
The Rewind: You Can’t Predict. You Can Prepare.
The Memo by Howard Marks
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The Secret of Rapid Growth Forever
Out of 150 candidates among large companies, only four or five in each period were able to grow earnings per share at 15 % per year. The key for philip morris wasn't a technological miracle or a fabulous new growth product. It was solid blocking and tackling in areas of stableons demand. So the latest wonder company with a unique product rarely possesses the secret of rapid growth forever.
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