Q: Hi Peter,

Can I get you to compare Chapters Group AG to Pinetree Capital. Both are small cap holding companies. Do you see a lot of similarities between the two and would they be comparable. Both have had good runs.

I appreciate your views.

Thanks

Q: Hi Peter,

A follow up question on Pinetree. With Shezad Okhai (former VP of Constellation Software Volaris group and previous Chief Investment Officer of Pinetree) coming back effective November 1st, do you think it would be a stretch to look at this company as a quasi Constellation Software VC or PE company. Damien Leonard (CEO) involvement, Pinetree has common stock holdings with Strikwerda BV holdings (connection to Topicus CEO - ie. Trubridge) and the type of verticals software investments in the fund, it looks like there is a lot over lap and synergies with CSU. Or is this a bit of a stretch.

Q: Hi Peter

Can I get your view on Pinetree. Can you comment on their recent quarter. Also the stock is trading above book value and has had a great run in 2024. Can you comment of the premium to book. thx