Institutional investors have a knack for taking a page out of Wile E. Coyote's book when it comes to growth stocks - chasing them right off the edge of the cliff and into valuations based on thin air. This is in no sense meant as an indictment of the quality food equipment manufacturer Middleby (NASDAQ:MIDD), as I believe this company is highly innovative and has numerous opportunities to grow its business over the next decade. At some point, though, even GARP investors have to acknowledge that this stock is trading a great deal more on the "Guh" part of the story than "a reasonable price".
A Relatively New Player
It wasn't that long ago that Middleby was mostly...
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