We believe a defensive posture fixated on minimizing risk will equate to a positive real rate of return over a long time horizon.

We believe a defensive posture fixated on minimizing risk will equate to a positive real rate of return over a long time horizon.
Although there have been periods of similar underperformance in the past, value investing has historically been a superior way to generate long term returns.
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.
Our investment philosophy is to create concentrated portfolios of businesses that generate above average returns with below average risk.
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.
Last week we attended the annual Asian-focused CLSA Investor Forums in Hong Kong. It was a whirlwind of presentations, management sessions, and speeches.