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On run up. The primary thesis is that the stock is fair valued and he anticipates margin pressure.

Ford's done a great job of avoiding the pressure to keep its hard-won share at the expense of margins. Hopefully, continued strength in refresh and new product cadence will allow them to continue to avoid the temptation. Barclay's analyst appears skeptical.

A week or so ago, I recall an interview with the former Autoczar, whose name I fail to recall. He was actually being interviewed about GM on CNBC. His opinion was the GM's first job was to equalize their margins with the competition, not regain share. And he thought they'd achieve that goal.

The competition to catch? Ford. What a refreshing change. And to think all it took was a few billion in capex and a catastrophic recession...

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