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Quality Investing
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Table of Contents

Case studies About the Authors Acknowledgements Preface Introduction 1. BUILDING BLOCKS A. Capital Allocation B. Return on Capital C. Multiple Sources of Growth D. Good Management E. Industry Structure F. Customer Benefits G. Competitive Advantage 2. PATTERNS A. Recurring Revenue B. Friendly Middlemen C. Toll Roads D. Low-Price Plus E. Pricing Power F. Brand Strength G. Innovation Dominance H. Forward Integrators I. Market Share Gainers J. Global Capabilities and Leadership K. Corporate Culture L. Cost to Replicate 3. PITFALLS A. Cyclicality B. Technological Innovation C. Dependency D. Shifting Customer Preferences 4. IMPLEMENTATION A. Challenges B. Mistakes when Buying C. Mistakes of Retention D. Valuation and Market Pricing E. Investment Process & Mistake Reduction Epilogue Appendix Endnotes Index

About the Author

Lawrence A. Cunningham is well-known to Berkshire shareholders and other followers of Warren Buffett. A business law professor and consultant based in New York City and Washington DC, his acclaimed books include The Essays of Warren Buffett, which Buffett calls the "gold standard" in books of the genre, and Berkshire Beyond Buffett, both of which Buffett has designated for sale inside the Berkshire Annual Meeting. A member of the George Washington University faculty, Cunningham is the Founding Director of GW in New York, an intensive training program for aspiring Wall Street lawyers.
A graduate of the University of Delaware and Cardozo Law School and former corporate lawyer at Cravath, Swaine & Moore, Cunningham consults on corporate governance and has served on several boards, private and public, currently including Constellation Software Inc. He also serves on the Dean's Advisory Council of the University of Delaware College of Business and is a Trustee of the Museum of American Finance. Torkell Tveitevoll Eide is a Portfolio Manager at AKO Capital. He rejoined AKO in 2013 from SKAGEN Funds in Norway where he spent four years as a Portfolio Manager on SKAGEN's $9 billion global equity fund. Prior to that Eide had spent three years at AKO Capital as an investment analyst, and before AKO he was a management consultant with McKinsey and Company in its Corporate Finance practice. Eide has a first-class degree in Economics from the London School of Economics and Political Science. Patrick Hargreaves is a Portfolio Manager at AKO Capital. Before joining AKO in 2011, he spent eight years at Goldman Sachs where he ran the European Small & MidCap Research team before becoming deputy head of the Pan-European research department. Prior roles include stints at Cazenove and PricewaterhouseCoopers, where he qualified as a Chartered Accountant. Hargreaves has a degree in English Literature from Oxford University.

Reviews

"Investing is a continuous process of learning, and it will be a rare investor who does not glean substantive lessons from the notable AKO story of quality investing.";- Stephen Blyth, President and CEO, Harvard Management Company, Professor of the Practice of Statistics, Harvard University;"Capturing both the science and the art that have driven AKO's success, Quality Investing is equal parts investing handbook and ode to the beauty of truly great businesses."; Peter H. Ammon, Chief Investment Officer, University of Pennsylvania;"Quality Investing answers the riddle of what you get when you cross Peter Lynch's One Up on Wall Street with Seth Klarman's Margin of Safety. By combining a discerning eye for sustainable growth with a disciplined calculus to buy over horizons when the probabilities are favorable, the book articulates a profitable approach to the art of investing."- Jason Klein, Senior Vice President & Chief Investment Officer, Memorial Sloan Kettering Cancer Center;"I recommend Quality Investing highly as a guide to harness the power of core investment principles. Shows why the best long-term 'margin of safety' comes not from an investment's price but from the value of a company's competitive advantage.";- Thomas A. Russo, Partner, Gardner, Russo & Gardner;"Quality Investing, from a team of top quality investors, provides a clear and rigorous analysis of a highly successful, long-term investment strategy. In an increasingly short-term investment world, the book's insights are likely to remain hugely valuable.";- Neil Ostrer, Founder, Marathon Asset Management;"Quality Investing describes a unique approach to evaluating investment opportunities based on real life examples and experience. Replete with interesting lessons and insights relevant not just for investors, but for any business leader seeking to build an enduring, high-quality company, Quality Investing is an outstanding book and should be required reading for business leaders and MBA students as well as for investors.";- Henrik Ehrnrooth, President & CEO, KONE;"The book is a crisply-written mix of sound investment principles, insightful commercial patterns, and colorful business cases. A real pleasure to read.";- Hassan Elmasry, Founder and Lead Portfolio Manager, Independent Franchise Partners;"AKO Capital were one of the first to recognise Ryanair's secret formula...An outstandingly handsome CEO, a brilliant strategy, all underpinned with our innate humility. These guys are geniuses. For a better life you must read this book...and fly Ryanair!!";- Michael O'Leary, Chief Executive, Ryanair;"Quality counts. If you are a long term investor, it's hard to find a more important factor as to what will power your ultimate investment returns. That said, quality is impossible to measure with precision because it often embodies more subjective qualitative factors than easily quantifiable measurements. Quality is also dynamic and changes over time. This book attempts through case studies, descriptions, and quantifiable measurement to help investors think systematically about quality and its importance. Enjoy!";- Thomas S. Gayner, President and Chief Investment Officer, Markel Corporation;"An indispensable addition to any value investing library, Quality Investing will appeal to novices and experts alike. Vivid real-life case studies make for an engaging read that shows the power of compounding that comes with owning high-quality businesses for the long term.";- John Mihaljevic, "The Manual of Ideas";"An excellent read: clear and insightful. Quality Investing is an important aid to shareholders when evaluating any company.";- Albert Baehny, Chairman, Geberit;"Quality Investing is an outstanding resource for all investors seeking to enhance their knowledge of the critical drivers for investment success. Several important concepts for discerning and evaluating outstanding companies are clearly explained and further elaborated upon through many specific company examples. I highly recommend Quality Investing to all prospective investors from beginners to experienced practitioners.";- Paul Lountzis, Lountzis Asset Management, LLC;"Beating the market is possible but not easy. Buying great companies at good prices tilts the probability of success in your favour. Quality Investing is an excellent aid for professional investors and motivated amateurs in tackling this perennial challenge. Read it and help improve your chance of investment success.";- John Looby, Portfolio Manager, Kleinwort Benson Investors, founder and board member, Value Investment Institute;

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