{"id":9550,"date":"2025-11-13T06:25:11","date_gmt":"2025-11-13T05:25:11","guid":{"rendered":"https:\/\/www.norzpatrimonia.com\/blog\/?p=9550"},"modified":"2025-11-09T23:25:54","modified_gmt":"2025-11-09T22:25:54","slug":"7-claves-para-reconocer-una-empresa-de-calidad-2","status":"publish","type":"post","link":"https:\/\/www.norzpatrimonia.com\/blog\/7-claves-para-reconocer-una-empresa-de-calidad-2\/","title":{"rendered":"7 claves para reconocer una empresa de calidad"},"content":{"rendered":"<p>Por <a class=\"pencraft pc-reset decoration-hover-underline-ClDVRM reset-IxiVJZ\" href=\"https:\/\/substack.com\/@santiagogarciamussons\">Santiago Garc\u00eda-Mussons<\/a><\/p>\n<p>Invertir a largo plazo es simple:<\/p>\n<p><strong>Comprar buenos negocios y mantenerlos<\/strong>,\u00a0<strong>el inter\u00e9s compuesto<\/strong>\u00a0hace su trabajo.<\/p>\n<p>A continuaci\u00f3n:<\/p>\n<ul>\n<li><strong>7 claves para reconocer una empresa de calidad.<\/strong><\/li>\n<li><strong>7 claves de la cartera de Top Quality Opportunities.<\/strong><\/li>\n<\/ul>\n<p>Los umbrales var\u00edan por sector. Lo usamos como\u00a0<strong>primer filtro<\/strong>\u00a0y luego analizamos a fondo.<\/p>\n<h3 class=\"header-anchor-post\">1) Ingresos<\/h3>\n<ul>\n<li>Crecen a\u00f1o tras a\u00f1o?<\/li>\n<li>A doble d\u00edgito (+10%)?<\/li>\n<li><em>Ejemplo:\u00a0<strong>Microsoft<\/strong>\u00a0(+10,2%)<\/em><\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-9514 size-full\" src=\"https:\/\/www.norzpatrimonia.com\/blog\/wp-content\/uploads\/2025\/10\/e6742b31-2845-48ed-b4c8-ca371f2c1783_1600x1134.webp\" alt=\"\" width=\"1456\" height=\"1032\" srcset=\"https:\/\/www.norzpatrimonia.com\/blog\/wp-content\/uploads\/2025\/10\/e6742b31-2845-48ed-b4c8-ca371f2c1783_1600x1134.webp 1456w, https:\/\/www.norzpatrimonia.com\/blog\/wp-content\/uploads\/2025\/10\/e6742b31-2845-48ed-b4c8-ca371f2c1783_1600x1134-300x213.webp 300w, https:\/\/www.norzpatrimonia.com\/blog\/wp-content\/uploads\/2025\/10\/e6742b31-2845-48ed-b4c8-ca371f2c1783_1600x1134-1024x726.webp 1024w, https:\/\/www.norzpatrimonia.com\/blog\/wp-content\/uploads\/2025\/10\/e6742b31-2845-48ed-b4c8-ca371f2c1783_1600x1134-768x544.webp 768w, https:\/\/www.norzpatrimonia.com\/blog\/wp-content\/uploads\/2025\/10\/e6742b31-2845-48ed-b4c8-ca371f2c1783_1600x1134-140x100.webp 140w, https:\/\/www.norzpatrimonia.com\/blog\/wp-content\/uploads\/2025\/10\/e6742b31-2845-48ed-b4c8-ca371f2c1783_1600x1134-600x425.webp 600w\" sizes=\"auto, (max-width: 1456px) 100vw, 1456px\" \/><\/p>\n<h3 class=\"header-anchor-post\">2) Beneficio<\/h3>\n<ul>\n<li>Crecen a\u00f1o tras a\u00f1o?<\/li>\n<li>A doble d\u00edgito (+10%)?<\/li>\n<li><em>Ejemplo:\u00a0<strong>Veeva Systems<\/strong>\u00a0(+47%)<\/em><\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-9515 size-full\" src=\"https:\/\/www.norzpatrimonia.com\/blog\/wp-content\/uploads\/2025\/10\/1e3cd3ef-664c-443c-b956-d39f191b57ba_1600x1134.webp\" alt=\"\" width=\"1456\" height=\"1032\" srcset=\"https:\/\/www.norzpatrimonia.com\/blog\/wp-content\/uploads\/2025\/10\/1e3cd3ef-664c-443c-b956-d39f191b57ba_1600x1134.webp 1456w, https:\/\/www.norzpatrimonia.com\/blog\/wp-content\/uploads\/2025\/10\/1e3cd3ef-664c-443c-b956-d39f191b57ba_1600x1134-300x213.webp 300w, https:\/\/www.norzpatrimonia.com\/blog\/wp-content\/uploads\/2025\/10\/1e3cd3ef-664c-443c-b956-d39f191b57ba_1600x1134-1024x726.webp 1024w, https:\/\/www.norzpatrimonia.com\/blog\/wp-content\/uploads\/2025\/10\/1e3cd3ef-664c-443c-b956-d39f191b57ba_1600x1134-768x544.webp 768w, https:\/\/www.norzpatrimonia.com\/blog\/wp-content\/uploads\/2025\/10\/1e3cd3ef-664c-443c-b956-d39f191b57ba_1600x1134-140x100.webp 140w, https:\/\/www.norzpatrimonia.com\/blog\/wp-content\/uploads\/2025\/10\/1e3cd3ef-664c-443c-b956-d39f191b57ba_1600x1134-600x425.webp 600w\" sizes=\"auto, (max-width: 1456px) 100vw, 1456px\" \/><\/p>\n<h3 class=\"header-anchor-post\">3) Margen Neto<\/h3>\n<ul>\n<li>M\u00e1s del 15%?<\/li>\n<li>Crece a\u00f1o tras a\u00f1o?