Zalando Investment Thesis: The Fashion Platform of the Future

We have followed the company since before it listed in 2011 and have met with management as well as the two founding investors.

Rational Investing in Today’s Irrational Stock Markets

In this essay, I try to convince the reader that for the active investor, value investing is the only rational (i.e. sensible) way to invest.

TTI: Misunderstood and Overlooked Due to Complex Capital Structure

TETRA Technologies is an oil and gas services company and provider of calcium chloride and bromide products to the industrial market.

Taking a Global Perspective on Investing in South Africa

We are sometimes asked about our view on South Africa from an investment perspective. Local stocks look optically cheap…

The Search for Value, and the Road Ahead

OPF’s portfolio companies have staying power and financial flexibility and are capably managed by “owner-operator” executives.

Spotify: A Case Study in Business Strategy and Value Compounding

Music streaming has already produced an epochal shift in how people listen to music. Spotify is on its way to platform dominance.

Synthetic Leverage and Discounts to Holdings

Some companies can safely leverage alternative third-party sources of capital or operations to generate significant incremental income.

Quarterly Update and Commentary of FM First China Fund, LLC

The ability for U.S. investors to take part in the growth of Chinese companies has been a win-win situation for both countries.

Investing Amid the Epidemiological Forces Reshaping Society

History teaches that profound and tumultuous events can lead us to rethink long-held certainties. Smart investors…

Focus Capital Management’s Approach to Risk

Although risk can be dissected and viewed in many ways, there are two competing worldviews that underpin how to view and assess risk.

Portfolio Management and the Presidency

As sure as the sun sets each day, every four years, people obsess over what will happen if Candidate X wins the presidency.

Value Investing Looks Poised to Make a Return

After 13 years of outperformance by growth stocks the evidence suggests their premium valuation is once again at an extreme.

Four Unpopular Opinions of Tollymore Investment Partners

With qualitative judgement in short supply, we see great opportunity for those willing to embrace intuition to guide idea generation and portfolio management.

The Dam Has Broken

It is not important whether or not we like how things are developing. It is necessary to take things as they are, accommodate to them, and think about which stocks will benefit most.

Surveying Our Favorite Investment Ideas Amid COVID-19

This environment is one where concentration and deep research can shine. Some investors appear to be like deer in headlights, frozen and panicked.

Guarded Optimism, Sobering Reality, and Adapting

Investing involves uncertainty, and in a normal environment I would suggest time in the market is more important than timing the market.

ESG: The Latest Incarnation of Marketing-Led Investment Strategies

The creation of strategies that will sell results in “differentiated-looking” pitchbooks. The latest incarnation comes in the form of ESG investing.

Q1: Opportunity to Higher-Grade the Portfolio with Great Businesses

It is during times of pricing dislocations brought on by economic shocks that high-quality stocks trading below intrinsic value can be identified.

PSG: Well-Managed South African Investment Holding Company

PSG is an investment holdco consisting of underlying investments that operate across a range of South African industries. The group is run by highly entrepreneurial management.

After Fastest Selloff in History, Where Do We Go From Here?

I would like to reiterate our investment approach with you and talk about the recent market sell-off, which according to Deutsche Bank Global Research, was the fastest in recorded history.

Portfolio Update: Starting to Put Elevated Cash Balances to Work

We have long warned of an expensive stock market. Due to the lack of compelling valuations, we have been maintaining a defensive portfolio posture with elevated cash balances.

In Search of Calm

The last few weeks have been anything but calm. We keep on learning more about the coronavirus spread around the world, and the decisions made to address it.

The Point and Challenge of Being Prepared

Beyond the traditional choice of our investment style between categories such as value or growth, fundamental or technical, trading or buy-and-hold, we have tried to abide by two precepts.

Dealing with Uncertainty

“Investing is dealing with imprecise assumptions tainted by an imperfect world haunted by uncertainty” – that’s how I described it in my 2015 book.

March 2020 Commentary of RGA Investment Advisors

If we take that timeframe back to 1900 instead of post-WWII, bear markets happen far more frequently — once every 3.5 years.

South Africa – How Are We Doing?

If you base your understanding of South Africa primarily on the media’s newsfeed, it is very easy to be negative on the country. Much positive is happening…

What Does It Mean To Be A Great Investor?

A great investor prefers the intellectual honesty of “I don’t know” over smart pretention. A great investor does the work, applies rationality, and acknowledges that she cannot know everything.

The Value of Independent Thought

Our investment holdings may from time to time be controversial and divide opinion. A very long-term horizon is most valuable when others are throwing in the towel.

My In-Depth Investment Thesis on Elastic Software

I first became interested in Elastic at the time of its October 2018 IPO. Intuitively, because search is so mission-critical, there should be monetization opportunities.

Balwin Properties: South African Homebuilder at Steep Discount

If I were going to pick a place in the world to operate a home builder, it would not be South Africa. However, if I could only buy one home builder, it might be Balwin Properties.