Patient capital.
Contrarian thinking.

We are backed by private capital; hence, we have the luxury of time. Patience in investing means avoiding the mediocre ideas. There are lots of stocks of sub-par businesses that look cheap – but these companies rarely produce a good investment result over time, regardless of how cheap they look currently.

Adopting a contrarian approach, we seek under-followed and out-of-favour investments. We search for investments where we recognise its value where others have overlooked or failed to understand. We favour such opportunities not for the sake of acting in a contrarian manner, but because they afford better opportunities for out-sized gains. It is our belief that if we can minimise our losses; the winners will take care of themselves. This also explains our propensity to favor businesses that are backed by substaintial asset values. They are in our experience more reliable determinants of value than projected earnings.