In short: Pro pick. Down 35% this year on soft collision-repair same-store sales, not AI. Owned in both the small-cap and flagship funds; "we've bought it and it's gone down and we've bought it again" — "a lot of conviction," punished far more than warranted.
Boyd runs collision-repair shops across North America — the body shops insurers send you to after a crash — and grows by buying up independent shops. The stock is down 35% this year and it has been painful: he keeps buying and it keeps falling.
Crucially, he says the problem is not AI. It's that same-store sales (growth from shops it already owns, excluding acquisitions) have been weak, driven by things like fewer miles driven, used-car values, and insurance deductibles that make people put off repairs. The market has slashed the multiple it will pay for the business.
His conviction is high because he thinks the punishment far exceeds the damage: acquisitions will still add growth (just less profitably than 10 years ago), margins are fine, and the company is finally putting more effort into explaining itself to investors. He owns it in both his small-cap and flagship funds and has bought "quite a bit of stock in recent quarters" — but he warns that restoring investor confidence "won't happen in a quarter."
41:37So in full disclosure, these things don't always work in the short term the way you'd like. But we've got a lot of conviction around Boyd. There's been weakness and it's not really because of AI. I think you'd be stretching it to get to that. I think that there's just been challenges for that whole North American collision repair industry in terms of same store sales.
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