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Ep 395. Analyzing 10-Baggers from the Past 10 Years, Industry Returns, and Snap Judgments from Twitter

Focused Compounding

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The Decline in the Return on Capital in New Depots

There is some legitimate concern about that. I'd be more interested in the stock if they paid no dividend and said they were going to buy back. Use every dollar or every pound over, say 300 or whatever million that they decided it was the amount they wanted to hold would be used for buybacks. Then I would be much more excited for the stock if there wasn't the dividend aspect of it because the dividend is pretty meaningful.

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