Monitoring the best assets and preparing for the market to overreact again...

Frankly put, we profit from the big institutional investors doing "dumb things"... often driven by short-term thinking, fear, or greed. Such behaviour creates situations where assets are mispriced - even the assets of the best companies in the world.

Our focus is to prepare and wait for the stock market foolishness to occur again.

And we have a list of businesses has some of these simple criteria:

• We are able to understand them and their competition
• They have high returns on equity without much debt
• Hold durable competitive advantages
• Are able to grow organically at high returns on tangible equity capital

If Mr. Market is suddenly selling great assets way to cheap, we are happy to act and increase our ownership.

Typically, these companies are expensive. But we use the time now, and we prepare in advance, so that we understand the companies and the competition. That way we will be ready, and we will have the courage to buy, when everybody suddenly wants to sell.

Our meetings are held Tuesdays 20:00 CET.