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]

I only buy strong businesses. I only buy them when they're cheap. Backgrounds in economics, philosophy, government, data. I started my investing journey with a fairly concentrated portfolio of Canadian dividend payers in the telecom, pipeline and banking industries. I have moved forward through different industries including payments, US regional banking, Chinese and Brazilian equities, REITs, technology companies and a few other emerging market opportunities, as well as microcap through to megacap range. I ...

I only buy strong businesses. I only buy them when they're cheap. Backgrounds in economics, philosophy, government, data. I started my investing journey with a fairly concentrated portfolio of Canadian dividend payers in the telecom, pipeline and banking industries. I have moved forward through different industries including payments, US regional banking, Chinese and Brazilian equities, REITs, technology companies and a few other emerging market opportunities, as well as microcap through to megacap range. I ...

I only buy strong businesses. I only buy them when they're cheap. Backgrounds in economics, philosophy, government, data. I started my investing journey with a fairly concentrated portfolio of Canadian dividend payers in the telecom, pipeline and banking industries. I have moved forward through different industries including payments, US regional banking, Chinese and Brazilian equities, REITs, technology companies and a few other emerging market opportunities, as well as microcap through to megacap range. I ...