watsco does the same thing for hvac equipment. this is the classic case of a good house in an increasingly bad neighborhood. right now the angry federal reserve is in the process of aggressively raising rates in order to stamp out inflation. when the fed is tightening like this, the last thing they want to do is have exposure to housing because it means mortgage rates are heading higher, which they have been. the real estate market will rollover, which it hasn't yet, but it will. the same is true for commercial real estate. no matter what watsco has going for it, you're taking your life in your hands if you bet on something housing related. every textbook i've read since i started, and i've been at this for a long time, says everything comes down to tech. that is just the way the game is played. i wish it weren't. the other environment i would be happy to represent, i think it's pretty compelling. watsco is the number one player , and we like that in a highly fragmented industry. they are the top by a top margin. they have negotia