In short: Named only as a peer — the healthy comparison she should have used before buying Advance Auto Parts in 2023.
20:43If you know a thriving company in that sector, it only has a 3% yield, but this one has an 8% yield. Makes you wonder why the market's letting one have such a high yield and not the other one. — Yeah. — Just real quick on that, I stepped on a total landmine in 2023 with Advance Auto. — So, it's Advance Auto, O'Reilly, and Autozone, and I kept thinking, oh well, now they have a new management team, now this, now that. No.
In short: The best consumer stock since the financial crisis — up close to 5,000%, eclipsing Apple — on smart financial stewardship and a resilient model; rates and gas prices have stalled it, but deferred maintenance historically turns into demand as the fleet ages, it has repurchased more than half its shares, and it beat the S&P 500 by 128% from the 2008 recession start through 2011. Now at a modest premium to its 10-year price/forward-sales average: "time to start kicking the tires."
O'Reilly runs a chain of auto-parts stores that sell to both do-it-yourself drivers and repair shops. Over the years since the 2008 financial crisis it has been an astonishing stock — up close to 5,000%, more even than Apple — not because people buy more cars, but because the business is steady and management spends its spare cash wisely, especially buying back its own shares (it has retired more than half of them), which makes each remaining share worth more.
Lately higher interest rates and pricier gasoline have squeezed its lower-income customers, who put off car repairs. Jakab's point is that this happened before: in 2008 the parts stocks fell first, then did very well as people who couldn't afford a new car kept fixing their old one. The stock isn't a screaming bargain — it trades a bit above its 10-year average valuation — but he thinks it's time to start looking.
In short: Named alongside Moody's as the other 2012 purchase: "Chuck Akre invested in both Moody's and O'Reilly Automotive in 2012. Both companies went up more than 10x (!)." Cited as evidence of the vintage rather than analysed; no stance on the business today.
In short: AutoZone's main competitor — "a great stock, a great business." Part of the flat-supply, resilient auto-parts retail theme (stronger in commercial). Referenced, not owned.
55:17position in the do-it-yourself. They're smaller in the commercial part of the market. Their competitor is O'Reilly and that's been a great stock
55:25as well. It's a great business, but the overall number of auto retailers is flat and has been over the last decade. So, this is something that we looked for as
In short: Peer benchmark — the other 14–18%+-margin auto-parts comp AAP is measured against. The margin gap is the re-rating opportunity, not a call on ORLY.
In short: Trimmed by quality funds last quarter — notable only because it is one of Chuck Akre's two 10-baggers from the 2012 vintage cited elsewhere in this archive. No comment here.
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