White Papers

White Papers

Accounting Quality Matters, Too

Posted on 9/1/2014

Systematically evaluating the quality of companies’ financial reporting is an important consideration when assessing an investment.

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White Papers

What is a Sensible Price?

Posted on 4/1/2013

One of the noticeable aspects of our investment style is that we are comfortable paying multiples for our investments that can appear high relative to the broader market.

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Our Approach to Sustainable Investment

Posted on 1/1/2013

We are highly sensitive to governance issues at the company level that we perceive may affect long term sustainability of earnings growth and consequently shareholder returns.

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When Tracking Error Fails to Measure Risk

Posted on 2/1/2012

While risk control is a cornerstone of our investment approach, we are more concerned with absolute risk than tracking error.

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Investing in Global Health Care: A Realistic Prognosis

Posted on 9/1/2011

The fundamental business model behind delivering health care, especially in the Western World, has now been thrown into question

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Our Approach to Stock Research

Posted on 9/1/2011

Of all the first principles of good stock investing for the long term, owning companies with consistent earnings growth ranks highest in our view.

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Global Tobacco: Analyzing the Legal Risks

Posted on 1/1/2010

Big tobacco companies continue to enjoy extremely resilient earnings growth. Although few industries can boast such consistent metrics, tobacco investments aren’t without legal risk.

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China: A look Under the Hood

Posted on 11/1/2009

We believe economic growth in China is being driven by a massive government-led fixed investment. And, we are skeptical that the policy of focusing on capacity growth at any cost is sustainable.

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Why India: Now and in the Future?

Posted on 4/17/2009

Why is our exposure to India consistently high? The answer lies in the investment philosophy that guides our stock selections, not only in India, but globally.

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