• Other asset classes do not offer the same long-term returns as investments in companies. Therefore a diversification into other asset classes bears high opportunity costs.

• Our core investments in companies are very different with respect to sector, geography and development stage. Because we are only invested in a small number of companies, we feel that we know the risks of those companies very well. A portfolio of 20 or even 50 companies would, in our opinion, carry a higher risk because no manager can follow and understand in-depth such a large number of companies.