Numbers are one thing, personal contact is everything.
It goes without saying that we examine the key figures for potential investments. Market values, balance sheets, income statements. We follow strict internal guidelines. After all, with decades of experience in equities, one knows where particular attention should be paid.
A personal inspection is also very important. We want to understand what makes the company tick before we invest. Numbers and figures are only the beginning of an assessment in the investment process. That is why we visit production plants and wind up on oil rigs for example. We will take a look around laboratories and have the processes explained to us.
We talk to management and board members. Listen, ask questions, take a look behind the scenes. Is everything as it should be? Stability, earnings potential, market position, management, sustainability?
We only move on to the next step if all the different parts fit together coherently; then we consider investing. As critical and prudent as we are before investing, that is also how vigilant we are with existing investments. We monitor them regularly, so that if need be, we can react quickly and resolutely.