Portfolio Management

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SIF Folio: Swimming naked + why SSP Group could take off

I’ve always disliked hearing companies talk about maintaining an efficient balance sheet. As far as I can see, this is a euphemism for juicing up short-term shareholder returns using cheap debt.

The end result is a business with very little margin of safety. In recent years, this hasn’t seemed so important. By using cheap debt to return cash to shareholders, companies have been able to boost both earnings per share and metrics such as return on equity.

For a hired CEO with a five-year mental timeframe and a juicy incentive plan, efficient balance sheets have made sense. But as Warren…






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