<\/li>\n<li><em>Ejemplo:\u00a0<strong>Brown &amp; Brown<\/strong>\u00a0(+4,3% de mejora en margen cada a\u00f1o)<\/em><\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-9516 size-full\" src=\"https:\/\/www.norzpatrimonia.com\/blog\/wp-content\/uploads\/2025\/10\/b918a8f9-fc84-4143-95a7-69577153265b_1600x1134.webp\" alt=\"\" width=\"1456\" height=\"1032\" srcset=\"https:\/\/www.norzpatrimonia.com\/blog\/wp-content\/uploads\/2025\/10\/b918a8f9-fc84-4143-95a7-69577153265b_1600x1134.webp 1456w, https:\/\/www.norzpatrimonia.com\/blog\/wp-content\/uploads\/2025\/10\/b918a8f9-fc84-4143-95a7-69577153265b_1600x1134-300x213.webp 300w, https:\/\/www.norzpatrimonia.com\/blog\/wp-content\/uploads\/2025\/10\/b918a8f9-fc84-4143-95a7-69577153265b_1600x1134-1024x726.webp 1024w, https:\/\/www.norzpatrimonia.com\/blog\/wp-content\/uploads\/2025\/10\/b918a8f9-fc84-4143-95a7-69577153265b_1600x1134-768x544.webp 768w, https:\/\/www.norzpatrimonia.com\/blog\/wp-content\/uploads\/2025\/10\/b918a8f9-fc84-4143-95a7-69577153265b_1600x1134-140x100.webp 140w, https:\/\/www.norzpatrimonia.com\/blog\/wp-content\/uploads\/2025\/10\/b918a8f9-fc84-4143-95a7-69577153265b_1600x1134-600x425.webp 600w\" sizes=\"auto, (max-width: 1456px) 100vw, 1456px\" \/><\/p>\n<h3 class=\"header-anchor-post\">4) Margen Flujo de Caja Libre (FCF)<\/h3>\n<ul>\n<li>M\u00e1s del 15%?<\/li>\n<li>Crece a\u00f1o tras a\u00f1o?<\/li>\n<li><em>Ejemplo:\u00a0<strong>Nvidia<\/strong>\u00a0(+9,5% de mejora anual en margen)<\/em><\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-9517 size-full\" src=\"https:\/\/www.norzpatrimonia.com\/blog\/wp-content\/uploads\/2025\/10\/77c0ecbf-a54b-48f5-90c0-fef8e480ac87_1600x1134.webp\" alt=\"\" width=\"1456\" height=\"1032\" srcset=\"https:\/\/www.norzpatrimonia.com\/blog\/wp-content\/uploads\/2025\/10\/77c0ecbf-a54b-48f5-90c0-fef8e480ac87_1600x1134.webp 1456w, https:\/\/www.norzpatrimonia.com\/blog\/wp-content\/uploads\/2025\/10\/77c0ecbf-a54b-48f5-90c0-fef8e480ac87_1600x1134-300x213.webp 300w, https:\/\/www.norzpatrimonia.com\/blog\/wp-content\/uploads\/2025\/10\/77c0ecbf-a54b-48f5-90c0-fef8e480ac87_1600x1134-1024x726.webp 1024w, https:\/\/www.norzpatrimonia.com\/blog\/wp-content\/uploads\/2025\/10\/77c0ecbf-a54b-48f5-90c0-fef8e480ac87_1600x1134-768x544.webp 768w, https:\/\/www.norzpatrimonia.com\/blog\/wp-content\/uploads\/2025\/10\/77c0ecbf-a54b-48f5-90c0-fef8e480ac87_1600x1134-140x100.webp 140w, https:\/\/www.norzpatrimonia.com\/blog\/wp-content\/uploads\/2025\/10\/77c0ecbf-a54b-48f5-90c0-fef8e480ac87_1600x1134-600x425.webp 600w\" sizes=\"auto, (max-width: 1456px) 100vw, 1456px\" \/><\/p>\n<h3 class=\"header-anchor-post\">5) Deuda<\/h3>\n<ul>\n<li>Tiene m\u00e1s caja que deuda (deuda neta negativa)?<\/li>\n<li>Se puede pagar en 1-2 a\u00f1os de FCF?<\/li>\n<li>Representa menos del 40%?<\/li>\n<li><em>Ejemplo:\u00a0<strong>Shopify<\/strong>\u00a0(no tiene deuda y aumenta la distancia)<\/em><\/li>\n<\/ul>\n<p>Deuda neta = Deuda &#8211; Caja<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-9518 size-full\" src=\"https:\/\/www.norzpatrimonia.com\/blog\/wp-content\/uploads\/2025\/10\/40be2632-bee8-46be-beef-07ba378dbec9_1600x1134.webp\" alt=\"\" width=\"1456\" height=\"1032\" srcset=\"https:\/\/www.norzpatrimonia.com\/blog\/wp-content\/uploads\/2025\/10\/40be2632-bee8-46be-beef-07ba378dbec9_1600x1134.webp 1456w, https:\/\/www.norzpatrimonia.com\/blog\/wp-content\/uploads\/2025\/10\/40be2632-bee8-46be-beef-07ba378dbec9_1600x1134-300x213.webp 300w, https:\/\/www.norzpatrimonia.com\/blog\/wp-content\/uploads\/2025\/10\/40be2632-bee8-46be-beef-07ba378dbec9_1600x1134-1024x726.webp 1024w, https:\/\/www.norzpatrimonia.com\/blog\/wp-content\/uploads\/2025\/10\/40be2632-bee8-46be-beef-07ba378dbec9_1600x1134-768x544.webp 768w, https:\/\/www.norzpatrimonia.com\/blog\/wp-content\/uploads\/2025\/10\/40be2632-bee8-46be-beef-07ba378dbec9_1600x1134-140x100.webp 140w, https:\/\/www.norzpatrimonia.com\/blog\/wp-content\/uploads\/2025\/10\/40be2632-bee8-46be-beef-07ba378dbec9_1600x1134-600x425.webp 600w\" sizes=\"auto, (max-width: 1456px) 100vw, 1456px\" \/><\/p>\n<h3 class=\"header-anchor-post\">6) Ratios ROE y ROIC<\/h3>\n<ul>\n<li>Crecen a\u00f1o tras a\u00f1o?<\/li>\n<li>Por encima del 20%?<\/li>\n<li><em>Ejemplo:\u00a0<strong>ASML<\/strong>\u00a0(mejora continua y por encima del 20%)<\/em><\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-9519 size-full\" src=\"https:\/\/www.norzpatrimonia.com\/blog\/wp-content\/uploads\/2025\/10\/9ac8c18f-5144-4eb7-9e14-b8aca5577187_1600x1134.webp\" alt=\"\" width=\"1456\" height=\"1032\" srcset=\"https:\/\/www.norzpatrimonia.com\/blog\/wp-content\/uploads\/2025\/10\/9ac8c18f-5144-4eb7-9e14-b8aca5577187_1600x1134.webp 1456w, https:\/\/www.norzpatrimonia.com\/blog\/wp-content\/uploads\/2025\/10\/9ac8c18f-5144-4eb7-9e14-b8aca5577187_1600x1134-300x213.webp 300w, https:\/\/www.norzpatrimonia.com\/blog\/wp-content\/uploads\/2025\/10\/9ac8c18f-5144-4eb7-9e14-b8aca5577187_1600x1134-1024x726.webp 1024w, https:\/\/www.norzpatrimonia.com\/blog\/wp-content\/uploads\/2025\/10\/9ac8c18f-5144-4eb7-9e14-b8aca5577187_1600x1134-768x544.webp 768w, https:\/\/www.norzpatrimonia.com\/blog\/wp-content\/uploads\/2025\/10\/9ac8c18f-5144-4eb7-9e14-b8aca5577187_1600x1134-140x100.webp 140w, https:\/\/www.norzpatrimonia.com\/blog\/wp-content\/uploads\/2025\/10\/9ac8c18f-5144-4eb7-9e14-b8aca5577187_1600x1134-600x425.webp 600w\" sizes=\"auto, (max-width: 1456px) 100vw, 1456px\" \/><\/p>\n<h3 class=\"header-anchor-post\">7) Beneficio por Acci\u00f3n<\/h3>\n<ul>\n<li>Crecen a\u00f1o tras a\u00f1o?