As value investors we often ask ourselves what is the true definition of value? There are expert opinions on this matter of course, however, most of them generalize some global trend or latest business model. Those opinions are determined retrospectively which not only makes it outdated but often inapplicable. This top-down deductive methodology used by large institutions and organizations is no good.
We believe that the universal definition of value doesn’t exist, or rather, it is scattered across all industries where each piece evolves and changes its own suitable meaning over time. One must dive deep, explore every corner of every possible constellation, and update it regularly to have a chance at forming and keeping a legitimate definition.
Given the improbable nature of this, fostering the bottom-up approach proves to be more practical as it lets us focus on a single industry where one has an actual chance of populating his/her matrix of knowledge with it before venturing out. This approach is what we refer to as our thesis.
Areas of interest
These are the cornerstones shaped by our backgrounds, interests and experience, however, we explore areas besides the above mentioned sectors as well.
Great ideas start with a question. From that question stems a series of other questions that lead to the suitable real world application. Our process is as follows:
Strong reasons behind an idea
Collective drive of a team
Being where others are not
Reasonable penetration strategies
Real technology built from first-principles
Network effect that illustrates vitality
Sustainability and long-term value