This article is authored by MOI Global instructor Sebastien Lemonnier, fund manager at INOCAP Gestion, based in Paris.
I look forward to participating in European Investing Summit for the fourth consecutive time, as it is always a privilege to learn from all the other participants.
It might be interesting in this short piece to step back from fundamental analysis and investment idea presentations and share with you the main investment principles I have gathered over time since starting my career eighteen years ago.
- Humility and rigorous work are your best allies.
- Do not just gather information but look for the right information.
- Be curious. Naive questions often reveal the most interesting answers.
- You cannot buy investor experience.
- Focus on less to make sure you do it well.
- Meet as many companies as you can; there are always things to be learned.
- Simple investment cases are often the successful ones.
- Track investor darlings over the cycle; be patient to buy them well.
- Favor a common-sense approach.
- When buying a stock, keep in mind your three key decision drivers.
- From the outset, know why and potentially when you might sell a stock.
- Fundamental conviction is key, but timing should not be neglected.
- Spend time to understand those who think contrary to you.
- Never blame anybody for your mistakes but learn from them.
- While market environments differ, participants’ actions follow patterns.
- Reject complacency.
- Fall in love only with your wife and never with a company or CEO.
With these principles in mind, I look forward to sharing and discussing with you one of my high-conviction ideas at European Investing Summit 2021.
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