We are value investors, managing a concentrated portfolio of global investments for long term returns.
Investment opportunities arise because markets often overshoot the mark.
Overly exuberant investors in good times and excessively negative ones in bad times create excesses. A carefully chosen portfolio with an eye toward value and business fundamentals is more important than popularity that can be fleeting. Our approach often defies convention and goes against the prevailing consensus.
We focus on well-capitalized businesses to decrease the risk of unforeseen negative outcomes.
Defying convention...
A few recent examples of our often contrarian approach:
- We avoided crypto, invested in coal companies instead.
- We chose insurance companies over NFT’s
- We favor truck transportation and profitable automakers over Tesla
- In short, we prefer beautiful fundamentals over pie-in-the-sky forecasts
- We seek out pristine balance sheets and healthy cash flow instead of sex appeal
Investment success doesn't come from "buying good things," but rather from "buying things well."
