• We only do new investments if
  • the price we pay is significantly below the intrinsic value of the company as calculated by us, giving us a high margin of safety
  • the company cannot be damaged severely by external factors, i.e. there is no risk of a permanent loss of our invested capital.

• With listed companies we regularly see periods of significant undervaluation due to the short-term – often quarterly – perspective of financial markets. For a value investor with a long-term perspective this offers wonderful opportunities.

• We try to choose our core investments in a way which enables us to hand them over to the next generation of our families ("Inheritance Stocks"). Our portfolio-turnover is below 20% per year.

• When we sell – e.g. because valuations are clearly overstretched – we are happy to keep cash for a long time until we have found a purchase which fits our criteria.