
Investment Philosophy
Investment Process
We look for good businesses with good management at a good price.

Good
Business
- Management that creates value for shareholders
- Family-owned Alpha Factor
- Alignment of interest
- Long term investment focus
- More efficient CAPEX, R&D and SG&A
- Management consistently do what they said are going to do
Good
Price
- 25% to 35% discount on its intrinsic value of the business:
- Free Cash Flow
- Sum of Parts
- Replacement Value
- Comparable Business
- Growth for free or cheap
- More active at extreme (valuation/sentiment) moments
Good
Business
- Strong balance sheet
- Steady generation of free cash flow
- Sound financial statements
- Competitive advantages and entry barriers
- Good margins
- Good ROE, ROIC
- Good reinvestment opportunities





- AM research
- Multi level company visits
- Sell-Side research
- Buy-Side ideas

- What to buy
- How much to invest
- When to exit
- Reach its intrinsic value
- Fundamentals deteriorate
- Better investment oportunity

- Concentrated Portfolio
- 60% difference vs IPC
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