<\/li>\n<li>A doble d\u00edgito (+10%)?<\/li>\n<li><em>Ejemplo:\u00a0<strong>Amazon<\/strong>\u00a0(desde 2017 ha mejorado un 50% cada a\u00f1o).<\/em><\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-9520 size-full\" src=\"https:\/\/www.norzpatrimonia.com\/blog\/wp-content\/uploads\/2025\/10\/bed85420-6735-4097-921e-010f078d5d31_1600x1134.webp\" alt=\"\" width=\"1456\" height=\"1032\" srcset=\"https:\/\/www.norzpatrimonia.com\/blog\/wp-content\/uploads\/2025\/10\/bed85420-6735-4097-921e-010f078d5d31_1600x1134.webp 1456w, https:\/\/www.norzpatrimonia.com\/blog\/wp-content\/uploads\/2025\/10\/bed85420-6735-4097-921e-010f078d5d31_1600x1134-300x213.webp 300w, https:\/\/www.norzpatrimonia.com\/blog\/wp-content\/uploads\/2025\/10\/bed85420-6735-4097-921e-010f078d5d31_1600x1134-1024x726.webp 1024w, https:\/\/www.norzpatrimonia.com\/blog\/wp-content\/uploads\/2025\/10\/bed85420-6735-4097-921e-010f078d5d31_1600x1134-768x544.webp 768w, https:\/\/www.norzpatrimonia.com\/blog\/wp-content\/uploads\/2025\/10\/bed85420-6735-4097-921e-010f078d5d31_1600x1134-140x100.webp 140w, https:\/\/www.norzpatrimonia.com\/blog\/wp-content\/uploads\/2025\/10\/bed85420-6735-4097-921e-010f078d5d31_1600x1134-600x425.webp 600w\" sizes=\"auto, (max-width: 1456px) 100vw, 1456px\" \/><\/p>\n<p>Hasta aqu\u00ed las 7 claves f\u00e1ciles para detectar r\u00e1pidamente si una empresa vale la pena analizar m\u00e1s en detalle.<\/p>\n<div>\n<hr \/>\n<\/div>\n<h1 class=\"header-anchor-post\">7 claves de la cartera de Top Quality Opportunities<\/h1>\n<div class=\"pencraft pc-display-flex pc-alignItems-center pc-position-absolute pc-reset header-anchor-parent\">\n<div class=\"pencraft pc-display-contents pc-reset pubTheme-yiXxQA\">\n<div id=\"\u00a7claves-de-la-cartera-de-top-quality-opportunities\" class=\"pencraft pc-reset header-anchor offset-top\"><\/div>\n<p>&nbsp;<\/p>\n<\/div>\n<\/div>\n<p>Ahora os voy a mostrar la cartera de acciones de Top Quality Opportunities con las 7 claves y comprobar si cumple con los criterios.<\/p>\n<h3 class=\"header-anchor-post\">1) Ingresos<\/h3>\n<div class=\"pencraft pc-display-flex pc-alignItems-center pc-position-absolute pc-reset header-anchor-parent\">\n<div class=\"pencraft pc-display-contents pc-reset pubTheme-yiXxQA\">\n<div id=\"\u00a7ingresos\" class=\"pencraft pc-reset header-anchor offset-top\"><\/div>\n<p>&nbsp;<\/p>\n<\/div>\n<\/div>\n<ul>\n<li>Crecen a\u00f1o tras a\u00f1o? \u2705<\/li>\n<li>A doble d\u00edgito (+10%)? \u2705\u00a0<em>+21,5% \u203c\ufe0f<\/em>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\">\n<picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!lYaj!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5c95c0a6-1626-49b1-bf68-6b9bee120ee2_1544x410.jpeg 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!lYaj!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5c95c0a6-1626-49b1-bf68-6b9bee120ee2_1544x410.jpeg 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!lYaj!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5c95c0a6-1626-49b1-bf68-6b9bee120ee2_1544x410.jpeg 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!lYaj!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5c95c0a6-1626-49b1-bf68-6b9bee120ee2_1544x410.jpeg 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img loading=\"lazy\" decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!lYaj!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5c95c0a6-1626-49b1-bf68-6b9bee120ee2_1544x410.jpeg\" sizes=\"auto, 100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!lYaj!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5c95c0a6-1626-49b1-bf68-6b9bee120ee2_1544x410.jpeg 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!lYaj!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5c95c0a6-1626-49b1-bf68-6b9bee120ee2_1544x410.jpeg 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!lYaj!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5c95c0a6-1626-49b1-bf68-6b9bee120ee2_1544x410.jpeg 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!lYaj!