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Chuck Akre – The Three-Legged Stool - [Invest Like the Best, EP.135]
Invest Like the Best with Patrick O'Shaughnessy
How Do You Think About the Returns of Recent Businesses?
In the last 10 or 15 years, the overall returns of all businesses have gone down. The lower level of interest rates has had a pervasive effect and it's caused the returns to be lower in our judgment. Some of these businesses have earned their returns are ways that were new to us and we didn't catch on to them. And then three, we spent time trying to figure out what's causing that. We think we know and we've quit talking about it. But I mean, if you read any research from Wall Street and we read very little, there is no one who talks about that,. Who talks about rates of return that they're earning on their capital. Our business model is
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