Fundamental Approach
Incremental Wins
- Moving around the investment circle can only occur in one direction (clockwise).
- Just as it’s impossible for a child to become an adult with out first growing up…
- The same holds true for the economic and corporate world...
- The key is not understanding the circle of investments but understanding how fast, or slow, we are moving around the circle…
You will find many firms that take large bets in an attempt to win, we don’t. We place our bets based on understanding these dynamics and understanding valuations. While we may have strong conviction in our bets, they are always incremental. We win in the long term run by understanding that the slow and steady approach always outpaces the fast approach.
This just means we are a fundamental manager