Dan Davidowitz and Damon Ficklin discuss Polen Capital and the Focus Growth Strategy. The idea behind the strategy is that setting high thresholds for companies and only investing in the best will result in superior returns. Mr. Davidowitz and Mr. Ficklin screen companies on five criteria: balance sheets with cash and low debt, more free cash flow than they could use, returns on capital north of 20%, profit margins that are at least flat and real organic revenue growth. In addition, they are looking for a market cap of $4 billion or higher. Mr. Davidowitz and Mr. Ficklin aim to generate returns from compounded earnings growth rather than buying and selling. For this reason, they have a low turnover and maintain a long time horizon for their investments.
Full interview HERE.
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