Core Insights - The investment strategy focuses on acquiring strong businesses when they are undervalued, emphasizing the importance of quality and price in investment decisions [1] - The portfolio has evolved over time, transitioning from Canadian dividend payers to a diverse range of industries including technology, payments, and emerging markets [1] - The current emphasis is on large tech companies with extensive user bases and content libraries, highlighting the potential for cross-selling opportunities [1] Investment Philosophy - The valuation approach prioritizes EBIT plus R&D investments, reflecting a belief in the long-term potential of certain R&D initiatives [1] - The historical annual return from February 2019 to October 2024 was 11.4% CAGR, which is below the market's 15.18% CAGR, indicating a need for improved performance in the future [1] - The investment philosophy discourages traditional "Buy" and "Sell" recommendations, advocating for a focus on exceptional businesses at fair prices, with a preference for "Strong Buy" and "Strong Sell" classifications [1] Future Outlook - The belief is that expanded knowledge and principles learned will facilitate better performance and lower portfolio turnover in the future [1] - The strategy suggests that most profits will come from holding existing investments rather than frequent trading [1] - A "Hold" position may be initiated for high-quality businesses if their pricing is not favorable, indicating a flexible approach to investment management [1]

Core Insights - The investment strategy focuses on acquiring strong businesses when they are undervalued, emphasizing the importance of quality and price [1] - The portfolio has evolved through various industries, including technology, banking, and emerging markets, with a current emphasis on high-quality businesses [1] - The investment philosophy is influenced by notable investors and CEOs, highlighting the significance of learning from industry leaders [1] Investment Focus - The current focus is on large technology companies with extensive user bases and content libraries, recognizing the potential for cross-selling opportunities [1] - Valuation is primarily based on EBIT and R&D levels, reflecting a belief in the potential of certain R&D investments [1] Performance Metrics - The annual return from February 2019 to October 2024 is reported at 11.4% CAGR, which is below the market's 15.18% CAGR [1] - The investor believes that the knowledge gained in recent years will enable future outperformance of the market [1] Portfolio Management Philosophy - The approach to stock recommendations is unconventional, advocating for a "Strong Buy" threshold for exceptional businesses, with everything else categorized as "Strong Sell" to free up capital [1] - A "Hold" position may be initiated for high-quality businesses if the pricing is not favorable [1]

Core Insights - The investment strategy focuses on acquiring strong businesses when they are undervalued, emphasizing the importance of quality and price in investment decisions [1] - The portfolio has evolved over time, transitioning through various industries including telecom, banking, technology, and emerging markets, with a current emphasis on high-quality businesses [1] - The investment philosophy is influenced by notable investors and CEOs, highlighting the value of learning from successful figures in the industry [1] Investment Strategy - The approach prioritizes companies with large user bases and extensive content libraries, recognizing the potential for cross-selling opportunities [1] - Valuation is conducted at the EBIT plus R&D level, reflecting a belief in the significance of certain R&D investments [1] - The investment performance from February 2019 to October 2024 shows an annual return of 11.4% CAGR, which is below the market's 15.18% CAGR, indicating a need for improved future performance [1] Portfolio Management - The strategy aims to minimize portfolio turnover, with a focus on holding existing investments rather than frequent buying and selling [1] - The philosophy rejects traditional "Buy" and "Sell" recommendations, advocating for a "Strong Buy" threshold for exceptional businesses and categorizing others as "Strong Sell" to free up capital for new opportunities [1] - A "Hold" position may be initiated for high-quality businesses if their pricing is not favorable, indicating a flexible approach to investment management [1]

Core Insights - The investment strategy focuses on acquiring strong businesses when they are undervalued, emphasizing a concentrated portfolio approach in various industries including telecom, banking, and technology [1] - The current emphasis is on high-quality businesses, particularly in the technology sector, which have large user bases and content libraries, highlighting the potential for cross-selling opportunities [1] - The valuation method prioritizes EBIT plus R&D investments, reflecting a belief in the long-term potential of certain R&D initiatives [1] Performance Metrics - The annual return from February 2019 to October 2024 is reported at 11.4% CAGR, which is below the market's 15.18% CAGR during the same period [1] - The investment philosophy aims to minimize portfolio turnover, suggesting that most profits will come from holding existing investments rather than frequent trading [1] Investment Philosophy - The approach does not endorse traditional "Buy" and "Sell" recommendations, instead categorizing stocks into "Strong Buy" and "Strong Sell" based on their valuation relative to exceptional business quality [1] - A "Hold" position may be initiated for high-quality businesses if their pricing is deemed unfavorable, indicating a flexible approach to investment decisions [1]

Core Insights - The investment strategy focuses on acquiring strong businesses when they are undervalued, emphasizing the importance of quality and price in investment decisions [1] - The portfolio has evolved through various industries, including technology, banking, and emerging markets, with a current emphasis on high-quality businesses and their competitive advantages [1] - The investment philosophy is influenced by notable investors and CEOs, highlighting the significance of learning from successful figures in the industry [1] Investment Strategy - The approach prioritizes large tech companies with extensive user bases and content libraries, recognizing the potential for cross-selling opportunities [1] - Valuation is conducted at the EBIT plus R&D level, reflecting a belief in the potential of certain R&D investments [1] - The investment performance from February 2019 to October 2024 shows an annual return of 11.4% CAGR, which is below the market's 15.18% CAGR, but there is confidence in future outperformance due to expanded knowledge [1] Portfolio Management - The strategy aims to minimize portfolio turnover, with a focus on holding existing companies rather than frequent trading [1] - The investment philosophy rejects traditional "Buy" and "Sell" recommendations, advocating for a "Strong Buy" threshold for exceptional businesses and categorizing others as "Strong Sell" to generate cash for future investments [1] - A "Hold" position may be initiated for high-quality businesses if their pricing is not favorable [1]

Core Insights - The investment strategy focuses on acquiring strong businesses when they are undervalued, emphasizing the importance of quality and price [1] - The portfolio has evolved through various industries, including technology, banking, and emerging markets, with a current emphasis on high-quality businesses and their competitive advantages [1] - The investment philosophy is influenced by notable investors and CEOs, highlighting the significance of learning from successful figures in the industry [1] Investment Strategy - The approach prioritizes large tech companies with extensive user bases and content libraries, recognizing the potential for cross-selling opportunities [1] - Valuation is conducted at the EBIT plus R&D level, reflecting the belief in the potential of certain R&D investments [1] - The investment performance from February 2019 to October 2024 shows an annual return of 11.4% CAGR, which is below the market's 15.18% CAGR, but there is confidence in future outperformance due to expanded knowledge [1] Portfolio Management - The strategy aims to minimize portfolio turnover, with a focus on holding existing companies rather than frequent trading [1] - The investment philosophy rejects traditional "Buy" and "Sell" recommendations, advocating for a "Strong Buy" threshold for exceptional businesses and categorizing others as "Strong Sell" to generate cash for new opportunities [1] - A "Hold" position may be initiated for great businesses if the pricing is not favorable, indicating a flexible approach to market conditions [1]