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5c95c0a6-1626-49b1-bf68-6b9bee120ee2_1544x410.jpeg 1456w\" alt=\"\" width=\"1456\" height=\"387\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/5c95c0a6-1626-49b1-bf68-6b9bee120ee2_1544x410.jpeg&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:387,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:65554,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image\/jpeg&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https:\/\/santiagogarciamussons.substack.com\/i\/176663262?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5c95c0a6-1626-49b1-bf68-6b9bee120ee2_1544x410.jpeg&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture>\n<div class=\"image-link-expand\">\n<div class=\"pencraft pc-display-flex pc-gap-8 pc-reset\">\n<div class=\"pencraft pc-reset icon-container view-image\"><\/div>\n<\/div>\n<\/div>\n<\/div><figcaption class=\"image-caption\">Crecimiento medio de\u00a0<strong>ingresos<\/strong>\u00a0en los \u00faltimos 1, 3 y 5 a\u00f1os (anual) de la cartera de acciones de\u00a0<strong>Top Quality Opportunities<\/strong>.<\/figcaption><\/figure>\n<\/div>\n<\/li>\n<\/ul>\n<h3 class=\"header-anchor-post\">2) Beneficio<\/h3>\n<div class=\"pencraft pc-display-flex pc-alignItems-center pc-position-absolute pc-reset header-anchor-parent\">\n<div class=\"pencraft pc-display-contents pc-reset pubTheme-yiXxQA\">\n<div id=\"\u00a7beneficio\" class=\"pencraft pc-reset header-anchor offset-top\"><\/div>\n<p>&nbsp;<\/p>\n<\/div>\n<\/div>\n<ul>\n<li>Crecen a\u00f1o tras a\u00f1o? \u2705<\/li>\n<li>A doble d\u00edgito (+10%)? \u2705\u00a0<em>+37% \u203c\ufe0f<\/em>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\">\n<picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!-MIL!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdc35f380-6245-4a83-944d-d4962b1675ab_1512x530.jpeg 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!-MIL!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdc35f380-6245-4a83-944d-d4962b1675ab_1512x530.jpeg 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!-MIL!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdc35f380-6245-4a83-944d-d4962b1675ab_1512x530.jpeg 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!-MIL!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdc35f380-6245-4a83-944d-d4962b1675ab_1512x530.jpeg 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img loading=\"lazy\" decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!-MIL!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdc35f380-6245-4a83-944d-d4962b1675ab_1512x530.jpeg\" sizes=\"auto, 100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!-MIL!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdc35f380-6245-4a83-944d-d4962b1675ab_1512x530.jpeg 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!-MIL!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdc35f380-6245-4a83-944d-d4962b1675ab_1512x530.jpeg 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!-MIL!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdc35f380-6245-4a83-944d-d4962b1675ab_1512x530.jpeg 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!-MIL!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdc35f380-6245-4a83-944d-d4962b1675ab_1512x530.jpeg 1456w\" alt=\"\" width=\"1456\" height=\"510\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/dc35f380-6245-4a83-944d-d4962b1675ab_1512x530.jpeg&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:510,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:94047,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image\/jpeg&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https:\/\/santiagogarciamussons.substack.com\/i\/176663262?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdc35f380-6245-4a83-944d-d4962b1675ab_1512x530.jpeg&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture>\n<div class=\"image-link-expand\">\n<div class=\"pencraft pc-display-flex pc-gap-8 pc-reset\">\n<div class=\"pencraft pc-reset icon-container view-image\"><\/div>\n<\/div>\n<\/div>\n<\/div><figcaption class=\"image-caption\">Crecimiento medio de\u00a0<strong>beneficios<\/strong>\u00a0en los \u00faltimos 1, 3, 5 y 10 a\u00f1os (anual) de la cartera de acciones de\u00a0<strong>Top Quality Opportunities<\/strong>.<\/figcaption><\/figure>\n<\/div>\n<\/li>\n<\/ul>\n<h3 class=\"header-anchor-post\">3) Margen Neto<\/h3>\n<div class=\"pencraft pc-display-flex pc-alignItems-center pc-position-absolute pc-reset header-anchor-parent\">\n<div class=\"pencraft pc-display-contents pc-reset pubTheme-yiXxQA\">\n<div id=\"\u00a7margen-neto\" class=\"pencraft pc-reset header-anchor offset-top\"><\/div>\n<p>&nbsp;<\/p>\n<\/div>\n<\/div>\n<ul>\n<li>M\u00e1s del 15%? \u2705\u00a0<em>+27,4% \u203c\ufe0f<\/em><\/li>\n<li>Crece a\u00f1o tras a\u00f1o? \u2705\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\">\n<picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!ZSHg!