I really like reading Expeditors' SEC 8-K filings. It is a very
shareholder friendly company that uses the 8-K to answer all
questions, publically. Not only do you get a nice snapshot of a
very well run business -- that tends to reflect globalization
trends, to boot -- but you also get a great tone of voice.

Such as this Q&A, discussing their competition. Expeditors is
a shipping logistics company -- their customer wants to get their
inventory from place A to place B, and Expeditors buys the
capacity to do so. They pride themselves on being asset-free,
that is, they own no air or ocean freight vehicles themselves.

18. Are you seeing more intense competition from other supply chain solutions companies which own assets, particularly aircraft? Do they have a competitive advantage that Expeditors does not?

As to more intense competition, the answer is no. The sort of competition we are currently seeing has always been there. It's just another flavor of the dancing circus bear. The outfits may change, the routine gets upgraded and the music may be different, but at the end of the day, a dancing asset bear is still a bear in a tutu. Brown bear or grizzly, it is really just the same act. Popular in Europe, but still the same act. They may try to present an image of refinement costumed in a supply chain outfit with a flashy IT wig, but you are still just watching a bear dance. Some say it is just not natural.

With respect to competitive advantages, sure, being a bear no doubt has some competitive advantages, although we question whether improvisation or flexibility could be listed among them.

EDGAR | Expeditiors 8-K, May 31 2005