Success Factor: Capacity to Suffer

Are you in? I’m planning to build a global brand. I expect the first profitable year… in 25 years.

Yes, I thought so. A quarter of a century is quite far into the future. And yet, that’s how long it took Nespresso to turn a profit. Nestlé endured an extremely long dry spell to transform its coffee capsules into a global brand. That journey surely brought sweat to the managers’ brows and, here and there, a few tears to shareholders’ eyes. Ultimately, though, they were rewarded with an unparalleled market position and solid profits.

In 2024, Nespresso reported revenues of 6.4 billion Swiss francs, of which 20% remained as operating profit (source: Nestlé Annual Report 2024).

Long-term thinking is a family matter

For U.S. investor Tom Russo, the “capacity to suffer” is a key ingredient for financial success. He has held Nestlé shares for decades and cites Nespresso as a prime example of this principle.

Or think of Amazon.com. Founder Jeff Bezos invested billions of dollars in growth over many years. He deliberately stepped away from the race for short-term quarterly results.

It’s often family-led businesses that show this capacity to suffer. Because they think in decades and sometimes even across generations.

Those who endure, win

At Gutmann, too, it’s not about any single quarter. It’s about long-term competitiveness. We must stand up to the critical eyes of our clients. That means continuously improving our services, investing in our business model, and getting better.

This requires the will to invest for the long haul and the ability to endure. Because only those who commit time and capital are ultimately rewarded. Past and present success are what nourish future success.