Warren Buffett has said that ‘leaving the question of price aside, the best business to own is one that over an extended period can employ large amounts of incremental capital at very high rates of return’ and ‘a truly great business must have an enduring “moat” that protects excellent returns on invested capital’.
Microequities is an Australian financial adviser specialising in in-depth research of listed "micro caps" – those companies of low capitalisation too small to register on ASX indices or to attract research coverage from leading stockbrokers. In June Microequities hosted its Rising Stars conference, at which selected companies presented their wares. FNArena was invited to attend, and over a period of time will provide conference highlights. This is the second.