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ActiveManagementHdOut - -u ji'I 1/rr rj]4i:tt'i n l"r,<(J/1...

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FINANCE INVE S TING (ry,:q \ a UANTTTATTVE
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CHAPTER IO Red Flags The worst sort of business is one that grows rapidly, requires significant capital to engender the growth, and then earns little or no money. Think airlines. Here a duroble competitive advantage has proven elusive ever since the days of the Wright [b]rothers. Indeed, if a falsighted capitalist had been present at Kitty Hawk, he would have done l'ris successors a huge favor by shooting Orville down. ' Warren Buffett, 2007 Annual Report to Shareholders So far in this book, I've identi tu tureBtd-dffiiEike t returns f ro uantitativ all these orimarv dri- vels the ltnsics, since they represent the essentials of common stock investment. Cha ,l tlrrou lr 9,1 covered many of the basic drivers of ftftui market returns, including ofitabili and A quantitative investo4 or an investor simply seeking to become better at picking stocks, can couttt on these six furrdamental drivers to provide a solid foundation forbuilding an effective quantitative scleen or model or in qualitatively choosing a winning portfolio of stocks.2 The variou s ltuilding bloclcs that I've presented under these six basic categories- returtt on invested capital,
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