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Characteristics of Good Businesses

  • We are partial to businesses with sustainable competitive advantages, or wide "moats" as they are often called.  These companies are typically leaders in industries with significant barriers to entry.

  • We have a preference for growing businesses that are likely to be around for a long time.  We like predictably profitable companies with pricing power, diversified earnings and strong free cash flow.

  • We like durable businesses with healthy balance sheets and the wherewithal to withstand the inevitable shocks and rough patches.  We prefer that companies have low capital investment requirements, provide above-average returns on capital and not be dependent upon external funding. 

  • We admire well-managed companies whose leaders are disciplined in their capital allocation decisions and who display a shareholder orientation. 

     

     

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