Lou Whiteman

I don't want to be a conspiracy theorist.

If anything, we've gone the other way with the consumer product.

I do think the lesson is that they do have

a powerful market position, however they got there.

I think it'll probably be okay.

As much as we talked about the TurboTax side, a lot of what's driving this business is the non-consumer side, and that's a whole lot more complicated.

I'd be surprised if this business goes away.

I've heard multiple reasons, predictions about why it was doomed over the years.

So far, none of them have come true.

So, Dan, I got to talk about logistics earlier, and now I'm going to double down, press my luck, and talk about building supplies.

The company is QXO, ticker QXO, easy to remember, formed by serial entrepreneur Brad Jacobs to roll up the building products industry.

So, this week, they did their second deal.

They bought something called Kodiak for $2.25 billion, and I really like this deal.

Kodiak diversifies the product line, adds more than 100 locations, mostly in high-growth states.

QXO is getting the business at less than one-time sales, just 10X EBITDA.

Factor in expected cost cuts, and it's closer to 7X EBITDA.

This is textbook Jacobs.

He built United Waste, United Rentals, and XBO, some of the best performing, all top 10 performing Fortune 500 companies over the past decade.

QXO stock was up 15% plus on the announcement, which you'd never see for an acquirer.

I expect more deals to come.