Our top 15 companies grew earnings at an attractive rate while their multiples compressed – a compelling combination as the distortions of the easy money era fade
Transcript
| Chris Davis: | This blue line shows the earnings of our top 15 companies over the last decade. You see this blue line. That is each year on average the company's earning more, significantly more, and in the last five years, by the way, growing their earnings faster than the averages. Yet when I talk about our discipline, our companies, the characteristics that we look for being out of favor, well look at that red line sloping down and to the right. That is the valuation of our top 15 companies, so enormous multiple compression despite growing businesses. As that gap has opened up, that is what positions us so well we think for this decade ahead. |
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