with Business Insider, he explained his investment theses for some of the non-technology stocks that have driven his fund's returns, which are in the 92nd percentile on a five-year basis.
Since the fund's inception in 1993, Puglia has viewed a company's free cash flow as a strong predictor of its returns. This means that regardless of sector, he's drawn to companies with the resources to invest in and grow their future earnings. He also hunts for firms that have leading market positions in their industries and strong management teams that allocate capital responsibly.These guidelines led him to the following companies, which he says are off the beaten technology path. All the quotes below are attributed to him."From a broad portfolio-construction view, the quick-service restaurant industry is very appealing.
"The restaurant industry would be a great example of an industry that has durable sustainable growth, in our view, and the business models tend to generate a lot of free cash.
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