Chris Mayer, portfolio manager and co-founder, Woodlock House Family Capital and the author of 100-Baggers, shares key metrics that drive his investment decisions. The best businesses trade at high valuations because they are well discovered but investors shouldn’t be too value sensitive, he says. He gave an example of a company called Copart he bought at a high valuation. The car-parts auction company generates very high capital, reinvests everything, and it is very difficult for competitors to replicate its business model, he said. He says: \”If you have a truly great business that is going to go up 50 times or 100 times over 20-25 years, I wouldn’t worry too much about your initial entry price. It is more important to be in the right business than necessarily have a super attractive entry price\” He adds: \”I would discourage people from being too valuation sensitive. If you think a 25% return compounded over 10 years is a six-fold increase in EPS, then you’re not worried whether you’re paying 25 times or 30 times or 35 times as it kind of bleeds out in the background over a long period of time\”