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Michael Mauboussin - Pattern Recognition and Public Markets (EP.370)
Capital Allocators – Inside the Institutional Investment Industry
Unprecedented Growth and Returns of Top Companies Since 2000
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Since 2000, there has been a remarkable trend where the largest companies have experienced growth beyond expectations and maintained high returns on capital persistently. This phenomenon is exemplified by the top quintile of public companies outperforming the next quintile significantly. The sustained high levels of Return on Invested Capital (ROIC) have led to substantial wealth creation. There are theories suggesting that large technology companies have achieved this through substantial investment in proprietary software, enabling them to leverage scale benefits and customer differentiation unlike ever before.
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