Our investment approach is premised on a contrarian view on the timing of buy and sell decisions. The aim is to buy the shares of companies when sentiment towards them is at or near its worst, and to sell them as fundamental profit improvement and/or re-evaluation of their long-term prospects takes place.

We believe that repeated investor behaviour in driving down the prices of ‘out-of-favour’ companies to below their fair value, will offer investment opportunities provided we can avoid a typical emotional response to both good and bad news. This will allow us to purchase shares at large discounts to their real value and sell them as they become fully valued, principally as a result of predictable patterns in human psychology.

“Be brave when others are afraid, and afraid when others are brave” Warren Buffett