Tag: Capital allocation
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Three engines, and the people driving them
The Quality Series · part 8 of 13 Free cash flow per share can compound in three ways. The first is to grow the cash flow itself. This is the classic compounder — a durable moat, high returns on capital, real pricing power — allowing it to compound earnings and cash flow per share at…
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The Most Patient Capital in the World
A sovereign wealth fund is structurally the closest thing on earth to Berkshire Hathaway — permanent capital, no redemptions, a generational horizon. So why does almost none of that capital behave that way?