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:
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Tim Kelley has retired from Montgomery Investment Management, effective 30 September 2021. Tim’s final project has been drafting our investment guidelines to integrate environmental, social and corporate governance (ESG) considerations into our investment process. Tim remains a shareholder of Montgomery Investment Management.
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