Investment Philosophy
A few principles, applied consistently
Successful investing rests on a few clear principles, not on many tactical decisions.
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.
My approach
I deliberately refrain from short-term forecasts. Instead, I focus on structural relationships and long-term developments.
01
Clear principles
The challenge lies not in knowing these principles, but in applying them consistently. Especially when markets put convictions to the test.
02
Structured diversification
Diversification does not mean holding as many value funds as possible. It means combining funds so that their strengths complement each other and overall risk is reduced.
03
Preserving rationality
A clearly defined decision framework guards against short-term impulses, particularly in demanding market phases.
04
Learning from the best
My approach has grown over many years. It has emerged from the careful study of outstanding value investors, their portfolio decisions and writings, and from mental models that describe long-term investing clearly and rationally.
Foundation
For me, these principles apply not to the individual stock, but to the selection of the manager who applies them.
