High Quality Value Investing with a Tactical Twist With Jeff Muhlenkamp
Excess Returns
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Are You Looking for Firms With High Returns on Capital?
One of the things we've seen in our research is a lot of times firms that have high returns on capital. It's hard for them to sustain them for really long periods of time. Warren Buffett looks for companies that can generate additional returns with very little additional capital required. And so I'm happy to learn from here as you say and say, okay, that's a great idea. But you also need pricing power, you know, and people will call it a moat, but you need pricing power too.
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