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Our Approach:
We focus on value-based investments - we look for high quality companies that trade at valuations significantly below their intrinsic values. This approach aims at reducing risk while, at the same time, it allows for superior returns. We
also selectively invest in other financial instruments like
index certificates or commodities.

Why are there high quality, but undervalued companies? "Companies below the radar screen" ...

A large number of funds are so big that they need a certain minimum amount to invest per company.  As a consequence, these institutional investors would not even look at companies below a certain market capitalization, although these might be very attractive investment targets.
This opens a huge opportunity.  


Negative overreaction
Sometimes, there are events that negatively impact a company's valuation, however, the actual effect on the intrinsic company value might be much more limited. In such cases, many investors decide to sell, leading to a massive overreaction.  A high-quality stock can then
be bought at a very attractive price.

Out of favor
For example, energy shares were out of favor in the late nineties.
You could buy high quality companies at a price significantly below
their fair value.

 
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Buy gold explorers

We buy 3 gold explorers: * International Royalty company (ROY), which is a portfolio company that owns shares in various mines. * Altius Minerals (ALS.TO): This company already has steady income from roylties and is about cash break even. It has further interests in uranium and copper mines. * Almaden Minerals (AMM.TO or AAU): This is more early stage and higher risk than the other two companies. On the other hand, there is a good chance for strong newsflow over the next couple of months.

Date: 13-07-07

We sell our long warrants and the straddle

We sell the Dax call, the MDAX Call and the Nasdaq straddle (consisting of a long and a short instrument). The reason is that overall, the warning signs for the stock markets become more and more obvious: Increasing interest rates, a weak USD, high oil prices and fears of increasing inflation. As a latest trigger, we see that the volatility in the stock markets increases significantly which has happened often berfore bear markets. The latest rally might continue over the next days or weeks. But as the warrants are highly leveraged and pretty risky and we have achieved our targets, we realize the gains.

Date: 15-06-07

Buy Amazon

Amazon has all the incredients to become the next Walmart. PE looks high as the company invests in growth. On the other hand, price / sales of 2.5 looks reasonable when looking at the > 30% revenue growth rate.

Date: 23-05-07

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