When a majority of the investing public looks at the wholesale distributing industry they see a boring industry that is characterized by razor thin margins that rarely changes overtime. There is nothing flashy about wholesale distribution and it is no surprise that the industry largely goes unnoticed. When we and other long-term minded investors look at the wholesale industry, we see stable revenues and earnings that have a small chance of changing for the worst in the next 20 years. The industry's unpopularity also means that there is a higher chance of finding good prices. Warren Buffett's purchase of McLane Company for Berkshire Hathaway (NYSE:BRK.B) in 2003 is a good example. The company was and still is the...
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