Thinking Big About Small Companies

Radiant Logistics: Still Cheap

July 2nd, 2013 | Posted by Torin in Logistics | RLGT - (Comments Off)

Which of These is Not Like the Others? Part II

December 5th, 2012 | Posted by Torin in AUTO | Logistics - (Comments Off)

These are numbers for a real company: In ten years this company has multiplied its revenue 100 times. It hasn’t posted a losing year in a decade. What’s more, over the period shown this company has made exactly zero acquisitions. All of the growth has been internally generated. This company is Autoinfo, ticker AUTO. I … Read more

3PL Part 4 – Why Mid-Sized is the Right Size

July 8th, 2012 | Posted by Torin in Logistics - (Comments Off)
3pl comp table

Parts 1, 2, and 3 laid out the case for consolidation in the 3PL industry. In this final post I’m going to give my opinion of how best to profit as investor from the coming consolidation of the 3PL industry. To begin with, I don’t think the big 3PLs are the way to go. They … Read more

3PL Part 3 – The Few and the Many

July 6th, 2012 | Posted by Torin in Logistics - (Comments Off)
3pl margin curve

(Click here for Part 1, and here for Part 2) In my previous posts I wrote that consolidation is coming to the 3PL industry. In fact, it is already here. The 3PL giants like C.H. Robinson and Expeditors International never needed acquisitions to grow because they climbed onto the 3PL wave at its earliest point, and … Read more

3PL Part 2 – Yesterday, Today, Tomorrow

July 5th, 2012 | Posted by Torin in Logistics - (Comments Off)
Customer Composition

(Click here for Part 1) The 3PL industry was more or less born out of the Motor Carrier Act of 1980. This act deregulated trucking, morphing it from a concentrated and somewhat cozy industry into an extremely fragmented and price-competitive one. The result was an explosion in the number of trucking carriers: there were less … Read more

3PL Part 1 – Overview

June 27th, 2012 | Posted by Torin in Logistics - (Comments Off)
3PL Growth

I recently wrote up my investment thesis for Radiant Logistics (AMEX:RLGT) on the Monte Sol website as well as on The write-up is a succinct case for investing in RLGT. I’ve done a lot of research on the third-party logistics (“3PL”) industry, but for brevity’s sake I excluded most of it from the write-up. … Read more