Philosophy
We believe in our values, our independence, and our rigorous analytical discipline combined with structured qualitative analysis. These provide the basis for a good stock selection. This approach is long-term oriented and not actionist.
We have no problem with the label „Contrarian“, rather we believe that the value investing School of Thought of is particularly relevant in today's era of excessive speculation, hyped trends and short-term profit-seeking.
Our goal is to achieve above-average performance in the asset class. We trust our competence to buy the right investments at reasonable prices and wait until the values materialise. This is where we like to practice patience.
We are unique - in our focus and structure, which allows our investor families to participate in the value creation in a transparent way
According to the efficient market theory, markets should be transparent and therefore efficient. However, this efficiency presupposes rational action by all market participants. But how is it possible for bubbles and crashes to happen if all market participants are acting rationally and not emotionally?
In general, we believe that investors prefer to move in herds and therefore do not always act rationally. People tend to extrapolate negative or positive events into the future and then act intuitively.
«The price is what you pay,
the value is what you get.»
Warren Buffett, Februar 2008
We see it as our task to determine the intrinsic or arithmetical value of a stock as unemotionally and rationally as possible in order to ultimately make investments that have an asymmetrical risk/return profile in favour of our clients. In other words, they are traded at a discount.
The values we live by are:
- Our customers are at the centre of our philosophy.
- We aim to achieve above-average performance for our clients over the long term by continuously developing the value approach further.
- Our employees have above-average training, a wide range of experience, the ability to think in an interdisciplinary and networked way, and are passionate about their work. Besides our clients, they are our most valuable asset.
- Discipline, continuity and consistency form the foundation of our investment process. The exponential compound interest effect plays a central role here.
- With ambition and passion, we manage client’s funds as well as our own. We see our clients as co-investors.
- We are team players! Soloists have no place with us.
- Life is change, without change there is no life. We are a continuous learning organisation. Newly gained insights are continuously incorporated into the investment process.
- «We are marathon runners, not sprinters!»
