Spirax-Sarco Engineering plc
SPX
position
long
John Hempton, Bronte Capital
Thesis
Spirax-Sarco, which makes steam traps, has a margin comparable to Apple's and is considered an iconic business due to its trifecta business model.
Did it work?
inconclusive
confidence: low
Without specific price performance data or a defined time horizon for the thesis, it's difficult to assess whether the investment thesis has played out. The claim about Spirax-Sarco's margins and business model is qualitative and does not provide concrete evidence of performance. Therefore, the outcome remains uncertain.
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