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Dan Davidowitz (Polen Capital) - Compounding Made Simple
Far From The Finishing Post
Aim for Stars: When Opportunities Align
A significant investment position, such as that in Amazon, arises under specific conditions: the company must have a formidable competitive advantage, indicating it is the best in its sector; it should demonstrate rapid growth, with earnings and free cash flow exceeding 20% annually; the valuation needs to be compelling, ideally under 20 times free cash flow for a high-quality growth company; and lastly, there should be a timely context supporting the investment decision. This confluence of factors makes large investments viable and potentially rewarding.
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