We are rational, bottom-up in our thinking, looking at assets rather than at the economy.
We favour assets supported by a strong and sustainable business model, managed effectively and priced well.
Risk for us is the Permanent Loss of Capital, and our focus is to avoid it. To that end considerable time and effort is spent understanding the downside. We include a margin of safety when making investments and are strong advocates of managing risk by not overpaying for an investment.