We have written for many quarters about the sustained outperformance of stocks of high quality and rapidly growing but ostensibly expensive companies. These securities outperformed once again this quarter amid the market’s sharp decline.
By not compromising on our commitment to strong balance sheets when times are good, we reduce losses arising from financial distress when the tide of easy credit and low borrowing costs inevitably recedes. We can therefore place greater confidence on our estimates of the long-term value of our companies.
In the first quarter, small companies with the lowest debt burdens outperformed. We believe the market’s focus is correct, particularly for small caps, which can face more difficulty accessing credit than large companies in periods of distress.
By not compromising on our commitment to strong balance sheets when times are good, we reduce losses arising from financial distress when the tide of easy credit and abundant demand inevitably recedes. We can therefore place greater confidence on our estimates of the long-term value of our companies, for if a company is to enjoy the growth in an economic recovery it must first survive the transient shock
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