Unique Quality Business at a fair price
I’m adding a new position this week. The company is a growing market leader on a temporary pullback. The business has defied critics for more than a decade, and positioned itself as a unique actor in its industry. With a competitive advantage, high customer loyalty, strong management and a superb track record of growth, this is a business we want to own at the right price. Additionally, their return on invested capital (ROIC) and margins are high and expanding over time — which is what we want to see. The company has crushed the S&P 500 over the last decade with an CAGR of 23.3%.
