Yes there is much research in this area. Personally, I first got interested in this as a philosophical matter from reading about Toyota and its history (which h

Yes there is much research in this area. Personally, I first got interested in this as a philosophical matter from reading about Toyota and its history (which has been extensively researched) I think it's interesting that you use the word "despite" here, since of course it's those very companies that provide the data for this area of research. I don't have time to pull links to papers right now, but there are some referenced in our (rather old now) whitepaper: https://longtermstockexchange.com/static/principals_for_lt_success_white_paper-52e153e1e0be49bd178f74475f274ef0.pdf https://longtermstockexchange.com/static/principals_for_lt_s... as well as our original application to the SEC: https://www.sec.gov/rules/sro/ltse/2019/34-86327.pdf https://www.sec.gov/rules/sro/ltse/2019/34-86327.pdf Some of my favorite research shows what happens to pairwise-matched companies where one went public and one stayed private. The effects are totally predictable.