I give a buy rating for Medline Industries ( MDLN ) as I am positive on the vertically integrated strategy, which brings with it scale advantages in manufacturing and logistics. MDLN private label also givesI’m a fundamental, valuation-driven investor with a strong focus on identifying businesses that have the potential to scale over time and unlock massive terminal value. My investment approach centers around understanding the core economics of a business—its competitive moat, unit economics, reinvestment ...