The longer I do this, the less I care about clean numbers.

Some of the most interesting situations look messy on the surface.

Cash flows jump around. Revenues fall, then recover. One-off events cloud everything.

A few years ago, I would’ve passed immediately.

Now I pause.

Because many of these businesses have been operating for decades through similar cycles.

They adapt, reset, and continue.

The market struggles to value that kind of resilience.

Which is why it often gets priced far too cheaply.

I’m starting to think durability matters more than predictability.