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TWST: Here we are seemingly going into a downturn. What's that doing from a
business perspective to the industrial equipment group?
Mr. Brady: It's really varied by which end markets they are playing into.
Clearly, anyone tied into residential construction has been feeling pain for
some time. In commercial construction there are some pockets that seem to be
softening, but if you look at other end markets such as mining, or anything
related to energy, oil and gas, refining and global infrastructure, those
markets are continuing to do well and are actually very strong in a lot of
instances. TWST: It is really a mixed picture at this point in time.
Mr. Brady: I think it is. Our overall thesis right now is to really focus on
companies that have a tie into some of these strong end markets that I just
mentioned, particularly companies where you have long lead times and the
visibility looking at what the company is going to earn and what revenues are
going to be out a year or two more.
Tickers included in this excerpt: ATU, BUCY, FSS, JOYG, MTW, OSK, TEX
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