(Kopie 1)


The firm’s investment philosophy can be described as value-oriented and fundamentally driven. Stock prices often do not reflect the true value of a company but fluctuate with over-and understatements of their real value. As Value Investors, we try to identify shares below their real value, which can be approximated by profitability and intrinsic value analyses.

Value Investors ask for a margin of safety when buying a stock, which is the difference between price and intrinsic value of a stock.


"Price is what you pay and Value is what you get"

- Warren Buffett -

Characteristics of successful Value-Investors:

  • Time: Researching for investments is very time consuming and requires accounting and entrepreneurial expertise.
  • Patience: Our approach is not a strategy for impatient investors who would be alarmed by short-term vagaries of stock prices.
  • Contracyclical action: Rarely are there "trendy" stocks in our portfolios, we rather invest in "out of favor" stocks and/or stocks with a margin of safety, which requires strong nerves for the investor.

(Kopie 2)


Fixed-Income Securities

In the Fixed-income segment, we are also primarily safety-oriented investors. The most important question we ask ourselves is:  is this debtor so sound that they can provide service interest and repayments for the duration of the bond?

In addition to the normal credit rating of the rating-agencies, we also analyze the proportion of equity and debt, the future cash flows from the lending business (amounts falling due loans, revolving credit lines) of the companies as well as the probability of bankruptcy with the help of various bankruptcy prediction indicators.

We generally do not invest in subordinated funds, derivatives or other structured products in the bond market.

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