Safety of principal is our prime focus, but not avoiding volatility. We search for undervalued stocks with an asymmetric risk profile. No matter how long it takes, we look for the few good investment opportunities.
We exploit irrational movements at financial markets by buying stocks below their intrinsic value. Such opportunities arise, for instance, during company-specific, industry-specific or macroeconomic crises.
We only invest in companies and situations that we understand. By this, we mean we understand the business model, management character and valuation.We are long-term investors. Our portfolio is focused.In value investing, our role models are Benjamin Graham, Warren Buffett and Charles Munger.