Paccar: Short-Term Risks And No Reason To Own It For The Long Haul

2025-12-31 11:18:20 ET

There is a fundamental truth about how the economy has evolved, and how it will likely continue to evolve. “ Goods ” - products that are tangible, able to be transported, and able to be stored, are less important to the economy than “ Services ” - products that can’t be transported or stored. This truth has informed my view that long-term investors should be underweight transportation stocks. From time to time, a particular sub-sector (i.e., rail versus shipping) might be undervalued, or an individual company might have an opportunity to take market share, or it might be the target of a bidding war. However, overall, the transportation sector is one to avoid....

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