Investing Principles
“KNOW WHAT YOU OWN AND KNOW WHY YOU OWN IT”
“KNOW WHAT YOU OWN AND KNOW WHY YOU OWN IT”
- Do a Quick Stress Test Portolio Analysis
- What You Own is Cheaper Than it Was
- Do You Want to Make Slight Adjustments?
- Add to Long Term Holdings?
- Sell Questionable Investments?
LOOK FOR INDEPENDENT-MINDED MANAGERS WHO THINK LIKE OWNERS
LOOK FOR INDEPENDENT-MINDED MANAGERS WHO THINK LIKE OWNERS
“PATIENT CAPITAL” OUTPERFORMS
High “Active Share” Portfolios
+
Trade Infrequently
= 2%+ average annual outperformance
Source: “Patient Capital Outperformance” by Martijn Cremers & Ankur Pareek
CONTINUE TO SEEK OUT EXCEPTIONAL INVESTORS
CONTINUE TO SEEK OUT EXCEPTIONAL INVESTORS, BOTH INDIVIDUALS & FIRMS
INVEST WITH SOME TRUE VALUE INVESTORS
| 10 VALUE FUNDS |
|---|
| 1999- 2003 |
| Average Annual Return |
| Group Average +10.8% |
| S&P 500 – .57% |
- COMMON VALUES
- Owned limited number of carefully researched companies
- Long-term orientation with low portfolio turnover
- Substantial investments in their funds
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