We emphasis bottom up fundamental research in our decision making, but it’s important to recognize that businesses and governments do not operate in a vacuum.
Consistently Different
2015-12-04, Jason Reed
Our investment philosophy is to create concentrated portfolios of businesses that generate above average returns with below average risk.
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Obscurity In The Average
2015-11-20, Mathew Hermary
Interpreting averages and aggregates can be a lot like peering at the ocean from an airplane. Both offer a glimpse of something large from a little window.
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View From The Harbour
2015-09-25, Clement Chiang
Last week we attended the annual Asian-focused CLSA Investor Forums in Hong Kong. It was a whirlwind of presentations, management sessions, and speeches.
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Disruption
2015-08-07, Darren Dansereau
John F. Kennedy said, “Change is the law of life. Those who look only to the past or present are certain to miss the future.” The future is about disruption.
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Climbing Efficiency
2015-07-24, Clement Chiang
As long-term shareholders we look for durable ROE – efficiently run businesses that can sustain above average returns on capital over long periods of time.