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The Compounding Tortoise @CompTortoise on x 8591 followers
Created: 2025-07-18 15:13:50 UTC
Our Tortoise Take and Two Examples
It’s clear that Hohn’s focused on durability, rolling incremental returns that keep improving because of pricing power and relatively low maintenance investments.
High returns and longevity may seem to be a bit paradoxical. High returns are like a honeypot: they attract competition. With moats come attractive returns on invested capital, and the nature of capitalism will make a high ROIC (and ROIIC) revert to the mean. That’s the generally accepted thought process. While a high ROIC is often seen as a golden ticket, we believe the real hidden value lies in identifying companies that not only boast a strong ROIC and ROIIC, but also significantly outshine their competitors in these metrics.
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Related Topics honeypot