A Thanksgiving Special and a New Long-Form Writeup. In the coming weeks, I'll be releasing a 30-page research report on one of Greystone's highest-conviction ideas. The business has our favored combination of quality, great management and a cheap starting valuation, with a long

I’ve said this before, but I’m noticing it far more often now. A large number of Substack writers, many charging subscriptions, are publishing investment writeups that are clearly just ChatGPT answers pasted into a post. This absolutely sucks. If you use Chat enough, you can

This video sketch follows black cats wandering through the desert at night as strange UFOs glide overhead. Beams of light sweep across the landscape, turning the quiet scene into something mysterious and otherworldly. I love mixing the familiar with the surreal—cats, desert

$FIX is up an incredible 18x in the past five years.

“Waste Management went from 40 cents to $40 from 1971 to 1987 — a hundred-bagger in garbage trucks. A hundred times your money collecting trash while the hot money chased Apple and Genentech. If that doesn’t prove multibaggers can come from the dullest business on earth, nothing

$ODFL is a reminder that the best compounders aren’t always software companies. Sometimes they’re logistics businesses with: – Relentless culture – Decades of execution – Network-based moats – High incremental returns – Pricing power in a commodity industry That’s Old Dominion

$ODFL Valuation (NTM): – $33B market cap – 31x EPS – 18.5x EBITDA – 3.0% FCF yield High-ROIC flywheels rarely look cheap on headline multiples.

Customer mix is diverse, and the balance sheet is pristine. – Industrials – Retail – Healthcare – Auto – E-commerce No debt. No heroic financial engineering. Just self-funded, internally compounding growth.

Capex is a resource versus a drag. $ODFL out-invests every competitor: – New trucks – Modern terminals – Advanced tech + routing – Dock automation

The $ODFL model is simple but incredibly hard to copy: 1. Invest heavily in service centers + linehaul capacity 2. Maintain best-in-class delivery performance 3. Use density to drive down cost per shipment 4. Expand margins steadily 5. Grow volumes and pricing simultaneously

Long-term execution: Since 2002, $ODFL – Revenue up 10x – Operating income up 20x – EPS up 30x – Stock up 60x – 20–25% long-term CAGR

$ODFL is what a true moat looks like: – Service centers located where competitors can’t replicate them – Half-century of density advantage – Culture of continuous improvement – Elite management incentives – Return-driven capex Competitors cannot spend their way to ODFL quality.

Financials (TTM): – $5.5B revenue – 25% operating margin – 31% EBITDA margin – 30% ROIC – Debt-free (net cash) – 100%+ FCF conversion Margins DOUBLE that of most LTL peers.

Quality + consistency = pricing power. $ODFL raises prices almost every year and customers accept it because: – Shipments arrive on time – Damage rates are incredibly low – Network reliability is unmatched Shippers happily pay a premium for ODFL quality.

The moat for $ODFL is network density. – 260+ service centers – Industry-best on-time delivery – Near-zero claims ratio – 99%+ network coverage Every new customer increases density, which lowers cost, improves reliability, and attracts more customers.

$ODFL is an LTL carrier (less-than-truckload): – Multiple customers’ freight consolidated into one trailer – Hub-and-spoke network – Time-sensitive, high-value freight It’s the hardest segment in trucking, and ODFL is the undisputed king.

#CompounderFriday: Old Dominion Freight Line $ODFL A $32B LTL trucking company that’s compounded at 25%+ for two decades by doing something incredibly hard: Delivering faster, more reliably, with higher margins than everyone else.

We overrate edge. You can do well in cyclical or commodity businesses if industry structure, timing, and forward cash returns are strong. You don’t need to be an oil expert (or commodity expert) to own a long-reserve-life, low-decline, volume-driven asset buying back stock at a

"The entire game, he realized, was finding these small businesses early and holding on."

Sharing some thoughts on niche industrial companies, and why the market has some trouble valuing them correctly. $APG $LMB $BELFB https://t.co/JA2ZFZcRdJ

Exciting news: $KITS is opening a second brick and mortar location in Q1 2026, this time in Toronto. The Vancouver store has been doing 50% (!) SSS numbers year after year, and has sold 23,000 pairs of glasses since 2021. https://t.co/CZ4CboZO2Q

I am loving these Edge features by @Quartr_App. This week's edition features Duolingo $DUOL and was a great read. https://t.co/a8AyKQl0Vq