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Show Notes

[00:03:21] - [First question] - The fall of communism in the 1990s and how it shaped the business landscape of Poland today

[00:05:43] - Dino’s unique and differentiating characteristics as a grocery store

[00:08:55] - The current market landscape of superstores, proximity, and mom and pop grocers in Poland

[00:12:36] - The size and scale of Dino as a business today

[00:14:01] - Key players and main events in Dino’s history

[00:20:03] - Where Dino’s margins fall relative to their competitors

[00:22:47] - Their relationship to the construction side of their business

[00:26:34] - The payback period of a new Dino store and how long until they reach maturity

[00:29:09] - Owned land and other factors in their real estate strategy

[00:31:10] - How much of their accessible market opportunity has been seized and their potential growth rate over the coming years

[00:34:20] - What their growth rate would have to be to ensure they reach their projected scale

[00:36:23] - How he values grocers as an investor in both Poland and the US

[00:38:12] - Cyclicality in revenue streams and what impacts them

[00:40:26] - Ways Dino finances their growth and if any capital has been given back to shareholders in dividends

[00:42:13] - Potential risks and threats to their business

[00:45:10] - How he grew and built conviction with risks in an emerging market

[00:47:48] - The main lessons he’s learned from studying Dino Polska