We believe that investing is an intellectually stimulating, challenging, and rewarding endeavor. We think to do it well is not about predicting the future, but about preparing for it. Infusing this attitude into everything we do, we aspire to protect and grow the capital of our Partners.
The ability to wait calmly for a more advantageous price to purchase or sell a security is crucial to yielding remarkable long-term results. For most investment professionals, however, near-term concerns hinder them from planting seeds that take longer to germinate yet produce richer and heartier crop.
One can be convinced of anything if their emotional selves take the helm. This is dangerous for the investor in the public markets, who is most likely to profit when their sensitive energies are an engine instead of a compass. The simple though demanding act of concisely answering, on blank paper and in your own words, “Why am I buying this?” and “What is it worth?”, is remarkable at reducing the odds of navigating based on trivia, fears, or desires instead of critical facts and reason.
It is natural to want the things you think good to be appreciated by others. When an investor is judging the merits of a security, though, this tendency is often hazardous; it usually means the price paid reflects the adoration of the market and is thus loftier. Being able to stand alone and independently grasp the expected value of a purchase, especially when an anxious or conformist crowd marks it lower than warranted, is foundational to successful investing.