10 stocks that have what it takes to be a ‘perfect’ company

MarketWatch2021-08-05

Strong leadership, smart acquisitions, and a sense of place and purpose are part of a winning combination. My recent column describing the “perfect company” elicited several nominees from readers. ...

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Comments

Boink
2021-08-06
Boink
Like and comment
- Phyusin:
  Ok
Huat8989
2021-08-05
Huat8989
Like
Chitooctto
2021-08-05
Chitooctto
Like
POHLING88
2021-08-05
POHLING88
Like
Chasiu
2021-08-05
Chasiu
Nice
- Chitooctto:
  yeah
Derrick0359
2021-08-05
Derrick0359
Pls comment
- miaomee:
  Tq
- Boink:
  Ok
- miaomee:
  Like and comment back pls
- D199991D:
  Done
- Godddy:
  ok

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They’re worth sharing and may even provide the basis for constructing a portfolio.\nAs a recap, a colleague once defined the perfect company as requiring no incremental capital, yielding functionally infinite returns, and maintaining a long-term view. The perfect company’s leader must excel at allocating capital, chiefly through serial acquisitions of businesses thereafter managed in a decentralized structure based on trust.\nAcknowledging that such companies are rare, readers suggested numerous examples. These 10, listed below in alphabetical order, were mentioned multiple times:\n\n1. Adobe ADBE,+0.71%\n2. Alphabet (Google) GOOGL,-0.37%\n3. Berkshire Hathaway BRK.A,-0.88% BRK.B,-1.07%\n4. Constellation Brands STZ,-0.88%\n5. Danaher DHR,+1.09%\n6. Fairfax Financial Holdings FFH,+4.70%\n7. Illinois Tool Works ITW,-1.31%\n8. Johnson & Johnson JNJ,-0.59%\n9. Markel MKL,+0.30%\n10. Roper Technologies ROP,-0.44%\n\nThese companies operate in industries generally requiring zero or modest incremental capital — insurance, sciences, technology and software.  That meets the first hurdle.\nTheir leadership is strong, often iconic, and certainly long-term. Berkshire’s Warren Buffett, Constellation’s Mark Leonard, and Fairfax’s Prem Watsa have personified their companies for decades, and all developed a deep bench of like-minded managers.  A succession of impressive leaders has run all the others, such as the Rales brothers at Danaher and the Markel family at their eponymous company.\nAcquisition discipline is evidenced by high returns on capital deployed, the companies’ opportunistic character, and their relative obscurity.  As for the latter, only a few of the thousands of acquisitions made by these 10 companies are marquee names on the order of Adobe’s Photoshop, Alphabet’s YouTube, or Berkshire’s Dairy Queen.  Most people haven’t heard of the majority of the businesses these companies have acquired.  ISCAR, Pall, Quipp, Vertafore anyone?\nAcquisition frequency and scale vary. Constellation, for example, has made hundreds of small acquisitions while Illinois Tool Works has made perhaps 1,000. Adobe, Danaher, Fairfax, and Markel have made dozens or scores of purchases, some of considerable size. The others are all over the map in number and sizes. One thing these investors have in common is that they wait for their pitch.\nAll of these companies are organized along decentralized lines. Headquarters delegates substantial autonomy to the heads of the various businesses. Trust permeates their cultures.\nThe data back up the impressions. For instance, these companies repeatedly lead the pack in rankings of attributes of the perfect company, such as capital allocation prowess and decentralized trust-based cultures.\nThey are also notable for the longevity of their leadership and insider ownership of the stock (especially by directors, suggesting they “get” the perfect company).\nNot coincidentally, all 10 companies rank high in attracting long-term focused (“quality”) shareholders. They also rank high in the caliber of their shareholder communications — a logical add-on of the perfect company from the shareholders’ viewpoint.\nIn short, readers have helpfully identified “perfect companies” in the sense my colleague described.  Whether these companies are perfect investments depends on their prevailing stock price.  But they certainly warrant a close look.","kind":null,"is_publish_news":false,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":899598824,"gmtCreate":1628205308668,"gmtModify":1703502969815,"author":{"id":"3584620238111631","authorId":"3584620238111631","name":"Boink","avatar":"https://static.tigerbbs.com/c209643e8a7d239ba24db30470811841","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3584620238111631","authorIdStr":"3584620238111631"},"htmlText":"Like and comment","listText":"Like and 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