大约10个月前，我们介绍过Copart，它是优质复利股最常被引用的例子之一：这是一门借贷型生意，利润率很高，资本回报率很高，并且身处一个双寡头行业。而它在这个双寡头格局中长期占据主导地位。
About 10 months ago, we covered Copart and it's one of the most quoted examples for a quality compounder, which is a borrowing business with high margins, high returns on capital, and operating in a duopoly.
A duopoly that it dominated for the longest time.
话虽如此，它的竞争对手正在抢占市场份额，这对股价形成了压力。但我很欣赏管理层再次非常主动地回购股票。他们显然认为该股正以低价交易。他们上一次回购可观数量的股票还是在十多年前。
And with that said, their competitor is gaining market share, which is weighing on the stock. But I love that management has been super proactive about buying back shares again.
They clearly think the stock is trading at a bargain price. The last time they bought back meaningful amounts of share was more than a decade ago.