Lawrence A Cunningham - Quality Investing: Owning the best companies for the long term
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Quality Investing: Owning the best companies for the long term: summary, description and annotation
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The best companies often appear to be characterized by an ineffable something, much like that of people who seem graced by a lucky gene. Think about those of your peers who seem a lot like you but somehow always catch a break. They are not obviously smarter, smoother, richer, or better-looking than you, yet they are admitted to their university of choice, get their dream job, and earn considerable wealth. Try to discern what they have that you dont, and you are stumped. Chalk it up to fate or plain dumb luck.
Businesses can be similar. For reasons that are not always evident, some end up doing the right things with better results than average. They may not appear to be savvier acquirers, more adept marketers, or bolder pioneers, yet they integrate new businesses better, launch products more successfully, and open new markets with fewer mishaps. Perhaps through some combination of vision, scale, or business philosophy, these companies uncannily come out ahead.
In our view, three characteristics indicate quality. These are strong, predictable cash generation; sustainably high returns on capital; and attractive growth opportunities.
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Investing is a continuous process of learning, and it will be a rare investor who does not glean substantive lessons from the notable AKO story of quality investing.
Stephen Blyth, President and CEO, Harvard Management Company, Professor of the Practice of Statistics, Harvard University
Capturing both the science and the art that have driven AKOs success, Quality Investing is equal parts investing handbook and ode to the beauty of truly great businesses.
Peter H. Ammon, Chief Investment Officer, University of Pennsylvania
Quality Investing answers the riddle of what you get when you cross Peter Lynchs One Up on Wall Street with Seth Klarmans Margin of Safety. By combining a discerning eye for sustainable growth with a disciplined calculus to buy over horizons when the probabilities are favorable, the book articulates a profitable approach to the art of investing.
Jason Klein, Senior Vice President & Chief Investment Officer, Memorial Sloan Kettering Cancer Center
I recommend Quality Investing highly as a guide to harness the power of core investment principles. Shows why the best long-term margin of safety comes not from an investments price but from the value of a companys competitive advantage.
Thomas A. Russo, Partner, Gardner, Russo & Gardner
Quality Investing , from a team of top quality investors, provides a clear and rigorous analysis of a highly successful, long-term investment strategy. In an increasingly short-term investment world, the books insights are likely to remain hugely valuable.
Neil Ostrer, Founder, Marathon Asset Management
Quality Investing describes a unique approach to evaluating investment opportunities based on real life examples and experience. Replete with interesting lessons and insights relevant not just for investors, but for any business leader seeking to build an enduring, high-quality company, Quality Investing is an outstanding book and should be required reading for business leaders and MBA students as well as for investors.
Henrik Ehrnrooth, President & CEO, KONE
The book is a crisply-written mix of sound investment principles, insightful commercial patterns, and colorful business cases. A real pleasure to read.
Hassan Elmasry, Founder and Lead Portfolio Manager, Independent Franchise Partners
AKO Capital were one of the first to recognise Ryanairs secret formula... An outstandingly handsome CEO, a brilliant strategy, all underpinned with our innate humility. These guys are geniuses. For a better life you must read this book... and fly Ryanair!!
Michael OLeary, Chief Executive, Ryanair
Quality counts. If you are a long term investor, its hard to find a more important factor as to what will power your ultimate investment returns. That said, quality is impossible to measure with precision because it often embodies more subjective qualitative factors than easily quantifiable measurements. Quality is also dynamic and changes over time. This book attempts through case studies, descriptions, and quantifiable measurement to help investors think systematically about quality and its importance. Enjoy!
Thomas S. Gayner, President and Chief Investment Officer, Markel Corporation
An indispensable addition to any value investing library, Quality Investing will appeal to novices and experts alike. Vivid real-life case studies make for an engaging read that shows the power of compounding that comes with owning high-quality businesses for the long term.
John Mihaljevic, The Manual of Ideas
An excellent read: clear and insightful. Quality Investing is an important aid to shareholders when evaluating any company.
Albert Baehny, Chairman, Geberit
Quality Investing is an outstanding resource for all investors seeking to enhance their knowledge of the critical drivers for investment success. Several important concepts for discerning and evaluating outstanding companies are clearly explained and further elaborated upon through many specific company examples. I highly recommend Quality Investing to all prospective investors from beginners to experienced practitioners.
Paul Lountzis, Lountzis Asset Management, LLC
Owning the best companies for the long term
Lawrence A. Cunningham, Torkell T. Eide and Patrick Hargreaves
18 College Street
Petersfield
Hampshire
GU31 4AD
GREAT BRITAIN
Tel: +44 (0)1730 233870
Email: enquiries@harriman-house.com
Website: www.harriman-house.com
First published in Great Britain in 2016
Copyright AKO Capital LLP
The right of Lawrence A. Cunningham, Torkell T. Eide and Patrick Hargreaves to be identified as the authors has been asserted in accordance with the Copyright, Design and Patents Act 1988.
Print ISBN: 978-0-85719-501-2
eBook ISBN: 978-0-85719-512-8
British Library Cataloguing in Publication Data
A CIP catalogue record for this book can be obtained from the British Library.
All rights reserved; no part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without the prior written permission of the Publisher. This book may not be lent, resold, hired out or otherwise disposed of by way of trade in any form of binding or cover other than that in which it is published without the prior written consent of the Publisher.
Whilst every effort has been made to ensure the accuracy of this publication the publisher, editor, authors and authors employers cannot accept responsibility for any errors, omissions, mis-statements or mistakes. Quality Investing is intended for your general information and use; it is not a promotion of specific services. In particular, it does not constitute any form of specific advice or recommendation by the publisher, editor, authors or authors employers and is not intended to be relied upon by users in making (or refraining from making) investment decisions. Appropriate personalised advice should be obtained before making any such decision if you have any doubts.
No responsibility for loss occasioned to any person or corporate body acting or refraining to act as a result of reading material in this book can be accepted by the Publisher, by the Authors, or by the employers of the Authors.
Lawrence A. Cunningham has written a dozen books, including The Essays of Warren Buffett: Lessons for Corporate America , published in successive editions since 1996 in collaboration with the legendary Mr. Buffett; the critically acclaimed Berkshire Beyond Buffett: The Enduring Value of Values (Columbia University Press 2014); and Contracts in the Real World: Stories of Popular Contracts and Why They Matter (Cambridge University Press 2012). Cunninghams op-eds have been published in many newspapers worldwide, including the Financial Times , New York Times , and Wall Street Journal , and his research has appeared in top academic journals published by such universities as Columbia, Harvard, and Vanderbilt. A popular professor at George Washington University, Cunningham also lectures widely, delivering as many as 50 lectures annually to a wide variety of academic, business and investing groups.
Torkell Tveitevoll Eide is a Portfolio Manager at AKO Capital. He rejoined AKO in 2013 from SKAGEN Funds in Norway where he spent four years as a Portfolio Manager on SKAGENs $9 billion global equity fund. Prior to that Eide had spent three years at AKO Capital as an investment analyst, and before AKO he was a Management Consultant with McKinsey & Company in its Corporate Finance practice. Eide has a first-class degree in Economics from the London School of Economics and Political Science.
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