In short: Recent long-term-growth add: an "industrial" business selling niche, critically-important products that are a low share of the customer's cost → reliability + pricing power.
IDEXX makes veterinary diagnostic products (tests and instruments for animal clinics). He describes it as an "industrial-style" business: it sells niche products that are essential to its customers but only a small slice of their total costs.
That combination — you must have it, but it's cheap relative to everything else you spend — gives IDEXX reliability and pricing power. It's a recent addition to the growth portfolio: a steady, high-quality compounder bought instead of chasing AI stocks.
49:50And as I promised, I just want to show folks specifically some of the things that Oxbow is adding to its portfolios right now. So is there anything you want to mention about any of these recent additions? — Yeah, I can just touch on it broadly. So in long-term growth, which is our stock strategy, the thing to take away from those three names, IDEXX is an industrial business that tries to just buy niche companies that are critically important products for their customers, but are a low portion of the
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