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Non-Tech : Expeditors Int'l (EXPD)
EXPD 90.32+1.1%Sep 25 4:00 PM EDT

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From: JakeStraw6/17/2005 3:47:28 PM
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"Expeditors International (NasdaqNM:EXPD). I've written about this firm quite a bit, but it's still hands-down one of my favorites. Expeditors is basically a travel agent for cargo: It buys space in bulk from airlines and oceangoing shippers and resells that capacity to firms that need to transport goods. In the big picture, I think of this company as earning a royalty on the growth of global trade. Although the volume of global trade has grown about 6% annually over the past three decades, Expeditors has managed to post 25% compounded growth over the past decade by taking market share in a very fragmented industry, and it has lots of market share left to go, I think. Moreover, the firm has one of the most shareholder-oriented management teams that I've ever run across--I'd put them in a very small group of managers about whom I never worry. (Note: The shares may get whacked if the Chinese yuan is revalued, because investors will fret about a dramatic slowdown in trade between the U.S. and China, and Expeditors does a lot of business in that trade lane. If the shares do get whacked, I'd view it as a buying opportunity rather than something to worry about.)"
biz.yahoo.com
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