Almost 50 years later, Hansberger, 72, is the founder of Hansberger & Merlin at Morgan Stanley , which manages about $2.5 billion for 200 households. While Hansberger says there is no magic formula for investing, he maintains that “nothing builds net worth like the ownership of a great business.”How can he tell if a company is a sustainable investment? Hansberger says he looks for companies with high returns on equity and a management team with the majority of their net worth tied in the business. “We never think in terms of stocks, we only think in terms of companies. Behind every stock lies a tangible operating business,” Hansberger says.

Source: Forbes September 26, 2017 13:41 UTC