“A great business at a fair price is superior to a fair business at a great price… The investment game always involves considering both quality and price, and the trick is to get more quality than you pay for in price. It’s just that simple." - Charlie Munger

ByteTree Quality is an investment research service which does exactly that, run by ex-HSBC fund manager Charlie Morris, and Kit Winder, CFA.

Backed by a universe of the 300 best companies in the world, we focus on delivering excellent stock research, backed by a model portfolio. We recommend and manage a small portfolio of high-quality stocks when they are very attractively priced. Discipline is central to our process.

We seek to acquire exceptional businesses when they are undervalued and poised for growth, and share our research and results with you every step of the way.

Our investment philosophy defines quality as large, liquid and low-volatility companies with sustainable, profitable growth, durable competitive advantages, great management teams, and attractive valuations.

The service comes in the form of at least two monthly notes, made up of deep dives on new recommendations, updates on existing holdings, flash notes, and other commentary.

Quality has historically delivered outstanding performance relative to the market, over many decades. $100 invested into quality stocks, as defined by MSCI’s World Quality Index, turned into $16,262 (11.5% p.a.) from November 1981 to July 2025, which is three times that of the MSCI World Index (8.5% p.a.). 

Quality versus the World

As US investment firm GMO put it,

"The fact that the highest quality quartile of the market has outperformed the lowest quality quartile by 4% per year is utterly counterintuitive, astonishing, and demands to be incorporated when building sensible equity portfolios."

ByteTree Quality has one simple goal: to make your investing life easier.

To view an example of what our research looks like, take a look at our first note on Diageo.

Spirits On Sale

Drinking sprits has been a part of human history since our earliest days, and this stock is the world’s premier spirits company. It has a broad portfolio of the best and most historic brands…

ByteTreeCharlie Morris

By recommending a concentrated portfolio of the best companies in the world, acquired patiently at attractive valuations, we hope to deliver the kind of investment performance that helps you sleep well at night.

We investigate and reject many companies too, either on valuation or resilience grounds. Our focus is on the highest quality companies, with very high conviction in their future performance, which could reasonably be held for decades. Many brilliant companies do not qualify, as uncertainty and the threat of disruption are too great. The discipline of what not to invest in is equally important.

We are very grateful for the feedback of our existing clients on Trustpilot, and the trust of the thousands of private investors who have been with us over the years.

"We aren't chasing the next meme stock or AI hype cycle. We apply rigorous, institutional discipline to identify the 300 best companies on earth, and then wait for the market to give us a discount. If you are looking for a get-rich-quick scheme, this isn't it. If you are looking for a durable, high-conviction portfolio built for the next decade, welcome to ByteTree Quality."

For extensive in-depth research on quality companies, an easy-to-follow model portfolio built and managed by HSBC's former star fund manager, at a very reasonable monthly fee...

It is included in the ByteTree Pro package, or is available at a discount alongside The Multi Asset Investor.

PS. We have also unlocked our second recommendation, which you can read in full below.

Cocoa and Cash Flow

Our next recommendation in ByteTree Quality is a company with a world class portfolio of consumer goods brands. After a tough few years impacted by short term issues, it has entered buy territory for long term investors.

ByteTreeCharlie Morris