Our investment Philosophy is based on two guiding principles :
- Companies that are undervalued relative to their ‘intrinsic value’ will eventually outperform and the difference between the intrinsic value and market value will eventually reduce to zero.
- Significant outperformance will come from companies going through a “change”, either internally or in their ‘environment’
We thus invest in companies that are undervalued, but we favor the ones for which we identify a certain number of changes in their internal or external environment that happened or are about to happen
We are convinced that such approach, when applied in a disciplined manner, will generate higher than average returns.