We have long praised the qualities of Thor Industries (THO) as the leader in the North American RV duopoly, and now, the biggest player in Europe's oligopoly with the integration of Erwin Hymer. The company's strong oligopolistic industry positioning should continue to create attractive levels of profitability and return on invested capital. While a cyclical company, management has consistently proven the ability to quickly adjust costs to protect profitability and cash flow in even the most challenging conditions, allowing them to also fulfill their promises of prioritizing acquisition-related debt reduction and staying financially