Family Holdings
Family Holdings #4 – Swedish solidity and the Belgian stars
Chapters Group
All articles on Chapters Group from Tresor Capital News.
Family Holdings
Family Holdings #3 – Distribution and infrastructure determine the AI battle at Alphabet and Brookfield
Deep Dives
Deep Dive – Boring software is exactly what's worth its weight in gold: our tips for 2026
In a world where AI is becoming ever more widely available, the structural qualities of vertical software companies are coming into sharper focus. In this article, we explain why.
Family Holdings
Family Holdings #44 - Alphabet's 'small' investments are turning big
Also in this edition: Brown & Brown and Markel report results; Scottish Mortgage on AI; and Brookfield bets on the nuclear energy renaissance.
Family Holdings
Family Holdings #43 – Record results at MBB leave us wanting more
Also in this issue: Swedish serial acquirers show how it's done; Chapters CEO Jan Mohr on the 'Shotgun' and 'Rifle' AI approach.
Family Holdings
Family Holdings #41 - Family holding companies go all in on artificial intelligence
This week was dominated by acquisitions and AI growth. Major holding companies and tech firms expanded their operations through strategic acquisitions, while Alphabet and others invested heavily in AI innovation and data centre expansion.
Family Holdings
Family Holdings #38 - The impact of AI on VMS companies, part 2
This week's topics: Does AI pose a threat to established niche software companies? We think not; their true strength lies not in technology, but in deep market knowledge and the high switching costs for their customers. This is confirmed by the CEO of Chapters Group, who emphasises that
Family Holdings
Family Holdings #36 - Why Alphabet is winning the AI race and MBB is a bargain
This week's topics: Alphabet suffered a setback this week with a multi-billion EU fine for abusing its advertising technology, but at the same time secured a crucial victory in a US lawsuit, in which it was decided that the company does not need to be broken up.
Family Holdings
Family Holdings #35 - Exceptional leadership and MBB's strength in energy & cybersecurity
This week's topics: The quality of management is a crucial but difficult-to-measure factor for long-term value creation, which can be assessed through indirect signals such as communication and capital allocation. The openness of Ryan Rockafellow (TerraVest) and the no-nonsense approach of Tom Gayner (Markel)
Deep Dives
Deep Dive – Software and AI: opportunity or threat?
The rise of artificial intelligence (AI) dominates conversations in boardrooms and on investor forums. The technological progress is undeniable, and the potential impact on various sectors is immense. For investors in the software sector, and particularly in vertical market software (VMS), this raises a crucial question: does AI pose an
Family Holdings
Family Holdings #32 – Major acquisitions, insider buying and AI investments
This week's topics: Alphabet's potential investment in critical AI infrastructure company Vast Data is a direct example of its broader 'moonshot' strategy, aimed at funding the fundamental building blocks of future technology. Prosus is reallocating capital by selling its stake in competitor Meituan in
Deep Dives
Deep Dive – Chapters Group: more than just a German Constellation Software
Earlier this month we travelled to Hamburg for the annual Capital Markets Day and shareholders' meeting of Chapters Group (Frankfurt: CHG). At Tresor Capital, we attach the greatest importance to following the companies in our portfolio closely. We can tell you with conviction that this day did not merely