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Quality Investing

Owning the best companies for the long term

By Lawrence A. Cunningham , Torkell T. Eide , Patrick Hargreaves
Cover of Quality Investing (Hardback) by Lawrence A. Cunningham, Torkell T. Eide and Patrick Hargreaves Cover of Quality Investing (Ebook - phone) by Lawrence A. Cunningham, Torkell T. Eide and Patrick Hargreaves Cover of Quality Investing (Ebook - tablet) by Lawrence A. Cunningham, Torkell T. Eide and Patrick Hargreaves

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About the Authors

Lawrence A. Cunningham

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 ... Read more on Lawrence A. Cunningham

Torkell T. Eide

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. ... Read more on Torkell T. Eide

Patrick Hargreaves

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 ... Read more on Patrick Hargreaves

Contents Listing

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
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. Inn ...

Jacket Text

Quality. We all make judgments about it every day. Yet articulating a clear definition of quality in an investing context is challenging. This book addresses the challenge, and distills years of practical investing experience into a definitive account of this under-explored investment philosophy.

Finance theory has it that abnormal outcomes do not persist, that exceptional performance will soon enough become average performance. Quality investing involves seeking companies with the right attributes to overcome these forces of mean reversion and, crucially, owning these outstanding companies for the long term. This book pinpoints and explains the characteristics that increase the probability of a company prospering over time - as well as those that hinder such chances. Throughout, a series of fascinating real-life case studies illustrate the traits that signify quality, as well as some that flatter to deceive.

The authors' firm, AKO Capital, has a strong track record of finding and investing in quality companies - helping it deliver a compound annual growth rate more than double that of the market since inception. Quality Investing sheds light on the investment philosophy, processes and tough lessons that have contributed to this consistent outperformance.

Other books by this author


Media Coverage

ValueWalk

Lawrence Cunningham is widely regarded as an expert on Warren Buffett and his book The Essays of Warren Buffett: Lessons for Corporate America, which is now in its fourth edition, has been labeled by ...

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Shares Magazine

MARKET DIPS SHOULD be viewed as buying opportunities for quality companies. If a business is high calibre, one would hope any equity valuation weakness is temporary and investor interest will revive ...

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Seeking Alpha

Quality aspect recognized by investing community long time ago (e.g. in Dividend Growth Investing) and recently popped out from leading academics (Robert Novy-Marx, Eugene F. Fama, Kenneth R. French, ...

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Strictly Value

Quality Investing is a great guide for investing in wonderful companies for the long term. The authors are portfolio managers at AKO Capital, supported by Prof. Lawrence Cunningham, who has compiled ...

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Reading the Markets

Quality Investing: Owning the Best Companies for the Long Term (Harriman House, 2016) by Lawrence A. Cunningham, Torkell T. Eide, and Patrick Hargreaves brings the principles that have made the ...

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ValueWalk

Quality Investing: Owning the Best Companies for the Long Term is a new book authored by Lawrence Cunningham, Torkell T. Eide and Patrick Hargreaves, which outlines the investment philosophy of ...

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Master Investor

There are many ways in which investors come up with new stock ideas. Whether it be via perusing the charts through technical analysis, looking for low priced firms with fundamental value analysis or ...

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Academia de Inversion

Quality Investing has been a book that I have loved and I recommend without a doubt.

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Money Week

The book begins with the basics of what to look for when searching for quality companies, especially the importance of choosing firms that have a good return on capital and a strategy for dealing ...

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MoneyWeek

However, there are surprisingly few books about the qualitative (as opposed to quantitative or technical) factors that investors should look for when searching for a company that they can buy and ...

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