“When we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever.”

08.05.1993 in Rostock.

MSc International Finance Student at HEC Paris. Recent internship experience includes Fidelity International and Allianz Global Investors. BSc Economics degree from University of Bonn. Scholarships from Evangelisches Studienwerk and HEC. Level 2 Candidate in the CFA Program.

Margin of Safety

We estimate a companies ‘intrinsic value’ if it seems to be undervalued by the market. We only buy stock as soon as the stock price has reached the ‘margin of safety’. If the market gives the stock an adequate price or the intention of the buy-action is lost, we sell the position.

Business Owner Concept

A management that owns a lot of its company will establish safety and confidence for investors. A high participation of the management in the ownership structure leads to high responsible awareness, as it is often the case especially for family-run companies.

Economic Moat

To be able to make sustainable, long-term investments, we have to find companies that can build up and hold market advantages over a long time; e.g. through network effects, high entry barriers, switching cost or economies of scale.