Corporate returns on capital tend to progress along a life cycle - they accelerate, compound, fade, mature, and turn around. When you think about global equities, every company can be placed in one of these five categories. By selecting stocks and constructing portfolios within a corporate life cycle framework, the alpha driven by stock selection is increased significantly, while generic factor and style specific risk is reduced significantly, too. This leads to far greater risk-adjusted returns across all market environments - something al...