
Concentrated Approach
Given our stringent criteria, we need to look broadly across capitalizations, industries and geographies to find good opportunities. While there are tens of thousands of listed corporations, only a few combine all our investment requirements at a given time, which leads us to run a more concentrated portfolio.
Concentration allows us, in turn, to spend a disproportionate amount of time getting to know the most attractive companies, helping to manage the risk of a mistake which might otherwise lead to capital loss. Lastly, we expect that focusing on our best ideas with the most attractive discounts will allow us to pursue strong performance over time.