I’ve spent a fair amount of time studying factor investing, and one factor I keep coming back to is profitability. $TJX continues to amaze me. It’s about as boring as a business gets. No flashy technology or moonshot narrative. It’s just an exceptionally well run retailer that has quietly compounded shareholder value for decades. High returns on capital. Consistent free cash flow. Disciplined capital allocation. Durable margins. I won’t bore you with numbers, but their guidance is great and it reinforces just how consistent the underlying model really is. It’s a reminder that some of the best investments don’t have to look exciting, they simply execute at an incredibly high level, year after year. Boring businesses with extraordinary economics often make extraordinary investments IMHO.
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Max Penders@mjpenders · 10d
My paper trading account has done very well with $M. Love the consumer discretionary!
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