Our Investment Approach.

We are long term owners of businesses with structural high returns on capital and ample opportunities to reinvest at similarly attractive returns, thus allowing  them to ‘compound’ earnings.

We think and act as if we were sole operators of the business. We concentrate on value creation over time and not short-term share price evolution.

In order to respect our internal objectives of value creation, we are careful about the price we pay for these businesses. Our experience shows that the lower the valuation, the lower the uncertainty around our potential returns.

We have a limited number of investments. Businesses that meet our fundamental selection criteria are rare, and periods during which they are available at attractive valuations are also rare. The combination of both is even more rare.