Preparing that evaluation
made me think more about CBM. What I like about it is that while the chemistry of what they do is very skilled, technical, and specialized, their business model is very easy to understand: Once a company starts buying those little chemical building blocks from them, in general they continue as long as the customer continues to sell the product (not always true, I guess, but often enough). As CBM keeps selling new products they keep adding business. Witness the huge enlargement in manufacturing facilities they just built in Iowa. This seems like a no-brainer to a simpleminded guy like me. No worries re business cycles, fads, bad loans, being commoditized, etc. Just about one customer being 20%. But that customer just re-upped for five more years. I understand this business.