Investment Philosophy

Capital allocation in the value approach

Successful investing rests on a few clear principles, not on many tactical decisions.

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Markets fluctuate, sentiment shifts. Every generation experiences phases of euphoria and uncertainty.

What matters is not predicting these movements, but structuring a portfolio in such a way that it can withstand even significant market movements.

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Investment Philosophy

I deliberately refrain from short-term forecasts. Instead, I focus on structural connections and long-term developments.

Clear principles

The challenge lies not in knowing these principles, but in applying them consistently. Particularly when markets put convictions to the test.

Structured diversification

Diversification does not mean investing blindly across a multitude of value funds, but doing so in a structured way.

Preserving rationality

A clearly defined decision-making framework protects against short-term impulses and preserves rationality even in demanding market phases.

Foundation

My approach has grown over many years.

It has developed out of the attentive study of the portfolio decisions and writings of a few outstanding value investors, and out of engagement with various mental models that describe long-term investing clearly and rationally.

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Foundation