Value, value, and value
Great industry: We have a deep understanding of ——health, science and technology, consumption, service and other fields that are in line with the trend of economic transformation and structural adjustment.
"Long slope and thick snow" —— natural business model, sustainable profit growth, long-term competitiveness, high threshold, wide moat; excellent management team and good reputation.
Buying a good company at an acceptable price, not a mediocre company at a cheap price. We believe that high-quality companies and talents with excellent character should get a reasonable price. Time is the friend of an excellent company and the enemy of a mediocre company.
Deeply understand the universal defects of human nature
Human beings are flawed decision-makers. The self-attributed bias caused by overconfidence will make people feel that they can always overcome the market. And emotions interfere with our decision-making all the time. We need to constantly reflect and develop principles for new investments.
To be a rebel
It is our first principle to refuse to follow the market blindly and keep rational and objective. Whether the market is excessively greedy or panicked, we will keep our own judgment. It is painful to be a market counterforce, which requires great patience, courage and confidence.
No Future Prediction, Investment is about Probability
We can never forecast the future’s figure accurately, nor predict the market sentiment. Most of the time, investment is about finding the mainstream, main issue, and the greater possibility. We insist on “fishing in a abundant pond”.
Focus on the Cycle, be a student of history
“History does not repeat itself, but it is strikingly similar.” Drawing lessons from history, we can gain better understanding of the Cycle of Economy, Credit and Sentiment, and have insight into the period of the cycle we are in, to grasp the direction of the future. Eyes on the long-term interest through the cycle, not the myopic return.
Open-minded, Curious, Action-Conservative
We dare to expand the boundaries of our recognition, forgo the inherent experience and stand. It is a rapidly developing era, where the complexity is constantly evolving. The Curiousness is the source of our precision in investment, and the conservatism on action is our life vest. The decision is not according to instinct but facts and logic. Make bold assumptions and careful confirmation, “fight in the familiar battlefield”.
Permanent, Stable, Sustainable absolute return is the final goal
As an evergreen fund, we pursuit the ability to gain return through cycles, which is also our final goal. We do not estimate it according to the market performance, but the absolute number.
