“I very frequently get the question: ‘What’s going to change in the next 10 years?’ That’s a very interesting question.
I almost never get the question: ‘What’s not going to change in the next 10 years?’ And I submit to you that that second question is actually the more important of the two.” – Jeff Bezos
I am not a car guy. Fancy cars for Houston potholes and crowded parking lots always seemed like a depreciatingly odd mix. I just care that ours work well, and fixing one is not a competitive shopping spree.
On my way home from the change machine, I drove past where giant dirt hills once stood in a construction site that I would go to with my sister, to drive our “big wheels” up and down, as little kids. Those hills on the western edge of town became Beltway 8 and now the center of Houston. The list of changes since then is staggering. The list of a few businesses that have not changed is short and sweet.
Genuine Auto Parts eventually went public in 1948. Plenty of free cash flow has allowed them to reward shareholders with an uninterrupted dividend ever since. Recently, they announced another increase in that dividend, a pay raise of 6.7%, the same as their average hike over the past decade. This was the 62nd consecutive year of dividend increases, the fourth longest streak of any stock according to my notes.