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Show Notes

[00:02:37] - [First question] - The footprint of UPS in the US economy

[00:04:11] - What relevant metrics analysts use to understand UPS’ value

[00:06:57] - How logistics networks work and operating leverage on their fixed assets

[00:10:43] - UPS’ origin story and key differences between it, Amazon and FedEx

[00:18:24] - Whether or not Amazon is consuming the market or if the market is growing

[00:22:20] - Decreased return on capital and the roadmap to increase returns going forward

[00:25:14] - Making a decision to lean into their network and what it meant for their customers

[00:27:33] - The importance of management and needing outsider management

[00:31:40] - Capital investment programs and what Amazon’s growth means for UPS

[00:34:41] - Secular changes versus historical cyclicality of fulfillment businesses

[00:36:35] - Competitive impacts Amazon and USPS could have on UPS’ future success

[00:42:26] - Why cross-border delivery is such a lucrative aspect of this market

[00:42:51] - Lessons for investors and builders when studying UPS’ story