Anixter International Inc.
ANIX
position
long
Sam Zell
Thesis
Sam Zell acquired Anixter at 2x book value, realizing that the true value lay in its ownership of a key distribution pipeline rather than just the distribution business itself. This strategic insight led to significant revenue growth over the years.
Did it work?
failed
confidence: high
The long thesis centered on the strategic value of Anixter's distribution pipeline, but the stock has dramatically underperformed, declining by 94.4%. This significant drop indicates that the anticipated revenue growth and value realization did not materialize, leading to a clear failure of the thesis.
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