Research
Long-form notes on the frameworks and evidence behind systematic quality investing — the ideas that inform how Meridian defines and screens for business quality.
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Profitability Factor Robustness Dashboard
Interactive companion to the article at right: the median and 10th–90th percentile spread of returns across all 86,400 tested specifications, by factor and era, plus a methodology-sensitivity breakdown. Historical research only — not Meridian index performance.
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Cash-Flow Factor Faded as Gross Profit Held
A sweep of 86,400 profitability-factor series found the strongest lifetime result turned negative after 2010, while gross profitability stayed positive across three eras — the definition of profitability now carries as much weight as the decision to use it.
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ROIC: McKinsey’s Operating View of Business Quality
How McKinsey frames return on invested capital as the core gauge of business quality — the definition, the value-creation math against the cost of capital, the evidence on persistence, and the caveats that matter for a quality screen.