Sublime

William Louis Dreyfus

Economies of Scale

Yale’s allocation of 22 percent to absolute return strategies is generally in line with other university endowments and has returned 9 percent annually over the last twenty years

In fact, we’ll explain in this chapter that you should look for what may seem to be a dull business: one that has the same customers from year to year and is growing slowly—a business that is what we call enduringly profitable.

This letter is different because I am an energetic entrepreneur with a long-term focus, looking to purchase and run one great company. I

since he would operate Zeswitz as a stand-alone business.

If you ever have the opportunity to hear Bob Zadek speak you should do so, regardless of the size of your factoring operation. And if you are thinking about graduating to larger clients and receivables at some time in the future, his seminars and legal documents are well worth every penny you pay for them.