We continuously update the scenario forecast model and each stock model to reflect new developments.
All parts of our investment process integrate both different decision making disciplines and also all of the differently focused investment staff.
All of our professional investment staff participate and vote in all of our investment meetings whether about the macro-economic assumptions in a scenario forecast, the composition of a target portfolio or the price at which to buy or sell a particular stock.
Our investment strategy is based on the philosophy that the best way to “beat the market” is to be safely protected when it goes down, not dangerously exposed when it goes up.
This means always thinking about the unlikely and unpleasant things that might happen rather than the most likely or most hoped for pleasant outcome. A diversified portfolio that takes account of all possibilities is like a household that is always paying a fire insurance premium (this is only a metaphor; we do not offer true insurance). Most years the premium reduces income; but when misfortune strikes the insurance provides protection. Misfortune strikes the stock market far more often than fire strikes houses.