Quality Investing: Owning the Best Companies for the Long Term

Absolutely loved it. This book really helps in understanding the traits of Quality Companies. Fresh ideas which are explained in an amazing way. Books by Harriman House are so damn delicious for the Inquisitive brain!

It's a in depth analysis

Very nice work by an experienced investment management team. The authors build on the concept of quality investing that is similar but slightly different from value investing. The authors argue that instead of waiting for value, quality investments even if not cheap outright, would payoff in the long run. Many of their points are quite valid. They favour companies with recurring cash flows, sustainable growth opportunities, and a history of generating cash. Yet I am not able to buy into their argument favouring an active approach to find such companies. Most of the companies they suggest would anyway be in the large indices and buying a major index of any country would more or less replicate the philosophy of quality investing. I wonder where they add value by their research. Nonetheless, it is a well-written book with cogent arguments. Gives a snapshot into a number of European businesses.

a GEM by a GEM.

Very good book. Must read for people who want to compound money by investing in quality companies.

A must read for all investors wanting to follow good practices in stock investing.

great thoughts expressed in simple language !

Excelente livro, recomendo!

REGALO

Quality investing consist of selecting ‘the specific traits, aptitudes and patterns that increases the probability of a particular company prospering over time -- as well as those that decrease such chances,’ according to the authors (p.2). It is notably the combination of predictable cash generation, sustainable high return on capital, and attractive growth opportunities. The book covers all these aspects of quality investing from an expert point of view, but in accessible language. It provides definitions of terms and shows examples of quality companies (as well as those that aren't). Twenty-two case studies also examine companies in more detail. The book covers the pitfalls and portfolio implementation of quality investing at the end of the book. Investors can use the criteria in this book to improve their stock-picking checklist. It would be great to have in a future edition an annex with a list of criteria and parameters to analyse quality companies.

Shockingly good. Another reviewer complains that there's no "framework" here. Thank God. Look, in some fields no matter how far you progress there's another framework - solid, concise, complex, interlocking body of knowledge - to be learned. Classical mechanics > electromagnetics > quantum, etc. More commonly in other fields there's some basic useful framework everyone should learn right away, but once that's mastered progress is all about filling your head with and deeply internalizing a huge number of relatively simple facts, stories, and patterns. (Of course academics and their imitators do not accept this reality and pretend instead that the structure of knowledge in micro, macro, or psych - don't even get me started on biases/heuristics popularizations - can be reduced to a series of neat interlocking frameworks.) Anyhow this book is packed dense with these useful chunks, and the more you've got stored away the more likely a light bulb of familiarity flickers in your head when you crack open a new 10-K. For example, there's this company called Clearone that I've followed awhile that makes puzzlingly high gross margins considering what they do - video conferencing equipment. But it clicked when I read this book's chapter on how friendly middlemen can create unusually strong businesses, i.e. optometrists always recommending a particular brand of high quality glasses because he cares not at all about price. Clearone sells to a friendly non-price sensitive middleman - big system integrators that do large scale technology installments for universities, corporations, hospitals, etc. Anyhow, the book is great, dense, legitimately useful, and minimally redundant with other investing books because it skips the usual routine of either romanticizing basic value investing concepts or trying to force fit some artificial framework on the tangled mess of knowledge that is useful to investing.

The product arrived in good condition. This is one of my fav books. It doesn’t really tell you much about valuation but def defines the qualitative component of stock selection. It’s helpful they provide names that didn’t work out and why. An important read for anyone into quality investing.