"Observing the numerous misfortunes that attend all conditions, forbids us to grow insolent upon our present enjoyments.... For the uncertain future has yet to come, with every possible variety of fortune"

Solon

Philosophy

Focussed – we target superior, risk-adjusted returns by seeking to keep the balance of risk and reward in our favour as much as possible.
Disciplined approach to managing money – a thorough understanding of industry dynamics and a rigorous analytical framework enable us to have conviction and to weight our bets accordingly.
High regard for the market – the market has infinite wisdom, it is divine, our God. Any idea, however good, must wait to be confirmed by the market.
Pragmatism – not idealism. Conviction is overruled if the market doesn't show confirmation.
Independence of thought – we think for ourselves, from first principles; indices do not shape our investment approach.
Timing is critical – whilst we think for ourselves, we always act mindful of the market's perception, acceptance and confirmation of our ideas.
Style accommodates mistakes – a diversity of holdings means we don't get wedded to our holdings; we are dispassionate about cutting losers.
Risk management – a strong alliance of a trading disciplines, analytical rigour, strong back office and P&L analysis is central to our risk management framework.