“Simple, predictable, free cash flow generative businesses... we’ve kind of focused on, for the most part, kind of the franchise business model. Again, royalty, collecting companies.”

In Good Company with Nicolai Tangen · Bill Ackman: Concentrated Investing, Permanent Capital, and the Value of Being Challenged

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What was described

invests in royalty-collecting / annuity-like businesses that generate free cash flow and require little reinvestment

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