Over the last week, I've written a series of columns on publicly-traded management consulting practices. In general, I think this sector is fully valued, and FTI Consulting (FCN) is no exception.
In my view, one of the reasons to avoid this sector is that it is highly reactive to the regulatory environment. Many of the service offerings include compliance-related engagements. Stated differently, these clients would not have engaged FTI Consulting or its competitors if it were not for being required to do so. To that end, compliance-oriented management consulting firms operate an extremely event-driven industry. As an investor, I think it is an industry to avoid given it is driven largely by government policy and/or the bad...
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