As a long-term investor, you should spend a lot of time thinking about what has happened to Garmin’s core business over the past decade. Way back in the early 2000s, the stock skyrocketed from $14 in 2004 to $125 in 2007 as it rolled out its consumer GPS navigational systems that made it possible to get on-the-go driving directions. If you relied on traditional metrics to make your investing decision, you would have thought that the stock seemed fairly priced. After all, the absolute highest valuation for the stock was 31.5x earnings in 2007. Other than that, the stock generally traded in the 20-29x earnings range which is quite attractive for a non-cyclical business that was doubling its profits every two years.