John B. Neff (September 19, 1931 – June 4, 2019) was an American investor and mutual fund manager. He managed the Vanguard Windsor Fund from 1964 to 1995, achieving an average annual return of 13.7%, outperforming the S&P 500 by over 3% annually for 31 years. Neff was known as a "low P/E investor," consistently seeking undervalued stocks that the...
"Invest in businesses with durable competitive advantages, strong cash flows, and management integrity. Quality businesses compound wealth over time and reduce downside risk."
Quality businesses compound wealth and reduce risk.
Read Full Analysis →"Before investing, identify the moat — the sustainable competitive advantage that protects the business from competitors. No moat means no long-term edge."
Identify sustainable competitive moats before investing.
Read Full Analysis →"Not all earnings are equal. Look for recurring, cash-backed earnings rather than accounting profits. High-quality earnings are predictable, sustainable, and convertible to free cash flow."
Evaluate earnings quality, not just quantity.
Read Full Analysis →John Neff has 3 key principles on business quality. The most important one is "Quality Business Criteria" — Invest in businesses with durable competitive advantages, strong cash flows, and management integrity.
John Neff applies business quality through several key principles including "Quality Business Criteria" and "Business Moat Assessment". These principles guide practical investment decisions and have been tested across decades of market cycles.
John Neff's approach to business quality is distinguished by a focus on long-term thinking and fundamental analysis. With 3 specific principles in this area, John Neff provides a comprehensive framework that investors at any level can study and apply to improve their decision-making.
