We believe a defensive posture fixated on minimizing risk will equate to a positive real rate of return over a long time horizon.
What Comes Around
2016-03-18, Mathew Hermary
Although there have been periods of similar underperformance in the past, value investing has historically been a superior way to generate long term returns.
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Shifting Debt Mentality
2016-01-15, Clement Chiang
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.
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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.