We are long-term investors. We are not traders. We look for businesses that can compound for ten years.
The biggest risk is permanent loss of capital. Volatility is not risk. A stock going down 30% while the business remains intact is not a loss — it's an opportunity.
Companies that hold excessive cash are not being prudent. They are being lazy. That cash belongs to shareholders.
We are not looking for cheap companies. We are looking for great companies at fair prices. The difference matters enormously over a decade.
Activism only works when the underlying business is worth something. We are not turnaround investors. We are improvement investors.
Climate risk is investment risk. Any fund manager who doesn't see that isn't doing their job properly.