Investment Philosophy

Download Investment Philosophy
 

We believe people are motivated by short-term outcomes, overemphasise recent information and are uncomfortable having unpopular views.

A Long-Term Perspective

  • We only pay for what is sustainable
  • We look through fads and fashions
  • We aim to understand the risk of losing long-term capital

Independent Thinking

  • We are always sceptical
  • We are wary of popular opinion
  • We do all our own research

A Culture of Ownership

  • We own our business
  • We co-invest in our funds
  • We actively engage with companies

 

For further information, please click here to view our Investment Philosophy.

Value Investing: An Australian Perspective

While the long term returns from ‘value investing’ are strong and well documented, the approach has struggled over the past decade, prompting many investors to question its merits.

Our three part series discusses value investing from an Australian perspective:

Part I: Examines alternative classifications of ‘value’.
Part II: Explores the question of why value strategies based on free-cash-flow outperform the market.
Part III: Discusses behavioural biases in investor risk assessments and expectations.