Monthly Commentary

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2018: It's All About The Fundamentals

It is easier to be a critic than a creator, a consultant than an entrepreneur, or a commentator than an investor. The two headlines are from the Financial Times, the hometown newspaper for people like us. One is from December 2016, the other from December last year. In our comment last month we wrote about “Same procedure as last year? Same procedure as every year!”. It always appears smarter to be worried about a myriad of problems than to be optimistic and chart a course to reach a goal. One of our core beliefs is that in preserving and growing long-term wealth, the biggest risk comes from taking no risks. That is why we do a lot of work to make they are the right ones. Read more »

Summer Reading: Alexander Hamilton by Ron Chernow

August is a time to catch up on summer reading. This year one of the books we are reading is Ron Chernow’s authoritative biography of Alexander Hamilton, one of the founding fathers of the United States. Like with the investment greats, Benjamin Graham, Philip Fisher, Warren Buffett or Charlie Munger, reading the writings of the founding fathers or histories about how they devised a system of government that has led to unprecedented stability and prosperity for the United States and for much of the world, is always interesting and educational, and one can always find new insights and an astonishing relevance to issues facing us today. Read more »

The Year of the Rooster

It is the Chinese Year of the Rooster and there is quite a lot to crow about. The US and European economies have continued their strong performance, reflected in sustained economic growth, robust employment and rising markets. Read more »

It's the fundamentals, stupid!

Our conviction is to invest in quality and value, do our own work and invest for the long-term. 2016 was a profitable year for us despite the political upheavals because we were right about following the fundamentals. Read more »