Anthony Bolton’s lessons from a life running money
Companies
- Start by evaluating the quality of the franchise
- Will it be here in ten years’ time and be more valuable?
- Is the company in control of its own destiny?
- Is the business model easy to understand?
- Does the business generate cash?
- Remember, mean reversion is one of the great truisms of capitalism
- Beware company guidance
- Use part of a company meeting to talk about other companies
- If you have any doubts about a company, follow the cash
What to look for in management
- Integrity and openness are most important
- If you have any questions on competency or trustworthiness, avoid the company
- Do they have a detailed knowledge of the business strategically, operationally and financially?
- Are the ...