1/ $CIGI — Colliers International Group. A real estate services firm that quietly transformed into a three-engine professional services platform: Commercial Real Estate, Engineering, and Investment Management. The market still prices it like a cyclical broker. 2/ The transformation: ~70% of earnings now come from recurring/resilient lines — engineering, project management, investment management, property management, loan servicing, and valuation. Capital markets brokerage is the volatile piece. The mix has fundamentally changed.

1/ The Setup
$BLDR — Builders FirstSource is the largest US supplier of building products and manufactured components. ~$15B in revenue, ~585 locations across 43 states, present in 92 of the top 100 MSAs. Stock is ~$79, down ~48% from its 2024 highs. The market hates housing right now. That's exactly why you should be paying attention. 🧵 2/ The Business Transformation
This is NOT the commodity lumber distributor it was a decade ago. BLDR has shifted roughly half its revenue to value-added products — factory-built trusses, wall panels, engineered wood, installation services, and proprietary digital design/estimating software. These carry meaningfully higher margins and create real switching costs. Pre-transformation EBITDA margins were 6-9%. In 2025, despite the worst housing starts environment since 2019, they held margins above 10% with gross margins above 30%.