Value Oriented Investing

We do not carry out debates whether the markets are efficient or not, but our experience has convinced us that markets do not always behave rationally, at least not over the short-term.

We believe, rather, that stock markets demonstrate more “manic-depressive” traits; the current emotional condition of the market can rapidly change from euphoria and optimism to one of complete uncertainty and fear. This leads to excessive under-valuations of companies triggered by significant price set-backs leading therefore to buying opportunities or pronounced over-valuations of companies triggered by soaring stock prices, therefore leading to selling opportunities.

We pursue a value-oriented approach and invest only in companies that offer a substantial discount for their potential fair value. We act like entrepreneurs and view our investment as a medium- to long-term acquisition for a small stake in a company and not just as an investment in an equity certificate.