Earnings Power

“Really five to seven years is the minimum you need when the horse really starts pulling the cart, and so that's a fundamental sort of relationship that you have to believe in. Now, that doesn't mean you can completely ignore valuation, and valuation is One of …”

“In the short term, multiple is a very large driver. By the time year three through five, it's almost exclusively earnings power that's driving total return, and by year 10, multiple almost has nothing to do with it.”