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The following is provided for educational purposes only and does not constitute a recommendation to buy or sell any security.

FINNING INTERNATIONAL (Toronto: FTT) is the world’s largest Caterpillar distributor.

It has been able to build a moat around its brand, economies of scale, and switching costs.

Yet, with ~15% global market share in the asset custody business, there is still room for growth.

Undoubtedly in a cyclical industry, Bob views Caterpillar’s products as differentiated and backed by continual product research and advancement that makes it a wide-moat business.

Separately, the exclusive geographic distribution of territories that Caterpillar designates provide an even wider moat for its exclusive distributors.

Beginning in 2013, after years of focusing solely on revenue growth and operating margins, Finning hired a new CEO to reshape the company culture to one focused on driving returns on invested capital.

The company remains committed to executing on its new set of operational priorities identified in 2013.

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For the past decade, banks across the world have been stymied by the “zero interest rate policy”, and BNY Mellon is no different in this sense.

As the Federal Reserve continues to slowly raise the Fed Funds rate, Bank of New York stands to be a direct beneficiary.

In addition to its territorial exclusivity, Bob believes the distribution business, with its focus on aftermarket service and products, moderates the otherwise cyclical nature of the business.

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