FLIR

Did you see that WSJ editorial about the sniper in Iraq never saw it coming when he was blown up? Fascinating story of the use of predator unmanned planes in Iraq and Afghanistan. The marines called in for help and the air force sent a remote controlled (from Arizona) plane with a Hellfire missile.

The plane used an infrared camera just under the nose to locate the sniper's muzzle fire and locked in on that location. The missile took him out while he was still firing. FLIR makes those infrared cameras and I'm pretty sure has some of the ones in those predators.

Cool stuff.

I know I said UEPS is my biggest opportunity -- depends on time horizon. I believe FLIR has the chance to be a big winner too but I don't see the same gains in the next 3-5 years -- might take them 10 years -- partly driven by the valuation since FLIR has a PE that is about 2X UEPS. Starting point matters -- the cheaper at the start the more money you can make.

One aside on Bill Miller too -- His issue is arrogance in my mind -- read his writings they scream of someone that can't imagine they could be wrong. But another point is I wonder if he was so focused on being different that he forgot that for his investments to be successful other investors have to follow him and bid the price up. Sometimes investing with the consensus can be very profitable -- energy stocks being a prime example. He has avoided them from the beginning -- missed them at the bottom and didn't want to chase. That's fine -- he has to stick to his discipline but on the other hand...... he has continually underestimated how big this cycle was going to be -- in 2005 he could have easily bought in and though he would have missed the first couple of years he would have captured the last 3. Look at Buffett buying those railroad stocks AFTER they had already doubled.