A willingness to do the opposite of what the market suggests is our main hallmark. That’s why we buy what no one seems to want, and sell what everyone wants to buy. Because we have a very clear focus.

Our main strength is patience. We wait until our investments reach the target values. Because we analyse a company as if we were about to buy it. If the analysis checks out, we go ahead and invest.

Volatility is not really a risk for us. Volatility creates great opportunities; risk involves a permanent capital loss. We think that the higher the volatility the better return we shall achieve over the long term.

Our performance does not depend on our work alone: it also depends on the irrationality of other market players.

Analysis

We spend time analysing listed companies, taking an in-depth look at their competitive edge and the quality and durability of their business, until ascertaining their true value.

Selection

We invest in undervalued shares in businesses that are easy to understand and provide sustainable high returns at a lower price than their intrinsic value would warrant, i.e., we give ourselves a wide safety margin.

Patience

On the strength of careful analysis, accurate valuation and cautious selection, time works in our favour. We wait for as long as necessary until the quoted market price finally recognises the true value of the companies we invest in.