Brad Jacobs' QXO thesis released this morning is a pitch for $FERG: industry’s nascent use of technology, particularly AI and B2B e-commerce, represents a compelling opportunity for tech-focused entrants. Industry revenue derived from e-commerce is currently only mid-single digits, and this share is expected to triple by 2030.

Interesting discussion on $KKR call today about them studying how difficult it is for companies to compound value at high rates as they eclipse $50-100-200B market cap. Findings 👇 They found per-share returns after eclipsing $50B have been "anemic", as (not surprisingly) very hard to scale on such a large denominator