We think Amphenol is a differentiated connector supplier, an excellent operator, and an exceptional steward of shareholder capital. It has numerous competitors in the fragmented electrical component industry, but its broad array of end markets allows Amphenol to expand its top line even in an individual market downturn. We think the firm’s singular ability to effect cost controls gives it the highest operating margins of its peer group, allowing it to quickly bring its numerous acquisitions up to firmwide profitability.