Insight Article Desktop Banner
 
 
Consilient Observer
  •  
Januar 27, 2022

Underestimating the Red Queen

Insight Video Mobile Banner
 
Januar 27, 2022

Underestimating the Red Queen


Consilient Observer

Underestimating the Red Queen

Share Icon

Januar 27, 2022

 
 
Measuring Growth and Maintenance Investments
 
  • Organisms allocate energy between growth and maintenance and repair. They stop growing when maintenance requires all of the energy. Substitute capital for energy and companies appear to follow a similar trajectory.
  • This is important because you can anticipate a company’s growth only if you understand how much capital it spends on growth versus maintenance.
  • Estimating maintenance spending offers insight into how fast a company has to run just to stay in place.
  • Most executives and investors likely underestimate maintenance spending. Steps toward better understanding include a proper assessment of maintenance capital expenditures and a separation of selling, general, and administrative expenses into investment and maintenance components.
 
Article Team Image
 
Das Counterpoint Global Team ist bestrebt, langfristige Investitionen in einzigartige Unternehmen zu tätigen, deren Marktwert aus fundamentalen Gründen deutlich steigen kann. Ihre Portfolios sind in der Regel konzentriert und unterscheiden sich von ihren Benchmarks. Das Team besteht aus 26 Personen, darunter 16 Investment-Profis und zwei Disruptive Change-Forscher. Die Kultur des Teams fördert Zusammenarbeit, Kreativität, eine kontinuierliche Entwicklung und differenziertes Denken.
 
 

Subscribe to Counterpoint Global Insights - Consilient Observer

Please enter the code sent to your email address.

Valid for 10 minutes only

Confirm
Email Not Sent
 
 
Submit
 
 
 
 
 

IMPORTANT INFORMATION

The views and opinions are those of the author as of the date of publication and are subject to change at any time due to market or economic conditions and may not necessarily come to pass. The views expressed do not reflect the opinions of all investment personnel at Morgan Stanley Investment Management (MSIM) and its subsidiaries and affiliates (collectively the Firm”), and may not be reflected in all the strategies and products that the Firm offers.

This material is for the benefit of persons whom the Firm reasonably believes it is permitted to communicate to and should not be forwarded to any other person without the consent of the Firm. It is not addressed to any other person and may not be used by them for any purpose whatsoever. It is the responsibility of every person reading this material to fully observe the laws of any relevant country, including obtaining any governmental or other consent which may be required or observing any other formality which needs to be observed in that country.

This material is a general communication, which is not impartial, is for informational and educational purposes only, not a recommendation to purchase or sell specific securities, or to adopt any particular investment strategy. Information does not address financial objectives, situation or specific needs of individual investors.

Any charts and graphs provided are for illustrative purposes only. Any performance quoted represents past performance. Past performance does not guarantee future results. All investments involve risks, including the possible loss of principal.

For the complete content and important disclosures, refer to the article pdf.

© 2023 Morgan Stanley. All rights reserved.

 

Dieses Dokument ist ein Marketingdokument.

Nutzer müssen die Nutzungsbedingungen lesen und akzeptieren, da in diesen bestimmte gesetzliche und regulatorische Auflagen enthalten sind, die für die Verbreitung von Informationen zu den Anlageprodukten von Morgan Stanley Investment Management gelten.

Die auf dieser Website beschriebenen Dienstleistungen sind unter Umständen nicht in allen Rechtsgebieten oder für alle Kunden verfügbar. Weitere Einzelheiten können aus unseren Nutzungsbedingungen entnommen werden.


Zeichnungen    •    Datenschutz    •    Your Privacy Choices Your Privacy Choices Icon    •    Nutzungsbedingungen

©  Morgan Stanley. Alle Rechte vorbehalten.