"Value investing doesn't always work, which is why it works"

Most investors do not like uncertainty, and most do not like waiting. This creates opportunity for the investor who is willing to do deep research and take long term positions. We look for businesses with durable structural advantages, and we are disciplined about valuation. In other words, we look for good businesses going through hard times. Good businesses at low prices are rare, which is why we run a concentrated portfolio: seven to ten core positions.

Although our investment mandate is agnostic to geography and asset class, we focus on public equities in developed markets (plus developing markets with strong Common Law traditions, such as South Africa). Similarly, we may invest long or short, but the vast majority of time is spent on the long side.