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Jenny Wallace - Identifying Value at the Summit

Value Investing with Legends

CHAPTER

Leverage and Return on Invested Capital

In the last decade, just if you look at the 3000 largest companies publicly traded debt has increased 50% and that was measured by the way a year ago so I bet it's even higher now. The absence of leverage in the companies in which we invest is an important measure of quality in our portfolio. It's what helps us differentiate companies that are legitimately undervalued from stocks that are cheap but potentially deservedly set up as value traps.

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