Alcon: Q3, Slight Guidance Cut Is Not Something Structural

Core Insights - The investment strategy focuses on fundamental, bottom-up analysis with an emphasis on long-term quality growth [1] - The target annual return for the portfolio is set at 15% [1] - The portfolio typically consists of 15-20 stocks, highlighting diversification, risk management, and disciplined trading [1] Investment Philosophy - The company seeks firms in niche markets with strong growth potential and solid management [1] - A sound capital allocation policy and reasonable valuation are critical factors in investment decisions [1] - The approach avoids chasing quarterly results and does not conform to herd mentality [1] Portfolio Construction - Emphasis is placed on diversification of holdings and macro-driven sector weights [1] - Risk management is a key factor in portfolio construction [1] - The investment strategy is characterized by a disciplined approach to trading and valuations [1]