What does business quality mean for long-term returns?
I discuss business quality – what it is, why we focus on it, and what it means for long-term investment returns. Let's start with what we mean by quality. Different investors have different definitions for quality. Our specific definition is the ability to invest capital and earns above the cost of the capital. More here:
Tim is the Portfolio Manager of The Montgomery Fund – a concentrated, All-cap Australian equity fund that aims to generate capital growth and income. Montgomery focuses on owning high quality businesses and generating superior returns.