Nick Train's process is different and has proved successful across a variety of market conditions. He looks for unique and high-quality companies that offer a high and sustainable return on investment, show low capital intensity, and are cash-generative. The result is a concentrated portfolio. Turnover is low, reflecting Train's long-term approach and his buy-and-hold style. He sells out only if he no longer considers a company to be of sufficient quality. This process has led to strong performance and, given the strategy has clear biases and risks, unusually consistent relative returns over the medium to longer term.
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