Luca Ferrari, Bending Spoons: Compounding Through Operational Excellence and Acquisitions - [Joys of Compounding, EP. 40]

Bending Spoons compounds by buying undervalued, even shrinking, software businesses and operating them better than anyone else, not by chasing organic growth.

• Operator-first thesis: Bending Spoons aims to be the world's best operator of digital businesses so it can pay sellers appealing prices while still generating high cash returns, then redeploy that cash into more acquisitions—compounding over 13 years to roughly $4 billion in annualized revenue (pro forma for the pending Miro deal).
• Ownership culture scales via decentralization: Ferrari says 99% of decisions are made by small autonomous deal teams with full mandates, not centralized executives—talent density and 'extreme ownership' beat rules and bureaucracy as the company scales.

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