Investment Philosophy
Fundamental Analysis Driven
Assess competitive advantage
Assess management competence
No compromise on governance
Follow the cash
Long-Term Conviction
Time to build conviction, hold long term
Continuously assess conviction, not price targets
Courage to hold a contrarian position
Position size to reflect conviction
Risk Aversion at Core
Risk = risk of permanent loss
Accept risk of missing opportunity
Avoid weak balance sheets
Track investment thesis quarterly
Asymmetric Pay-Offs
Valuation anomalies/work-outs
Wait patiently
Opportunities created from market excesses