The relevant test of an owner is the condition in which a business, a vineyard, or a building is handed to whoever comes next.
Investment performance is conventionally measured against the period in which it was produced. That is a reasonable measure of a manager and an incomplete measure of an owner.
The test we prefer is the condition of the asset at handover. Is the business better capitalised, better managed, and less dependent on any single person than when it was acquired. Is the land in better heart. Is the building sound.
None of that appears in a return figure, and some of it reduces the return figure in the period in which it is paid for.
It is nonetheless the measure we hold ourselves to, because it is the only one that survives the horizon over which family capital is actually deployed.