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.
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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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.
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8 A.M.
2015-05-22, Clement Chiang
Groupthink occurs when the desire to conform prevents alternatives from being considered. It’s a risk every performance-minded team must actively avoid.
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Knowing The Knowable
2015-02-20, Clement Chiang
As bottom up investors we prefer to focus on the characteristics that make a great business and the valuations that provide a margin of safety.