Coffee Can Newsletter – February, 2018

When it comes to investing in stock markets, greatness is defined as ‘the ability of a company to grow whilst sustaining its moats over long periods of time’. Such great companies have repeatable and defensible earnings with significant competitive advantages that defend their superior returns from the unrelenting assault of the competitors. Given the consistent track record of such rare companies, their share prices ought to trade at higher multiples – but how much?