>“If you're into investing, Devin goes deep on various industries and looks at what's really going on. He provides very different kinds of insights than you'd get in trad media.”</div><div style="visibility:hidden;position:absolute;width:100%;"></div></div></div><div class="pencraft pc-reset line-height-20-t4M0El font-text-qe4AeH size-13-hZTUKr weight-semibold-uqA4FV reset-IxiVJZ blurb-text blurbText-isJ4mY">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-t4M0El font-text-qe4AeH size-13-hZTUKr weight-regular-mUq6Gb reset-IxiVJZ blurb-text blurbText-isJ4mY"><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-t4M0El font-text-qe4AeH size-13-hZTUKr weight-semibold-uqA4FV reset-IxiVJZ blurb-text blurbText-isJ4mY">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-t4M0El font-text-qe4AeH size-13-hZTUKr weight-regular-mUq6Gb reset-IxiVJZ blurb-text blurbText-isJ4mY"><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-t4M0El font-text-qe4AeH size-13-hZTUKr weight-semibold-uqA4FV reset-IxiVJZ blurb-text blurbText-isJ4mY">Hunter, <a href="https://www.lewisenterprises.blog">Lewis Enterprises</a></div></div></div></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_51QfnARLDSWi1i85FBpvw6YxfQHljOpWXw8IKi5qFWEzvW8HvoD8cqTulR9UWguYbYweLvA16P7LN6WZsGdZKrNkE00uGbFaOE3\",\"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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