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...Their emphasis below: During the current business cycle, we believe real gross domestic product (GDP)i growth could accelerate to 7% per year on average, surpassing that of any year since 1950....
...Renamed GV, it now boasts more than 400 companies in its portfolio and has some $8bn in assets under management....
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...The industry hires and fires with abandon to adapt cost structures to economic cycles. Not so strategy consultants....
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...Our losses, our burn against the coupon, haven’t been that material through a cycle....
...“We’ve relied too much on market movements, which has accounted for 90 per cent of the industry’s overall revenue growth for a very long period of time,” he said....
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...If you want to own a company with a solid franchise and a little bit of expected growth — Waste Management or UnitedHealth or Marriott — you are going to pay up....
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...So the franchise depends on a virtuous cycle of the best talent and technology....
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...base management fees....
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