valueandprices
Thoughts

Ricky Sandler

“When we talk about business quality, we’re looking through our fundamental research to assess the company’s ability to protect and grow intrinsic value. If the dollar of assets you buy is increasing in value at an above-average rate, that’s an opportunity to generate alpha.”

“Characteristics of a good business include businesses that provide a demonstrable convenience to customers or a high value-added product or service, businesses capable of withstanding industry turmoil or a period of mismanagement, slowly evolving businesses with simple business models, businesses with recurring revenue streams and no need to continually recreate demand and/or replace customers, businesses with a minimum of uncontrollable factors affecting their results, businesses that do not have a concentrated customer base, and businesses that generate surplus cash flow after funding their growth.” Jeffrey Ubben

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