Henry Schein, Inc.
Thesis
Henry Schein is considered a recession-resistant business and was bought by Tweedy, Browne, reflecting confidence in its stability and growth potential even in challenging economic conditions.
Did it work?
worked
confidence: high
The long thesis on Henry Schein as a recession-resistant, stable grower played out well: over ~214 months (about 18 years) the stock returned +426.6%, roughly a 9-10% annualized gain. This substantial positive return over a long horizon validates the thesis of durable, compounding growth through economic cycles.