A truly great company is not the one that gets the most funding, not the one with the highest valuation, and not the one that grows the fastest.
Rather, it is a company that:
* Continues to create value;
* Continues to create profits;
* Continues to create cash flow;
* Continues to pay quarterly dividends;
* Continues to contribute to taxes;
* Continues to increase employees’ income;
* Continues to expand the total amount of social wealth;
A company like that.
Because:
Value creation is the root; profit is the trunk; cash flow is the blood; quarterly dividends are the fruit; trust is compound interest;
A company that lasts a century is the result; national prosperity is the ultimate destination.
So, the biggest secret of a century-old company has never been how good it is at fundraising or how well it can tell a story.
Instead, it is that it does the same thing for decades on end:
Continuously make the cake bigger, continuously create profits, continuously generate cash flow, and continuously deliver dividends.
This is both the highest level of corporate operations and the ultimate source of long-term compound returns in the capital markets.

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