We think in generations,
not in quarters
We invest in assets which endure. Investors who only think in quarters create opportunities for those who think outside the box.
We focus on the company,
not the stock
We don't consider stocks as immaterial shares but as effective pieces of a business. While a company is the entrepreneur's artwork, high quality materials decide about the result. Our basic criteria are a good quality business model, sensible balance sheet, and strong economic moat.
We trust in entrepreneurs' actions,
not in predictions
We are convinced that independent leaders decide the rise and fall of their business: They risk their own capital and don't have a golden cushion to land on. We judge them for their acts, not their speeches.
We evaluate the essence,
not the facade
The right capital allocation strategy and an outsider mentality are key characteristics for our investment process. We rely on proficiency instead of smart charades. Mentality and personality are much better indicators of a successful businessman than intellect. Thus we regard open acknowledgement of mistakes and the willingness to resolve them as a prerequisite for a lasting learning experience
„Price is what you pay,
value is what you get“
It is said that everything that is good has to be expensive. However that is not always true. Short- and mid-term mistakes, exaggerated apprehensions, and misdirected trends result in chances for us to rate a company sensibly and invest in it.
We approach risks cautiously,
not timidly
Risk is the currency of the entrepreneur and an awareness of risks is essential in asset management as well. Three decades worth of experiences with investments teach caution and humility, as well as determination in the right moments.
We invest rationally,
not emotionally
Personal emotions are the investor's worst enemy, while other investors' emotions are their best friend. Whoever acts emotionally in financial circumstances puts themselves and their clients in danger. We make decisions purely based on rationality and sober analysis.
We follow investment cycles,
not linear trends
It is hard to resist a trend, but sometimes it is essential. More than 20 years as an entrepreneur have taught us when and how to disregard short-term opportunities. Constant linear extrapolation do not lead to success and simply following the crowd only leads to the same old results everyone gets.
We only buy assets
we understand.
That's all.
