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Penske Automotive Group

  1. Moats Drive Auto Dealerships

    The dealers are the only auto sector we cover in which all firms enjoy an economic moat.

  2. Our Outlook for the Credit Markets

    Widening investment-grade credit spreads and rising interest rates lead to losses.

  3. Our Outlook for Industrials Stocks

    Slowing global industrial activity presents compelling long-term investment opportunities among a handful of companies.

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