In a quick blurb from last month, I flippantly wrote: “I don’t think 10x/1x EPS/BV for a moatless auto lender at or near the peak of the auto cycle is all that cheap.” Well, how about a sorta-moaty auto supplier trading at 7x? My sense is that auto stocks – their single digit earnings multiples […]
Tag Archives: Margin expansion
[VEEV] Veeva Systems
Veeva, AI, and regulated workflows
February 23, 2026
I recently recorded my annual podcast interview with @LibertyRPF, where I offer some thoughts on [...]
Continue reading →[POOL] Pool Corp.
How Pool stacks up to Watsco
February 13, 2026
MBI and I recorded an episode of Never Sell recently (Big Tech Earnings) (Spotify, Apple, YouTube, RSS feed) Having just written [...]
Continue reading →[RELY] Remitly
Remitly looks interesting
February 4, 2026
It may not be entirely fair to think of Wise as “cross-border transfers for yuppies”, [...]
Continue reading →[KNSL] Kinsale
[KNSL] Kinsale is built for speed
January 26, 2026
One way to carve up the investment universe is between standardized products, like index funds, [...]
Continue reading →[WSO] Watsco
thoughts on Watsco
January 16, 2026
While investors continue to be enthralled by AI and all things Tech, I can’t help [...]
Continue reading →