Great to see this case! The Mars family used ROTA to reinvest constantly as a tool for continuous improvement. It also eschewed debt as it compromised its investment program. At another point in that book, it mentions how the Mars family managed to a lower profit margin because it didn’t take out dividends, which I found interesting. In the process, it likely lengthened its reinvestment runway, got more capital efficient and stay ahead of the competition.
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