Market
Memos from Howard Marks: Mr. Market MiscalculatesWe believe that six specific attributes come together (and overlap) to mark a good or great company, regardless of sector or geographic location.
A closer look at the six attributes that make a good or great company.
1. Essential products or services
2. High barriers to entry
3. Market-leading positions
4. Stable cash flows
5. Durable competitive advantages
6. Large-scale operating leverage