Investment Style

Our investing style is unhitched from market indices. We’re not reliant on the market being “up” to make profits, we have no interest in what the broader market is doing. We’re not distracted by what’s going on in the world financially or politically.

“Nobody invests successfully by following the crowd”

We don’t care what interest rates are going to do next week, what government is going to be elected, or what’s happening in Britain, Europe or the United States. The reason we don’t care is because it’s all irrelevant to our hunt for free value. It’s all market and media noise and it has no place in our style of investing. When the investing stars line up and a great opportunity presents itself it’s important to size it correctly. Our specialty is to understand and develop very high conviction about an undervalued situation, then to invest heavily.

“Acquiring equity in listed companies as cheaply as we can.”

We keep our investment capital where we can achieve outstanding returns on it – in investment situations with the right characteristics – in a concentrated portfolio of winning situations. By thinking this way we tilt the likelihood of extraordinary success steeply in our direction.