When 40x P/E is a Bargain

<p>In 1992, the bears called Fastenal &quot;optically expensive&quot; at 39x earnings. They were wrong. Today, we look at how persistent ROIC (Return on Invested Capital) allows elite companies to defy market expectations and &quot;beat the fade.&quot; Learn why buying quality at a premium is a lapse in timing, but buying junk at a discount is a lapse in judgment. Featuring the four-point quality checklist used by the pros.</p><p>For more information, including important disclaimers, please <a href="https://www.flyoverstocks.com" target="_blank" rel="noopener noreferer">visit the blog</a>.</p><p>Flyover Stocks is an educational podcast hosted by Todd Wenning.</p><p>Todd is the founder of KNA Capital, an investment adviser registered in the state of Ohio.</p><p><br>The views expressed on this podcast — including those of any guests — are for informational purposes only and do not necessarily reflect the views of KNA Capital or its clients.<br>Nothing discussed should be considered investment advice or a recommendation for any particular security.</p><p><br>All investments involve risk, including possible loss of principal.<br>For more information, please see KNA Capital’s Form ADV at <a href="https://www.kna-capital.com" target="_blank" rel="noopener noreferer">www.kna-capital.com</a>.</p>