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F99037167-4fe8-4e63-873b-c48fb288461a_1738x614.jpeg 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!ZSHg!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F99037167-4fe8-4e63-873b-c48fb288461a_1738x614.jpeg 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!ZSHg!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F99037167-4fe8-4e63-873b-c48fb288461a_1738x614.jpeg 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!ZSHg!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F99037167-4fe8-4e63-873b-c48fb288461a_1738x614.jpeg 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img loading=\"lazy\" decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!ZSHg!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F99037167-4fe8-4e63-873b-c48fb288461a_1738x614.jpeg\" sizes=\"auto, 100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!ZSHg!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F99037167-4fe8-4e63-873b-c48fb288461a_1738x614.jpeg 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!ZSHg!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F99037167-4fe8-4e63-873b-c48fb288461a_1738x614.jpeg 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!ZSHg!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F99037167-4fe8-4e63-873b-c48fb288461a_1738x614.jpeg 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!ZSHg!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F99037167-4fe8-4e63-873b-c48fb288461a_1738x614.jpeg 1456w\" alt=\"\" width=\"1456\" height=\"514\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/99037167-4fe8-4e63-873b-c48fb288461a_1738x614.jpeg&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:514,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:98145,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image\/jpeg&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https:\/\/santiagogarciamussons.substack.com\/i\/176663262?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F99037167-4fe8-4e63-873b-c48fb288461a_1738x614.jpeg&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture>\n<div class=\"image-link-expand\">\n<div class=\"pencraft pc-display-flex pc-gap-8 pc-reset\">\n<div class=\"pencraft pc-reset icon-container view-image\"><\/div>\n<\/div>\n<\/div>\n<\/div><figcaption class=\"image-caption\"><strong>Margen Neto<\/strong>\u00a0medio de la cartera de acciones de\u00a0<strong>Top Quality Opportunities<\/strong>\u00a0en los \u00faltimos 1, 3, 5 y 10 a\u00f1os.<\/figcaption><\/figure>\n<\/div>\n<\/li>\n<\/ul>\n<h3 class=\"header-anchor-post\">4) Margen Flujo de Caja Libre (FCF)<\/h3>\n<div class=\"pencraft pc-display-flex pc-alignItems-center pc-position-absolute pc-reset header-anchor-parent\">\n<div class=\"pencraft pc-display-contents pc-reset pubTheme-yiXxQA\">\n<div id=\"\u00a7margen-flujo-de-caja-libre-fcf\" class=\"pencraft pc-reset header-anchor offset-top\"><\/div>\n<p>&nbsp;<\/p>\n<\/div>\n<\/div>\n<ul>\n<li>M\u00e1s del 15%? \u2705\u00a0<em>+28,8% \u203c\ufe0f<\/em><\/li>\n<li>Crece a\u00f1o tras a\u00f1o? \u2705\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\">\n<picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!Cg-Z!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F09cb172a-8f70-473e-85c2-df4915cbddd9_1410x490.jpeg 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Cg-Z!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F09cb172a-8f70-473e-85c2-df4915cbddd9_1410x490.jpeg 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Cg-Z!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F09cb172a-8f70-473e-85c2-df4915cbddd9_1410x490.jpeg 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Cg-Z!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F09cb172a-8f70-473e-85c2-df4915cbddd9_1410x490.jpeg 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img loading=\"lazy\" decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!Cg-Z!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F09cb172a-8f70-473e-85c2-df4915cbddd9_1410x490.jpeg\" sizes=\"auto, 100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!Cg-Z!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F09cb172a-8f70-473e-85c2-df4915cbddd9_1410x490.jpeg 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Cg-Z!