We constantly look for opportunities to add high quality companies to our portfolios at attractive prices. Paychex (PAYX) stands out as one of the best companies around with its surprisingly defensive profile backed by sustainable and impressive value creation as demonstrated by its nearly unbelievable return on invested capital. The company complements its strong operational profile with a pristine balance sheet. In short, the company is exactly the type of core position we would like to own in our portfolios, provided valuation is reasonable. This article will walk through the key points of