"Investors often talk about “quality” businesses as though the label itself confers some kind of immunity. It doesn’t. Quality is not a forcefield. It is the result of constantly renewing an advantage: better products, sharper execution, deeper customer relationships, stronger distribution, and a management team willing to adapt before the market forces it to."
"Adaptable CEOs can’t be measure in a spreadsheet, but it’s one of the most important aspects of valuation of a company."
"We cannot know in advance if future returns will be concentrated and which companies will be responsible for that concentration. What we do know is that rebalancing and concentration are about trade-offs: rebalancing works because it prevents concentration from building, while a market cap approach works because it allows concentration to develop. The “right” amount of concentration is unknowable in advance, but the more concentrated your approach, the wider the range of outcomes you need to be prepared for."
"The more time elapses, the more the market finds a workaround."
"Investors often talk about “quality” businesses as though the label itself confers some kind of immunity. It doesn’t. Quality is not a forcefield. It is the result of constantly renewing an advantage: better products, sharper execution, deeper customer relationships, stronger distribution, and a management team willing to adapt before the market forces it to."
"Adaptable CEOs can’t be measure in a spreadsheet, but it’s one of the most important aspects of valuation of a company."
"We cannot know in advance if future returns will be concentrated and which companies will be responsible for that concentration. What we do know is that rebalancing and concentration are about trade-offs: rebalancing works because it prevents concentration from building, while a market cap approach works because it allows concentration to develop. The “right” amount of concentration is unknowable in advance, but the more concentrated your approach, the wider the range of outcomes you need to be prepared for."
"The more time elapses, the more the market finds a workaround."