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F09cb172a-8f70-473e-85c2-df4915cbddd9_1410x490.jpeg 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Cg-Z!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F09cb172a-8f70-473e-85c2-df4915cbddd9_1410x490.jpeg 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Cg-Z!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F09cb172a-8f70-473e-85c2-df4915cbddd9_1410x490.jpeg 1456w\" alt=\"\" width=\"1410\" height=\"490\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/09cb172a-8f70-473e-85c2-df4915cbddd9_1410x490.jpeg&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:490,&quot;width&quot;:1410,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:79627,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image\/jpeg&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https:\/\/santiagogarciamussons.substack.com\/i\/176663262?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F09cb172a-8f70-473e-85c2-df4915cbddd9_1410x490.jpeg&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture>\n<div class=\"image-link-expand\">\n<div class=\"pencraft pc-display-flex pc-gap-8 pc-reset\">\n<div class=\"pencraft pc-reset icon-container view-image\"><\/div>\n<\/div>\n<\/div>\n<\/div><figcaption class=\"image-caption\"><strong>Margen del Flujo de Caja Libre<\/strong>\u00a0medio de la cartera de acciones de\u00a0<strong>Top Quality Opportunities<\/strong>\u00a0en los \u00faltimos a\u00f1os.<\/figcaption><\/figure>\n<\/div>\n<\/li>\n<\/ul>\n<h3 class=\"header-anchor-post\">5) Deuda<\/h3>\n<div class=\"pencraft pc-display-flex pc-alignItems-center pc-position-absolute pc-reset header-anchor-parent\">\n<div class=\"pencraft pc-display-contents pc-reset pubTheme-yiXxQA\">\n<div id=\"\u00a7deuda\" class=\"pencraft pc-reset header-anchor offset-top\"><\/div>\n<p>&nbsp;<\/p>\n<\/div>\n<\/div>\n<ul>\n<li>Tiene m\u00e1s caja que deuda (deuda neta negativa)? \u2705<\/li>\n<li>Se puede pagar en 1-2 a\u00f1os de FCF? \u2705<\/li>\n<li>Representa menos del 40%? \u2705\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\">\n<picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!OUZw!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6e367c1f-10b9-423d-be23-a777ecbfa5eb_1722x106.jpeg 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!OUZw!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6e367c1f-10b9-423d-be23-a777ecbfa5eb_1722x106.jpeg 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!OUZw!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6e367c1f-10b9-423d-be23-a777ecbfa5eb_1722x106.jpeg 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!OUZw!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6e367c1f-10b9-423d-be23-a777ecbfa5eb_1722x106.jpeg 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img loading=\"lazy\" decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!OUZw!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6e367c1f-10b9-423d-be23-a777ecbfa5eb_1722x106.jpeg\" sizes=\"auto, 100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!OUZw!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6e367c1f-10b9-423d-be23-a777ecbfa5eb_1722x106.jpeg 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!OUZw!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6e367c1f-10b9-423d-be23-a777ecbfa5eb_1722x106.jpeg 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!OUZw!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6e367c1f-10b9-423d-be23-a777ecbfa5eb_1722x106.jpeg 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!OUZw!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6e367c1f-10b9-423d-be23-a777ecbfa5eb_1722x106.jpeg 1456w\" alt=\"\" width=\"1456\" height=\"90\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/6e367c1f-10b9-423d-be23-a777ecbfa5eb_1722x106.jpeg&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:90,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:20035,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image\/jpeg&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https:\/\/santiagogarciamussons.substack.com\/i\/176663262?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6e367c1f-10b9-423d-be23-a777ecbfa5eb_1722x106.jpeg&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture>\n<div><\/div>\n<\/div><figcaption class=\"image-caption\"><strong>Deuda Neta<\/strong>\u00a0media de la cartera de acciones de\u00a0<strong>Top Quality Opportunities<\/strong>.