Value investing has the same definition but everyone chooses different stocks. The field is huge. But i like the concept of "Compounding Machine" brought about the manager of Akre Focus Fund
- have durable pricing power
- have real prospects for growth
- are not natural targets of regulation
- require only modest amounts of capital to operate efficiently
- are run by people of the highest integrity
- duplicate what happens at the company level at the per share level
- have an opportunity to reinvest all the excess profits at above average returns
This model of great businesses, great managers, and great reinvestment
opportunities has the potential to create a great “compounding machine”.
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