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Yet, our accounts are of higher quality than benchmarks.<\/p>\n
The firms enjoy more consistent key metrics, have a safer spread between cost of, and return on capital, stronger credit, and higher return on equity and economic profit. Each of these metrics is formulated via important adjustments to the published financial statements. In our last report, for example, we illustrated the difference between our estimate of free cash flow and that used by the leading data service provider, FactSet. In prior reports we showed the adjustments to arrive at cost of equity.<\/p>\n
It has indeed been an unusual economic expansion, yet as we continue this stretch of worldwide slowdown, trade disputes and US political cycle, we should continue to find investors gravitate toward firms offering superior value, judiciously analyzed, both qualitatively and quantitatively.<\/p>\n
The linchpin going forward will be these firm\u2019s ability to deploy their excess cash and credit in a manner consistent with past practice, accounting for but certainly not limited to a change in tax policy (foreign or domestic), supply chain or factors outside the sphere of normal business practice.<\/p>\n