Shift4 是一家估值便宜、垂直整合能力强且管理层优秀的公司，支付板块近期的暴跌拖累了其股价。

With Shift4 Talking. Its ticker is Four (FOUR). I Actually his Q2 ( Q2) The letter is added. Because value Investor Many friends For years I About Shift 4 They are saying.

Me too in the last few days Shift 4 for years- Keep an eye on it. I left it. Her In Q2 letter Shift 4 About 25 Page one Masterpiece There is work, Where it is Background , including valuation There is a lot of information.

Very Interesting and Nice one Company, Great. Arrangement.

I mean, look, Your Choose as you like. Take it. This is a Cheap Company. In this Share Buyback There is. Management Something about There are also questions, Because they Their Target Withdrawal Done.

They are something like that. Acquisition Did that, this Podcasts Preparation Time for someone I heard it said, Some of them The acquisition was On their own feet To kill with an axe Like.

However, Acquisition In case Their history Pretty good.

Cheap Company, Allocation, Payment Sector destruction It's done, like this.

Andrew, today We are that The company Let's talk about That is the shift. Four (Shift4). Of The ticker is four, For you. This The company I you To explain Dev, but this A lot of value Investors Attracted And yours Second Marginal In the letter that The description was, The best I've ever seen. Analysis That's it.

What is shift four? Why are they so Interesting? But those who Not familiar, For them I'm talking about shift four. is a Vertically Integrated Payment Processor.

and Specifically, Some of them Strong sector There is, one of which It is Restaurant, Where In the United States Right after the toast They are second. The largest Restaurant POS Service Provider.

Because of toast Like one of them No original product, Shift Four is basically Various One of the things Strange Combination, R I think this is it. Such a thing Which is all of them Repeatedly in the field We'll see.

I think, With Shift4 So much controversy and Discussion two This is the direction to be in. One reason, however. They are one. Vertically Integrated Payment Processor.

Several of them Very Strong Vertical Or there is a sector. The restaurant is One. Hotel Here is another one, Where they Software and Other Technology United States 40% to hotels Serves.

Stadium and Event venue Here is another one, Where they are 75% Professional Sports Venue Payment Processor Works as . Um, and Recently, Luxurious Retail business One of them Vertical There is, which A bit strange It may seem And why are they doing this? Entry into the sector We did it.

To discuss I can. However, Global Payments or Fiserv or Adyen Big payments like Processors Shift 4 in comparison A little different; 250 billion Payment Volume Compared to them Very small and Specific In some sectors Their depth Attendance Yes, we are.

Hey guys, shift 4. And we Valuation, all Vertical And whatever you want. With that We will discuss. And I again The letter to everyone Reading suggestions Dev. Their Long history There is, when Founder and CEO Kishore This business at this age Started, So you them History, all Vertical And everything.

You will find there, But we do. I will talk about it.

Payment sector In general Value Investors Attention Was in the center And the last year For a long time Investor For this to be Value Investors At the cemetery It has become. And this is just Investors Not for that.

I Its Preparation I was taking; CFO is one Week ago Goldman At the conference was and At the very end He was saying, " Our capital Allocation or Our Share price In our opinion A gift."

But then He also Details Says that, " Repetitive Income and customers To hold To have the ability Despite Overall Payment sector "It's collapsed." So , I High level To start with I want.

Payment The shaft has collapsed, Shift 4 also collapsed. It has fallen.

Your Thesis Key Shift 4 For Specific, Or shift 4? Through you Overall Payment sector Are you betting on? I understand that this Both a little, However, payment Sector collapse Because of reading How much impact has fallen and one Value Investor What are you as? Shiftfork A unique As an opportunity See?

Yes. This A great one Question. I I think ShiftFore Overall for Payment The system collapsed. That was the reading.

The reasons One, which results in 18 months ago that Share price It was 120, now it is One of his- In thirds It has come down. So if I A little behind Looking back, Because they As it says, so No?

Price Sentiment As much as affected Do it, nothing else. It can't.

and Of course it is. The opposite too. True. However In 2026 It stands today. It's easy to say, "Oh, The payment section "Very disgusting." But very It hasn't been long. When you are behind You will see, This Companies Maybe everyone Was not beloved, But their The price is fair.

It was okay and About them Expectations too It was quite high.

I think Industry- Specific Something Situation Because of the whole Payment sector One above Negative It has had an impact.

