It is a splendid year for the municipal industry.

There are still good buys, ... Our focus this year is not on any one particular sector or industry group ?now, you have to pick the appropriate stock.

All too often, legacy management practices reflexively perpetuate the past - by over-weighting the views of long-tenured executives, by valuing conformance more highly than creativity and by turning tired industry nostrums into sacred truths.

It doesn't matter much where your company sits in its industry ecosystem, nor how vertically or horizontally integrated it is - what matters is its relative 'share of customer value' in the final product or solution, and its cost of producing that value.

That's huge for the wheat industry.

We stayed away from all municipal boundaries.