Market Timing

“The first rule of compounding: never interrupt it unnecessarily” Charlie Munger Predictions, it is said, are tough to…

4 mins

Wimbledon and Inflation: You Cannot Be Serious!

As the French proverb goes, the more things change, the more they stay the same. As we move…

7 mins

Inflation Series: Margins and Operating Leverage

This month we continue with our series on Interest Rates and Inflation. The first newslet-ter in March discussed…

8 mins

Inflation Series: Pricing Power

As Tassilo discussed in our last newsletter (Interest rates in the time of Covid), we are still unsure…

5 mins

The Company Lifecycle

We're often asked where we find good companies. What is usually meant by this is where, in the…

3 mins

Reassuringly Expensive

The further into the future profits will continue to grow, the higher the price-earnings ratio an investor can…

6 mins

Focusing On The Fundamentals

Earnings growth drives stock returns The underlying principle of our investment philosophy is that, over time, earnings growth…

4 mins

Searching For The (Non) Core

For this month’s newsletter, I’d like to write about a specific company attribute we think makes for a…

5 mins

The Price Isn’t Always Right

To say the current market environment is tough to navigate is something of an understatement. It feels something…

6 mins

Thoughts On Diversification

The concept of using diversification to reduce risk without sacrificing returns is one of the central tenets of…

5 mins