• Companies have the possibility to re-invest profits and cash flows internally at return rates which are not available to a financial investor. The long-term intrinsic value of such firms can thus grow exponentially due to the effects of internal compounding. No other asset class offers this possibility.

• All studies about the long-term performance of asset classes show that investments in companies, especially stocks and private equity, have generated the highest returns to investors.

• Many outstanding companies are run by persons whose personal values fit ours, more than those running other asset classes.