There’s a certain type of investor who lights up when someone says “artificial intelligence,” “biotech breakthrough,” or “disruptive platform.” The room fills with phrases like total addressable market, exponential growth, paradigm shift. There are charts. There is optimism. There are hoodies. And then there are boring businesses. The companies that make industrial fasteners. The ones that distribute cleaning supplies. The regional waste haulers. The manufacturers of gaskets, insulation, gravel, warehouse shelving, pest control services, pipe fittings, asphalt sealant, porta-potties, funeral services, auto parts, and unglamorous replacement components that quietly keep civilization from collapsing. No one makes a Netflix docuseries about a regional concrete company. No one is lining up outside a conference center to hear a keynote on corrugated packaging margins. And yet, boring businesses often make very serious money. Not flashy money. Not headline money. Durable money. Let’s ...