Stock splits are exciting. Not because they have any impact on the underlying business, but rather because they spotlight businesses whose shares have appreciated substantially. That rarely happens in the absence of financial fortitude, so Stock splits can helps investors suss out superior businesses.

Consider the following list of somewhat recent stock splits. Every company has some sort of competitive advantage, and every stock beat the S 500 over the last five years.

(NASDAQ: MELI) checks the same boxes, but the company has never split its stock, even though its share price appreciated 928% in the past decade.

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Source Fool.com