The Longevity of Investment: Analyzing Railroads and Beyond

This chapter explores the historical performance and long-term returns of traditional companies like Kansas City Southern and Vulcan Materials Company, contrasting capital-intensive industries with tech-driven firms. It emphasizes the concentrated wealth generated by a small number of enduring businesses and reflects on the challenges faced by many stocks in achieving success. The discussion also investigates the impact of branding on profitability in controversial industries, alongside strategies for navigating investment choices.