Terry Smith And The Big ROCE Fallacy
Why high return on capital isn't the key to high investment performance.
It was a sunny Tuesday last week in Milan, which was refreshing after several dishwater-gray, rainy days. (It’s now rainy again..)
When the sun is up and the sky is open, I always feel more intellectually stimulated and thus a bit more contrarian. It’s probably a side effect of having lived in LA for years. My brain is wired to work when it’s sunny and h…