09/04/2024
In a world that lives in the moment, we strongly advocate delayed gratification. Achieving long-term success requires discipline and patience, and we can attest to that. A long-term investment perspective requires that we resist any instinctive "hedonistic preference for the present," our portfolio turnover is low, and we focus on finding companies that not only have a high return on working capital today but that, in our view, will maintain it in the future. Companies with high returns just confirm this！