<\/figcaption><\/figure>\n<\/div>\n<\/li>\n<\/ul>\n<h3 class=\"header-anchor-post\">6) Ratios ROE y ROIC<\/h3>\n<div class=\"pencraft pc-display-flex pc-alignItems-center pc-position-absolute pc-reset header-anchor-parent\">\n<div class=\"pencraft pc-display-contents pc-reset pubTheme-yiXxQA\">\n<div id=\"\u00a7ratios-roe-y-roic\" class=\"pencraft pc-reset header-anchor offset-top\"><\/div>\n<p>&nbsp;<\/p>\n<\/div>\n<\/div>\n<ul>\n<li>Crecen a\u00f1o tras a\u00f1o? \u2705<\/li>\n<li>Por encima del 20%? \u2705\u00a0<em>+39,1% y 45,1% \u203c\ufe0f<\/em>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\">\n<picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!5Vf-!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F44b92592-6ad2-4afa-91a4-19fcc2528966_1128x822.jpeg 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!5Vf-!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F44b92592-6ad2-4afa-91a4-19fcc2528966_1128x822.jpeg 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!5Vf-!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F44b92592-6ad2-4afa-91a4-19fcc2528966_1128x822.jpeg 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!5Vf-!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F44b92592-6ad2-4afa-91a4-19fcc2528966_1128x822.jpeg 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img loading=\"lazy\" decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!5Vf-!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F44b92592-6ad2-4afa-91a4-19fcc2528966_1128x822.jpeg\" sizes=\"auto, 100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!5Vf-!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F44b92592-6ad2-4afa-91a4-19fcc2528966_1128x822.jpeg 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!5Vf-!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F44b92592-6ad2-4afa-91a4-19fcc2528966_1128x822.jpeg 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!5Vf-!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F44b92592-6ad2-4afa-91a4-19fcc2528966_1128x822.jpeg 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!5Vf-!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F44b92592-6ad2-4afa-91a4-19fcc2528966_1128x822.jpeg 1456w\" alt=\"\" width=\"1128\" height=\"822\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/44b92592-6ad2-4afa-91a4-19fcc2528966_1128x822.jpeg&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:822,&quot;width&quot;:1128,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:97700,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image\/jpeg&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https:\/\/santiagogarciamussons.substack.com\/i\/176663262?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F44b92592-6ad2-4afa-91a4-19fcc2528966_1128x822.jpeg&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture>\n<div class=\"image-link-expand\">\n<div class=\"pencraft pc-display-flex pc-gap-8 pc-reset\">\n<div class=\"pencraft pc-reset icon-container view-image\"><\/div>\n<\/div>\n<\/div>\n<\/div><figcaption class=\"image-caption\">Ratios\u00a0<strong>ROE<\/strong>\u00a0y\u00a0<strong>ROIC<\/strong>\u00a0medios de la cartera de acciones de\u00a0<strong>Top Quality Opportunities.<\/strong><\/figcaption><\/figure>\n<\/div>\n<\/li>\n<\/ul>\n<h3 class=\"header-anchor-post\">7) Beneficio por Acci\u00f3n<\/h3>\n<div class=\"pencraft pc-display-flex pc-alignItems-center pc-position-absolute pc-reset header-anchor-parent\">\n<div class=\"pencraft pc-display-contents pc-reset pubTheme-yiXxQA\">\n<div id=\"\u00a7beneficio-por-accion\" class=\"pencraft pc-reset header-anchor offset-top\"><\/div>\n<p>&nbsp;<\/p>\n<\/div>\n<\/div>\n<ul>\n<li>Crecen a\u00f1o tras a\u00f1o? \u2705<\/li>\n<li>A doble d\u00edgito (+10%)? \u2705\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\">\n<picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!CArN!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff931acaa-cc18-4dee-9a36-5275179b7b24_1718x426.jpeg 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!CArN!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff931acaa-cc18-4dee-9a36-5275179b7b24_1718x426.jpeg 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!CArN!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff931acaa-cc18-4dee-9a36-5275179b7b24_1718x426.jpeg 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!CArN!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff931acaa-cc18-4dee-9a36-5275179b7b24_1718x426.jpeg 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img loading=\"lazy\" decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!CArN!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff931acaa-cc18-4dee-9a36-5275179b7b24_1718x426.jpeg\" sizes=\"auto, 100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!CArN!