Evaluate a Company’s Earnings Power, not Current Earnings Understanding the Past is Key to Understanding the Future

Pick a Good Business to Avoid Random Catalysts

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We focus first on good businesses, with high returns on capital, barriers to entry and significant free cash flow generation over a cycle. If you're right about the business, time should be your friend, so catalysts are not important.
Source: http://www.valueinvestorinsight.com/
Tags: value, business