Bireme Capital investor letter ( link ) Disney Japan Webbeds spinoff ( link ) Pacer UCITS etf ( link ) Viva Energy ( link ) 2022 and 2023 avg. FCF/EV ~= 7% 2022 and 2023 avg. FCF/EV with capital lease ~= 4.9% 5 year avg. FCF/EV with capital lease ~= 3.5% FCF growth rate ~= 30% shareholders Vitol 29.88% (rank # 1) CEO 0.42% (rank # 12, but he is NOT really skin in the game IMO) Long term incentive indicators total shareholder return (45%) - interest aligned cumulative FCF (20%) - interest aligned ROCE (20%) - interest aligned Strategic (15%) Swatch group ( link ) USS ( link ) Coatue presentation ( link )