AuthorLawrence A. Cunningham, Torkell T. EIDE, Patrick Hargreaves
FormatHardcover
Dimensions
Item Height0.9 in
Item Weight15.9 Oz
Item Length9 in
Item Width6 in
Additional Product Features
Intended AudienceTrade
Dewey Edition23
Dewey Decimal332.678
Table Of ContentAbout the AuthorsAcknowledgementsPrefaceIntroduction1. BUILDING BLOCKSA. Capital AllocationB. Return on CapitalC. Multiple Sources of GrowthD. Good ManagementE. Industry StructureF. Customer BenefitsG. Competitive Advantage2. PATTERNSA. Recurring RevenuesB. Friendly MiddlemenC. Toll RoadsD. Low-Price PlusE. Pricing PowerF. Brand StrengthG. Innovation DominanceH. Forward IntegratorsI. Market Share GainersJ. Global Capabilities and LeadershipK. Corporate CultureL. Cost to Replicate3. PITFALLSA. CyclicalityB. Technological InnovationC. DependencyD. Shifting Customer Preferences4. IMPLEMENTATIONA. ChallengesB. Mistakes when BuyingC. Mistakes of RetentionD. Valuation and Market PricingE. Investment Process & Mistake Reduction EpilogueAppendix: AKO Capital and AKO FoundationEnd Notes
SynopsisQuality. We all make judgments about it every day. Yet articulating a clear definition of quality in an investing context is challenging. This book addresses the challenge, and distills years of practical investing experience into a definitive account of this under-explored investment philosophy. Finance theory has it that abnormal outcomes do not persist, that exceptional performance will soon enough become average performance. Quality investing involves seeking companies with the right attributes to overcome these forces of mean reversion and, crucially, owning these outstanding companies for the long term. This book pinpoints and explains the characteristics that increase the probability of a company prospering over time - as well as those that hinder such chances. Throughout, a series of fascinating real-life case studies illustrate the traits that signify quality, as well as some that flatter to deceive. The authors' firm, AKO Capital, has a strong track record of finding and investing in quality companies - helping it deliver a compound annual growth rate more than double that of the market since inception. Quality Investing sheds light on the investment philosophy, processes and tough lessons that have contributed to this consistent outperformance., AKO Capital, has a strong track record of finding and investing in quality companies - helping it deliver a compound annual growth rate more than double that of the market since inception. Quality Investing sheds light on the investment philosophy, processes and tough lessons that have contributed to this consistent outperformance.