Fiserv Disaster and Transparency and Reporting Regarding About some things The debates that It happened, although Everything In public They didn't come. Influence on it It's gone. and I think Especially ShiftFore For, it is any For one reason, the whole Payment sector Influence on It's gone.

I ShiftFore The matter Than others I understand more, But first Since Damaged Payment sector On this Software Sector recession The effect is complete. The sector is further Lower down Gave.

This Really Confusing Because of me In sight, if We are something like that. Let's talk where Many Software There is, this Integrated Payment See the idea. . ShiftFore In this case Complete Software- Based Payment volume .

Old-fashioned Payment Processors In this case Not true.

However In my opinion, the go-to- Market Software As a Integrated Payment Processor It is the most Strong and Easy to understand The locations One.

So mine It seems that The instabilities Now a lot It has decreased. However, Of my interest Speaking of, I think this is it. Their Specific Vertical Or sector Details With more Related, and Of course we are.

Let's talk about, Full of business If history You are behind. Looking back, however Today's To get into position This group before Work skills To really see Like.

Isaacman's Mention I did, who is now Probably NASA- Head of Work as Doing. Maybe Name of the position Not exactly this, But he is from NASA. Chief's On duty There is. He/She NASA in 2025- To be the head of For companies Leave.

And his team. Basically the responsibility Accepts, so No? Like his Brother, who is mine With the idea of Founder, Now CEO and Chairperson As is; That is, his team. The responsibility Took.

So, the team is the same. Yes, but that Dreamer At the age of 16 The company Started And it's a few Billions of dollars In the company Mature Did. He is not here now.

And I just I just want to say this. That, since it is Such a The company which In your letter There are details, It is different. Acquisition Averaged through They got up and In 2025 Their All time The largest Acquisition Probably Global Blue Completed .

And, you know, It's okay to think. That man is this. Company average Took it, that Founder Practically Company Half owner Was, still He is almost one- Third Ownership Possessor. My It seems to be 28.6%. Correct calculation.

When he leaves. Go, but The team is still the same. There are and they Work according to his rules. What is it doing then? That witch Some influence Decreases? You You know, Except for Jordan.

The Bulls team also It was very good. Scottie Pippen Migraine If there is no problem Maybe they are 1994. Or in 95 Could have won, But they Those were not bulls. Those in the final 6-0 Won.

and If he leaves Go, but what is that? A bit of magic Lost? And What are you doing then? Misguided Are you starting to be?

So, Jared. Next time This team with About Your feelings What? Yes, I mean, This is very Reasonable A question. I think this In my case Reason for relief It's Jared himself.

What he said, When he is 2025 Investors in Goodbye to the day He said, then he Said, " Taylor New As CEO Coming and I From the CEO position I'm stepping aside, But Taylor knows.

That he is a boss. Losing But one Very Active To the shareholder "Getting it."

So, I am this. Well thought out. Relief I get that Jared is here. Investment Didn't do that. No. This is his. Personal A very big one Investment, and He is still, you You know, this year At the beginning when Price drop Went then Actively More investment Was doing.

However I think so. A little behind If I come and think, I say it again, Like the price Human Attitude and Nothing to change. Can't.

And The company that Does real work showed, although Still too much It's not time, but Beginning of 2025 From, Jared's Something from the time Without any regrets. Not that big.

I didn't see anything wrong, Some of them Incident Continuity Was.

I think Do this, share this. That's bad. The situation, its What is the reason behind it? It was if you Check it out. I think it's Very much the beginning It was 2025. Year On Investor Day Giving them Guide From, where They are 2027.

At the end of the year, one Billion Free Cash floor Spoken.

and global Blue Acquisition Just before, they 100 dollars At a higher price Was trading, Big big Target Giving, But later it To move away from Yes, payment. Difficult in the sector Situation To face Yes, and then Comes The apocalypse .

Attitude aspect From this it seems One of the bad news Endless stream There was, but Business Real Performance If you see, my They seem quite Well done. Let's go. The business Look at the side.

Let's give it, so No? Many of them Different Vertical and Many types of work There is.

My It seems like a big one. The point is, you If any At the stadium Go, like me. Mets that day At the stadium I was and I saw everything. Terminal Shift4's, Also PAR Or sometimes These are toasts.

When I see it, I feel It's like, "Oh, this is it." A public Traded Company." I Whenever they See you there, Makes me smile.