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attractive risk-adjusted returns
banking
Brian Yacktman
capital lite
conservative balance sheets
conservatively levered
consumer and business services
credit ratings
diverse collection of Global Champions
diversified
dominant network
dominant networks
enduring pricing power
Estee Lauder
family owned business
global brands
global champions
global investing
high inside ownership
high market share
inflation
information filter
innovation and disruption
interest rates
long-term volume growth opportunities
luxury goods
market-timing mispricing
market downturn
market volatility
network effect
NIMBY
not-in-my-backyard
owner operator
ownership-minded management teams
people filter
pricing power
purchasing power
recession-resistant business
rising global wealth
shareholder minded management team
stock market declines
switching costs
toll-taker
untapped pricing power
yacktman