Passing on Trex (TREX)

You've probably heard of Trex, a leading brand in composite decking and railing products. I love the product - decks are wonderful but maintaining them is not, and a composite-based deck/rail system nearly eliminates maintenance. But it is critical we separate product from business. Trex sales are large one-offs. There is no recurring revenue structure here (how many Trex decks are you going to build?). While there may be some brand recognition, there are plenty of alternatives and I don't think the firm has a meaningful moat against competitors. A great product but just a so-so business, I'm passing on adding Trex as a "green dot" stock.

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