…the more they stay the same. Here’s an article on Mitt Romney’s success in the business world. Those of you interested in business will hopefully find it as fascinating as I did. Those of you bored by the business world should click elsewhere. The key graph:
The episode highlights what would become the defining characteristic of Romney’s career as a venture capitalist—and later as a government executive. He was willing to pursue—and analyze—data that others wouldn’t bother to chase down. His dogged persistence paid off. During the 14 years Romney headed Bain Capital, the firm’s average annual internal rate of return on realized investments was a staggering 113 percent. At that growth rate, a hypothetical $1,000 investment would grow to $39.6 million before fees. Few, if any, VC firms have ever matched Bain Capital’s performance under Mitt Romney.