This is a continuation of: Centurion Corporation Investing Thesis Part I Centurion Corporation Investing Thesis Part II In the comments section of part II, a reader commented that he isn’t so sure about Centurion, and if anything, it’ll be a small punt rather than a core position in a portfolio. That, in a nutshell, describes how I feel too. Currently, at least. Centurion has several things going for it, but as I described in part II, the debt is certainly a concern. Furthermore, as I judge that Centurion doesn’t have a moat around it’s business, it’s therefore difficult to project with certainty, the currently good CFs. In the dormitory business, it is very difficult to get an enduring moat around your business as the main criterion for your clients, is the price they’re paying for their staff. I can see where Centurion’s management is moving with this though; they have ......