High ROCE is a lot like tameness in the Siberian silver foxes. Just as tameness brings with it a curly tail, piebald fur, and floppy ears, a high-ROCE business ushers in many attributes relevant for an owner like us at Nalanda. Here are some examples. A Consistently High-ROCE Business Is Likely to Be Run by an Excellent Management Team What? “Excellent management team” again? If we can’t measure it directly, why am I sneaking it in indirectly? Just because we can’t measure management quality through interviews and discussions does not mean quality management teams do not exist. Of course they
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