James Abela, Portfolio Manager at Fidelity, identifies three characteristics of a great business - high returns, high sustainability, and credible management & accounting. These are the “three pillars of success.” Generally, the stocks that meet these criteria are either in consumer, healthcare, and technology. “That’s where all the great businesses are.” One local company that meets his criteria is Corporate Travel Management (CTD). CTD is founder-run and has been built over a period of 15 years. It’s a software business, it produces high returns, and cashflows that speak for themselves. “It’s one of those wonderful companies that’s ahead of the curve, innovative… Employees are happy, clients are happy. That’s the recipe for success.” In the current market, where investors have to be cautious on valuation and growth expectations, he expects that “they’ll keep delivering on those expectations.” Hear his case for CTD in the short video below.