Recurring Revenues and Financial Services- The Competitive Moat of Fiserv

In our last post, we discussed the notion of recurring revenues as it pertains to companies in the industrial sector. The genesis of this idea was a reaction to the prevailing wisdom of many investment strategists to find recurring revenue streams in consumer staple or health care stocks. It is my contention that there are recurring revenue themes across many sectors that remain unrecognized in the marketplace. As a brief aside, I will mention that our posture on MSC Industrial Direct (MSM) has