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"What’s intriguing is the potential for this cycle in [Redacted] to extend perhaps longer than normal and what’s in the multiple – it’s different if it’s a 7-year cycle and we got that from [Redacted] today that this is a longer ramp than we’d realized."

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“It was my first time meeting [Redacted]. It was a revelation to me that [Redacted] has never lost money in any year, including during the GFC.  While I was cleaning up my notes today, I couldn’t help comparing [Redacted] with another company that has never lost money. Granted they are very different businesses, but both had high leverage because their business is so stable.”

“One question I forgot to ask was, since their profitability is so stable, why doesn’t [Redacted] have a dividend, even if it is a nominal one? I think [Redacted] is a great value stock and can fit well into some of our dividend funds if it has a dividend.”

“There is a negative perception around collateral value depreciation and exposure to funding spreads. The company manages this very well – but I think that some slides to support residual value and rate sensitivity could help people appreciate the story.”

“One aspect of the story that also changed for me today is [Redacted] as a more defensive holding. If I want to get more defensive in the context of my industrial exposure, this would be it – there is a margin of safety built into the position not only because you’re buying equity at a discount to book, but also because it’s not a consensus long position I’d need to worry about people selling when the winds change.”

“The big question for me is if the consensus thinking around the equity can evolve. I see the ingredients for that to happen, but I need to think about if and how others might come around. For [Redacted], I will say it’s a unique situation – most of the time in my seat you are trying to get comfortable with whether or not you think the company can execute – in the case of [Redacted], to me that part is almost a given and most of the risk is if Wall Street can figure it out on this name, or if the stock will continue to be orphaned.”

“I really like the asset story here and want to position the company as a “real asset – infrastructure” business. We tend to favor more capital efficient businesses, but these don’t really exist in the transport sector."

“I hadn’t looked at [Redacted] in many years. I, like many investors, haven’t let go of the industry baggage. It was a very good update and I realize many things have changed. On a certain level, it is a simple business model, but the analysis requires a fair amount of sophistication. It requires more work on my part which I am interested in doing.”

“I thought I knew this macro pretty well, but one thing that surprised me was what [Redacted] told me about higher interest rates not being a problem for them.  Even though they carry debt, competitors tend to carry much more; higher rates entice away ‘tourist capital’ competitors who tend to bid up assets in lower yielding times – this makes sense to me and I thought it was a very interesting point to make.”