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Investment Philosophy
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Our investment approach is driven by:
- Investing in businesses that are seen to have a reasonable certainty of providing above-average returns over the long run;
- Ensuring we invest in those businesses at prices that are attractive (remember: price is what you pay, value is what you get); and
- Focussing on long term investment and holding steady during times of market volatility where the opportunity to buy has proven to be better than the compulsion to sell.
In turn, we specifically focus on:
- Buying understandable businesses (which are necessarily easier to value) run by competent management;
- Seeking quality franchises with competitive advantages, superior operating models and bright futures;
- Ensuring a disciplined sell methodology is applied in the event that, for example, a company's earnings are likely to be impacted or a company is close to the value we attribute to it and better opportunities exist elsewhere; and
- Developing concentrated portfolios of investments around appropriate risk parameters, having regard to index weightings but not necessarily being compelled to own a stock because of its index weighting.
In all of the above, we seek to educate you in the process.
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