By
Borsgade
In a recent interview, François Rochon discusses his approach to identifying exceptional businesses by combining quantitative and qualitative analysis. He starts by examining historical performance metrics such as return on capital, profit margins, debt levels, and the quality of earnings to identify strong companies.
François emphasizes that past performance alone is not a reliable predictor of future success. He evaluates whether the key drivers of past success, such as competitive advantages and durable moats, remain robust.
He also underscores the pivotal role of management in sustaining strong performance, particularly in areas like capital allocation, product innovation, acquisitions, dividends, and share buybacks. This comprehensive strategy helps ensure a company’s potential for delivering outstanding long-term results.
We want to own great businesses, and the best way to identify them is to look at their past numbers, their past performance. […] But also, we realize the limitations of an approach that focuses too much on the past because past numbers only reward past shareholders. When you buy shares today or you stay a shareholder in a company, it’s the future that will decide whether you get rewarded or not.
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The above has been prepared by Børsgade ApS for information purposes and cannot be regarded as a solicitation or recommendation to buy or sell any security. Nor can the information etc. be regarded as recommendations or advice of a legal, accounting or tax nature. Børsgade cannot be held liable for losses caused by customers’/users’ actions – or lack thereof – based on the information in the above. We have made every effort to ensure that the information in the above is complete and accurate, but cannot guarantee this and accept no liability for errors or omissions.
Readers are advised that investing may involve a risk of loss that cannot be determined in advance, and that past performance and price development cannot be used as a reliable indicator of future performance and price development. For further information please contact info@borsgade.dk
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