Subject: TJX
I was in a TK Maxx yesterday....

I looked them up and reviewed the numbers, shareholder returns which are very good and consistent over the long term. What's their secret sauce vs lack lustre performance from other retailers?

I can see sustained high ROE and ROIC and share buybacks. Share price valuation seems to consistently be above 20 x earnings. Is it purely the buybacks and consistently good merchandising?

What's the moat?