Don't forget all the history of this. It's an ongoing case study...

Don't forget all the history of this. It's an ongoing case study in investing. Remember the short attacks? Remember the gotcha Q's from the fake news financial media that RW struggled with? Remember the CFO who quit a few weeks into the job? Or analysts claiming this was just another "rollup"?

WTC has always been "expensive" based on fundamentals. It would have had to have traded at around 100x historical PE's most of it's listed life, but so has competitors such as Descartes.

Analysts at IPO were marking it as "too expensive" even though it was one of the best looking IPO's in recent memory (sticky customer base, essential industry, long history, founder CEO, Directors who held onto a lot of shares rather than selling down, earnings growth, and stock horror - profitable for many years). And the most important aspect of an IPO - What are the proceeds being used for? In this case it was for reinvestment in the company.

Investing on fundaments I struggle with the valuation and the acquisitions. However a $20 odd billion market cap is a drop in the bucket if this ends up being a global logistics land grab as RW may aspire to. Possibly the biggest risk in the investment is any succession plan.