Yep, they’ve certainly done well over time, no doubt. We captured a value opportunity. But in general, the company will continue to face more competition than it did 50 or 100 years ago. Also, with each generation of family leadership, many times, the “hungriness” of the leadership will wane and they can get sloppy/lazy. I’m not saying they will for sure allow that to happen. I’m saying its a huge tendency and temptation several generations down the line. It’s also why its hard to pass generational wealth past the 3rd generation. It comes easy for the 3rd generation and they don’t always respect it or what it took to get it.
So, the longer a company has been around, the more I keep a watchful eye on it to see if I see any warning signs coming to fruition. For the length of time we’ll be in the investment, it doesn’t concern me at all. But I’d probably not want to buy and hold their stock for the next 10 years, because of these potential landmines that they have to maneuver.