Quality Investing

Owning the Best Companies for the Long Term

By: Lawrence A. Cunningham, Torkell T. Eide, Patrick Hargreaves

Narrated by: Kenneth Elliott

The concept of quality is familiar. People make judgments about it every day. Yet articulating a clear definition of quality is challenging.

The best companies often appear to be characterized by an ineffable something, much like that of people who seem graced by a lucky gene. Think about those of your peers who seem a lot like you but somehow always catch a break. They are not obviously smarter, smoother, richer, or better-looking than you, yet they are admitted to their university of choice, get their dream job, and earn considerable wealth. Try to discern what they have that you don’t, and you are stumped. Chalk it up to fate or plain dumb luck.

Businesses can be similar. For reasons that are not always evident, some end up doing the right things with better results than average. They may not appear to be savvier acquirers, more adept marketers, or bolder pioneers, yet they integrate new businesses better, launch products more successfully, and open new markets with fewer mishaps. Perhaps through some combination of vision, scale, or business philosophy, these companies uncannily come out ahead.

In our view, three characteristics indicate quality. These are strong, predictable cash generation; sustainably high returns on capital; and attractive growth opportunities.

©2016 Harriman House (P)2019 Harriman House

Worst Narration I've ever heard

If it was your job to narrate an audio book, would you just make up the pronunciation of words you didn't know? Or would you look up how to say them first? Enviable isn't envy-able but en-viable. Cyclical isn't "cyc-lical" but "sike-lical." it's a shame because this is actually a decent investing book. oh well

Great Business Cases

Great business cases with a professional perspective and experience. The cases served as a great base of knowledge.

Great book, terrible narration

Re-narrate this book. The narrator is too fast and mispronounces too many words. Thanks. Otherwise, great content.

Great book

Great insights on pitfalls and research. Would be very interested in a second edition too!

Person reading speaks too fast and is boring

Person reading speaks too fast and is boring

I think the information is good but couldn’t get past the speaker