Paul Harris, CFA Waste Connections WCN-T WAIT Nov 20, 2023

Has done well. Classified as an industrial, but it doesn't have cyclicality. Pricing power and acquisitions drive the long-term growth. Operate in a lot of uncontested markets. Should continue growing at high single-digit pace. Zero product obsolescence. Sold, and high-graded his portfolio to WM instead. Both are good.

Loves it. There's room for growth in volumes as well as margin expansion.

Defensive. Their business model works in any business cycle, including a downturn. They have contracts with energy companies, which may suffer a bit, but garbage needs to be collected consistently. They run an efficient business and make accretive buys of companies. Has long owned this.

The really great companies that execute well continue to do this in a bull market. This company continues to execute well and is at an all time high.

It's chugging along. Likes management a lot. This can do well in any economy, strong or weak.

High quality, regional monopolies, pricing power, integration opportunities are plentiful. Valuation is about as high as it goes, which makes him hit pause on buying more. Total return is in the range of high single-digits to low doubles. Easy money's been made. Hold, and don't realize the capital gains on it.

Had a good year and a good 5 years, so there tends to be profit taking. But this is not the time to sell.

The space has been a fantastic investment. There aren't a lot of options for getting rid of garbage. Once you're on their books, they can gradually increase prices. The issue is that valuations are quite high, and always have been. High barriers to entry. When stocks come off, the expensive ones come off the fastest.

Regional monopoly in Canadian markets. Very good position within the market. Able to maintain pricing with margin expansions. Cooling inflation also good for labor costs and bottom line. Not a "roll up" strategy, but might start to look at buying other companies. 

Garbage is boring and a beautiful business. Looks poised to break out to new highs. A boring name with strong technicals (price momentum, RSI, and whether institutions are buying or selling). Price momentum is improving and, especially, trading above 50- and 200-day MAs. RSI is reaccelerating. Strong technical setup, with a good fundamental idea. Yield is 0.6%.