Calculated conviction: How the quality and breadth of a company’s moat shape risk

The 2020s have presented many challenges - COVID-19, trade wars, AI, and wars in Ukraine. We like to think we are living in uniquely turbulent times. The reality is that every decade has had its challenges, and expect more in the 2030s, 2040s...
What is important is to have a game plan.

Humans have evolved to manage risk, the reflex that snatches a hand from a hot plate occurs subconsciously. In this instant thinking fast overrides thinking slow. But this highly successful survival response is not often the optimal solution in the modern world. Indeed, successful investors tend to act in the opposite manner. A cold and logical assessment of the facts rather than knee-jerk gut feel. This is a foundation block of our investment philosophy.