Sublime

This month marks 40 years since Danaher was founded. And over those 40 years, Danaher has delivered total shareholder returns over 180,000% and is the only US publicly traded company that has outperformed the S&P 500 in every five year period. Today, I wanted to share with you their very first shareholder letter.___LINE... See more

Murphy was a highly disciplined buyer who had strict return requirements and did not stretch for acquisitions—once missing a very large newspaper transaction involving three Texas properties over a $5 million difference in price. Like others in this book, he relied on simple but powerful rules in evaluating transactions. For Murphy, that benchmark

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