4 Comments
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Anthony Morley's avatar

Great post! Well done

Tony's avatar

So right and so helpful to illustrate this, thank you.

BoiseCFA's avatar

Good thought provoking post. To your list of possible signals, I'd suggest adding signs of pricing power. Although I don't have confirming evidence on Fastenal, my suspicion is that their customers value immediate in-stock availability over price.

Todd Wenning's avatar

Agreed. You could see it in their gross margins from the start!