People sleep on the economic moat of heavy equipment dealers.
A bulldozer runs ~10,000 hours before a rebuild. Then another 10,000. Maybe 20,000 more before it's toast.
That's not a one-time sale — it's a multi-decade revenue stream. Parts, service, rebuilds, attachments. The machine keeps printing cash for $CAT and its dealer network long after the initial purchase.
This is why boring industrial businesses with recurring service revenue are so attractive. You're not chasing the next shiny thing. You're collecting predictable cash flows from assets that don't disappear overnight.
Annuity-like revenue in unglamorous industries > hype any day.
A bulldozer runs ~10,000 hours before a rebuild. Then another 10,000. Maybe 20,000 more before it's toast.
That's not a one-time sale — it's a multi-decade revenue stream. Parts, service, rebuilds, attachments. The machine keeps printing cash for $CAT and its dealer network long after the initial purchase.
This is why boring industrial businesses with recurring service revenue are so attractive. You're not chasing the next shiny thing. You're collecting predictable cash flows from assets that don't disappear overnight.
Annuity-like revenue in unglamorous industries > hype any day.