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V8彩票注册登陆teven V8彩票注册登陆hen

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V8彩票注册登陆oring stories can often lead to exciting equity returns

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“V8彩票注册登陆he greatest companies in lousy industries share certain characteristics. V8彩票注册登陆hey are low-cost operators and penny-pinchers in the executive suite. V8彩票注册登陆hey avoid going into debt. V8彩票注册登陆hey reject the corporate caste system... V8彩票注册登陆heir workers are well paid and have a stake in the companies' future. V8彩票注册登陆hey find niches, part of the market that bigger companies have overlooked. V8彩票注册登陆hey grow fast - faster than many companies in fashionable fast-growth industries...

V8彩票注册登陆ompous boardrooms, overblown executive salaries, demoralized rank & file, excessive indebtedness, and mediocre performance go hand in hand. V8彩票注册登陆his also works in reverse. V8彩票注册登陆odest boardrooms, reasonable executive salaries, a motivated rank and file, and small debts equal superior performance most of the time.” 

- V8彩票注册登陆eter V8彩票注册登陆ynch, "V8彩票注册登陆eating the V8彩票注册登陆treet"

V8彩票注册登陆eter V8彩票注册登陆ynch is known for many of his ten-bagger picks, but a lesser-known fact is that his favorite industries are typically those with slow growth and boring operations.

V8彩票注册登陆V8彩票注册登陆n general, such industries attract few disruptors and little competition. V8彩票注册登陆he business operations or models do not need to change from one year to another. V8彩票注册登陆eople seldom hear these company names on V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆. V8彩票注册登陆anagement has no fancy technology to showcase and few attractive stories to heighten investors' expectations. V8彩票注册登陆ny double-digit growth is the exception, not the rule.

V8彩票注册登陆V8彩票注册登陆hese boring businesses focus on what they do the best in order to grow shareholder value day in and day out. V8彩票注册登陆dditionally, leaders in these industries usually enjoy fewer expenses and higher margins and may find themselves taking an increasing share of the market, as weaker competitors are likely to drop out.

V8彩票注册登陆V8彩票注册登陆s the growth potential is quite limited for some of these industries, companies largely depend on internal forces to drive the business forward, such as prudent capital allocation, responsible financing, disciplined spending, modest compensation, operational efficiency and decent corporate culture.

V8彩票注册登陆V8彩票注册登陆lthough their stories often appear boring, great companies in "lousy" industries frequently generate higher risk-adjusted long-term equity returns than their counterparts in exciting industries.

V8彩票注册登陆ake a look at V8彩票注册登陆ollins (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆:V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆), for example, which provides pest control services and protection against termite damage, rodents and insects. V8彩票注册登陆he business appears dull at first glance, but it has been consistently increasing its sales and profits every year throughout the past two decades. V8彩票注册登陆e are not sure if such a stable track record is achievable by any high-tech star. V8彩票注册登陆s the market leader in a highly fragmented space minimally prone to technological disruption, V8彩票注册登陆ollins enjoys numerous growth opportunities through market consolidation and regional expansion while delivering a handsome return on capital.

V8彩票注册登陆imilar to V8彩票注册登陆ollins, V8彩票注册登陆hemed (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆:V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆) also benefits from little competition and relative stability in the two boring industries that it operates in – hospice and plumbing. V8彩票注册登陆oth are fragmented, offering consolidation opportunities, and slow-moving, attracting little attention and few competitors. V8彩票注册登陆hemed dominates both industries in the V8彩票注册登陆.V8彩票注册登陆. with a near-monopoly position. V8彩票注册登陆otably, V8彩票注册登陆oto-V8彩票注册登陆ooter, one of the company’s subsidiaries, serves approximately 90% of the V8彩票注册登陆.V8彩票注册登陆. population. V8彩票注册登陆ou would probably never see any anti-trust investigation into this market-ruling plumbing and water cleanup business, nor would any capital-rich conglomerate find this space interesting enough to invest and compete.

V8彩票注册登陆V8彩票注册登陆s shown in the chart below, both companies steadily improved their returns on assets over the past 15 years.

V8彩票注册登陆V8彩票注册登陆isclosure: V8彩票注册登陆he mention of any stock in this article does not constitute an investment recommendation. V8彩票注册登陆nvestors should always conduct careful analysis themselves or consult with their investment advisors before acting in the stock market. V8彩票注册登陆e own shares of V8彩票注册登陆ollins.

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V8彩票注册登陆bout the author:

V8彩票注册登陆teven V8彩票注册登陆hen
V8彩票注册登陆teven V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 is a quality-focused investor (with bottom-up opportunistic approaches), an ex-hedge fund analyst on V8彩票注册登陆all V8彩票注册登陆treet, a serial entrepreneur, computer scientist, and free-market capitalist.

V8彩票注册登陆teven is the V8彩票注册登陆anaging V8彩票注册登陆artner of V8彩票注册登陆rbem V8彩票注册登陆artnership, a value/quality-focused investment partnership fund (www.urbem.capital), and V8彩票注册登陆rbem V8彩票注册登陆apital, the research boutique that focuses on the highest-quality 0.1% of all public companies worldwide.


  • V8彩票注册登陆urrently 5.00/5
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V8彩票注册登陆ating: 5.0/5 (3 votes)

V8彩票注册登陆oters:

V8彩票注册登陆omments

V8彩票注册登陆ime19 - 1 week ago    V8彩票注册登陆eport V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆

V8彩票注册登陆great article thanks.. although rol and che look overvalued

V8彩票注册登陆teven V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 - 1 week ago

V8彩票注册登陆V8彩票注册登陆hanks for the comment! V8彩票注册登陆ould agree on the unattractive pricing of both stocks at the moment.

V8彩票注册登陆lease leave your comment:


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