The concept of quality is familiar. People make judgments about it every day. Yet articulating a clear definition of quality is challenging.
The best companies often appear to be characterized by an ineffable something, much like that of people who seem graced by a lucky gene. Think about those of your peers who seem a lot like you but somehow always catch a break. They are not obviously smarter, smoother, richer, or better-looking than you, yet they are admitted to their university of choice, get their dream job, and earn considerable wealth. Try to discern what they have that you don’t, and you are stumped. Chalk it up to fate or plain dumb luck.
Businesses can be similar. For reasons that are not always evident, some end up doing the right things with better results than average. They may not appear to be savvier acquirers, more adept marketers, or bolder pioneers, yet they integrate new businesses better, launch products more successfully, and open new markets with fewer mishaps. Perhaps through some combination of vision, scale, or business philosophy, these companies uncannily come out ahead.

In our view, three characteristics indicate quality. These are strong, predictable cash generation; sustainably high returns on capital; and attractive growth opportunities.

质量的概念很熟悉。人们每天都会对此做出判断。然而，明确界定质量是一项挑战。
最好的公司往往表现出一种不可言喻的特质，很像那些被幸运基因所吸引的人。想想那些你的同龄人，他们看起来很像你，但总有机会休息一下。他们并不比你聪明，更光滑，更富有，更好看，但他们被录取到自己选择的大学，得到理想的工作，并获得可观的财富。试着辨别他们有什么你没有的，你就被难住了。把它归因于命运或是愚蠢的运气。
企业可以是类似的。由于不总是显而易见的原因，有些人最终做了正确的事情，结果比一般人好。他们似乎不是更精明的收购者、更娴熟的营销者或更大胆的开拓者，但他们能更好地整合新业务，更成功地推出产品，并以更少的灾难打开新市场。或许是通过某种愿景、规模或经营理念的结合，这些公司异乎寻常地脱颖而出。
我们认为，有三个特征表明质量。这些都是强劲的、可预测的现金产生；持续的高资本回报率；以及有吸引力的增长机会。