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

Don’t Be Fooled By The P/E Ratio

In client meetings these days, when the topic invariably turns to stock market valuation, we are increasingly being…

8 mins

Born Under A Lucky Star?

“You must never, as a fund manager, stick your head in the sand saying ‘everybody go away, I’m…

5 mins

(Anti)Trust In Politics

$126 billion is the combined market value of the FAANGs¹ which vanished into thin air when it was…

4 mins