I don’t focus unduly on the day-to-day trading. I think CUB is a good holding because the valuation is reasonable, the company is the world leader in mass transit, and mass transit is a major beneficiary of The Global Demographic Tailwind. (See, for instance, the story in #msg-53690679.)
Moreover, the company’s executive officers are very old, which suggests that they might be inclined to sell the company to some conglomerate at a nice premium.
“The efficient-market hypothesis may be the foremost piece of B.S. ever promulgated in any area of human knowledge!”
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