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff931acaa-cc18-4dee-9a36-5275179b7b24_1718x426.jpeg 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!CArN!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff931acaa-cc18-4dee-9a36-5275179b7b24_1718x426.jpeg 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!CArN!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff931acaa-cc18-4dee-9a36-5275179b7b24_1718x426.jpeg 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!CArN!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff931acaa-cc18-4dee-9a36-5275179b7b24_1718x426.jpeg 1456w\" alt=\"\" width=\"1456\" height=\"361\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/f931acaa-cc18-4dee-9a36-5275179b7b24_1718x426.jpeg&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:361,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:83992,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image\/jpeg&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https:\/\/santiagogarciamussons.substack.com\/i\/176663262?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff931acaa-cc18-4dee-9a36-5275179b7b24_1718x426.jpeg&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture>\n<div><\/div>\n<\/div><figcaption class=\"image-caption\">Crecimiento de los\u00a0<strong>Beneficios por Acci\u00f3n<\/strong>\u00a0(diluidos) medios de la cartera de acciones de\u00a0<strong>Top Quality Opportunities<\/strong>.<\/figcaption><\/figure>\n<\/div>\n<\/li>\n<\/ul>\n<div>\n<hr \/>\n<\/div>\n<p>Estos 7 puntos de\u00a0<strong>Top Quality Opportunities<\/strong>\u00a0reflejan clar\u00edsimamente como la cartera de acciones del fondo es de\u00a0<strong>alt\u00edsima calidad.<\/strong><\/p>\n<p>Calidad verdadera.<\/p>\n<p>Son m\u00e9tricas extraordinarias y envidiables.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Por Santiago Garc\u00eda-Mussons Invertir a largo plazo es simple: Comprar buenos negocios y mantenerlos,\u00a0el inter\u00e9s compuesto\u00a0hace su trabajo. A continuaci\u00f3n: 7 claves para reconocer una empresa de calidad. 7 claves de la cartera de Top Quality Opportunities. Los umbrales var\u00edan por sector. Lo usamos como\u00a0primer filtro\u00a0y luego analizamos a fondo. 1) Ingresos Crecen a\u00f1o tras [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":8775,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"episode_type":"audio","audio_file":"","podmotor_file_id":"","podmotor_episode_id":"","cover_image":"","cover_image_id":"","duration":"","filesize":"","filesize_raw":"","date_recorded":"","explicit":"","block":"","footnotes":""},"categories":[221,27],"tags":[852],"series":[],"class_list":["post-9550","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-vehiculos-inversion","category-welcome-post-left","tag-cartera-de-inversion"],"episode_featured_image":"https:\/\/www.norzpatrimonia.com\/blog\/wp-content\/uploads\/2025\/01\/datos-economicos.jpg","episode_player_image":"https:\/\/www.norzpatrimonia.com\/blog\/wp-content\/uploads\/2022\/02\/blog-inversion.jpg","download_link":"","player_link":"","audio_player":false,"episode_data":{"playerMode":"light","subscribeUrls":{"apple_podcasts":{"key":"apple_podcasts","url":"","label":"Apple Podcasts","class":"apple_podcasts","icon":"apple-podcasts.png"},"stitcher":{"key":"stitcher","url":"","label":"Stitcher","class":"stitcher","icon":"stitcher.png"},"google_podcasts":{"key":"google_podcasts","url":"https:\/\/www.google.com\/podcasts?feed=aHR0cHM6Ly93d3cuYmxvZ2ludmVyc2lvbi5jb20vZmVlZC9wb2RjYXN0","label":"Google Podcasts","class":"google_podcasts","icon":"google-podcasts.png"},"spotify":{"key":"spotify","url":"https:\/\/open.spotify.com\/show\/1Vji4f6SYTHZ0OZC3w5ydB","label":"Spotify","class":"spotify","icon":"spotify.png"}},"rssFeedUrl":"https:\/\/www.norzpatrimonia.com\/blog\/feed\/podcast\/blog-inversion","embedCode":"<blockquote class=\"wp-embedded-content\" data-secret=\"ggAEn18KoP\"><a href=\"https:\/\/www.norzpatrimonia.com\/blog\/7-claves-para-reconocer-una-empresa-de-calidad-2\/\">7 claves para reconocer una empresa de calidad<\/a><\/blockquote><iframe sandbox=\"allow-scripts\" security=\"restricted\" src=\"https:\/\/www.norzpatrimonia.com\/blog\/7-claves-para-reconocer-una-empresa-de-calidad-2\/embed\/#?secret=ggAEn18KoP\" width=\"500\" height=\"350\" title=\"\u00ab7 claves para reconocer una empresa de calidad\u00bb \u2014 Blog Inversi\u00f3n\" data-secret=\"ggAEn18KoP\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" class=\"wp-embedded-content\"><\/iframe><script>\n\/*! 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