Case studies About the Authors Acknowledgements Preface Introduction 1. BUILDING BLOCKS A. Capital Allocation B. Return on Capital C. Multiple Sources of Growth D. Good Management E. Industry Structure F. Customer Benefits G. Competitive Advantage 2. PATTERNS A. Recurring Revenue B. Friendly Middlemen C. Toll Roads D. Low-Price Plus E. Pricing Power F. Brand Strength G. Innovation Dominance H. Forward Integrators I. Market Share Gainers J. Global Capabilities and Leadership K. Corporate Culture L. Cost to Replicate 3. PITFALLS A. Cyclicality B. Technological Innovation C. Dependency D. Shifting Customer Preferences 4. IMPLEMENTATION A. Challenges B. Mistakes when Buying C. Mistakes of Retention D. Valuation and Market Pricing E. Investment Process & Mistake Reduction Epilogue Appendix Endnotes Index
Lawrence Cunningham's two dozen books include The Essays
of Warren Buffett, which Cunningham self-published into an
international best-seller that he has arranged for translation into
a dozen languages. An influential thought leader in both value
investing and corporate governance, Cunningham's other notable
books include Quality Investing (long time best seller with AKO
Capital), The AIG Story (with Hank Greenberg) and Margin of Trust
(which Warren Buffett singled out for special mention in his 2020
letter to Berkshire Hathaway shareholders). Cunningham advises
companies, boards and shareholders, currently as the founder of
Quality Shareholders Group and special counsel at Mayer Brown LLP.
He has served on numerous corporate boards, of both private and
public companies, including Constellation Software Inc., where is
currently vice chairman, and Kelly Partners Group.
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 SKAGEN's $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 and Company in its Corporate
Finance practice. Eide has a first-class degree in Economics from
the London School of Economics and Political Science.
Patrick Hargreaves is a Portfolio Manager at AKO Capital.
Before joining AKO in 2011, he spent eight years at Goldman Sachs
where he ran the European Small & MidCap Research team before
becoming deputy head of the Pan-European research department. Prior
roles include stints at Cazenove and PricewaterhouseCoopers, where
he qualified as a Chartered Accountant. Hargreaves has a degree in
English Literature from Oxford University.
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 AKO's
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 Lynch's One Up on Wall Street with Seth Klarman's 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 investment's price but from
the value of a company's 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 book's 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 Ryanair's 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 O'Leary, Chief Executive, Ryanair*
Quality counts. If you are a long term investor, it's 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*
Beating the market is possible but not easy. Buying great companies
at good prices tilts the probability of success in your favour.
Quality Investing is an excellent aid for professional investors
and motivated amateurs in tackling this perennial challenge. Read
it and help improve your chance of investment success.
*John Looby, Portfolio Manager, Kleinwort Benson Investors, founder
and board member, Value Investment Institute*
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