WEEKLY THOUGHTS

Here is something that caught our eye this week: Ugh, Millennials Changing trends in stalwart industries  As our business is oriented around lengthy holding periods, a central tenant to our deal evaluation process is whether or not we think we can own something for a long period of time. This framework certainly takes us away from some opportunities (i.e., high-growth tech companies with disruption risk) and toward others (i.e., steady-eddy service businesses), a trade-off with which we are generally comfortable. That said, our reading this week reminded us that it’s not always easy to know which industries will be steady, and which will change