The Fortune study I mentioned earlier
supports our view. Only 25 of the 1,000 companies met two tests of economic
excellence-an average return on equity of over 20% in the ten years, 1977
through 1986, and no year worse than 15%. These business superstars were also
stock market superstars: During the decade, 24 of the 25 outperformed the
S&P 500.
The Fortune champs may surprise you in
two respects. First, most use very little leverage compared to their
interest-paying capacity. Really good businesses usually don’t need to borrow.
Second, except for one company that is “high-tech” and several others that
manufacture ethical drugs, the companies are in businesses that, on balance,
seem rather mundane. Most sell non-sexy products or services in much the same
manner as they did ten years ago (though in larger quantities now, or at higher
prices, or both). The record of these 25 companies confirms that marking the
most of an already strong business franchise, or concentrating on a single
winning business theme, is what usually produces exceptional economics.
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