Gary Channon (Phoenix Asset Management) - Experiments In Value Investing
Far From The Finishing Post
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The Importance of Management
We look for businesses that can make at least 15% on their real capital. It's not enough to say it's in the accounts en. Why was it? Why won't it end next year? And then for phoenix, as an extra thing, because we test it, it's got to be observable in the d we need to see it in action. But most of those long term returns, if you' going to hold it for a long peri of time, will come from retain capital. So it really matters who's running it. I suppose my view about the importance of management has gone up and up for 23 years. They've got a good machine, do they
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