While many investors are becoming increasingly careless, as anti-cyclical investors, we are taking a more cautious stance in the face of euphoria.

Despite the significant volatility, we do not make mechanical portfolio changes. We remain rational and long-term oriented.

The market turmoil of 2008/9 has left traces on our track record, but we continue to believe in normalcy and the soundness of our investment strategy.

As anti-cyclical investors, we tend to be cautious when there is general optimism but try to remain constructive when the majority assumes the worst.

Our investments are not popular with market participants, but we try to discover less obvious growth opportunities.

Equities (real assets) with growing dividend streams and potential capital gains generate reasonable returns even in periods of ultra-low interest rates.

A positive aspect of this uncertain time is that it ultimately shows how seriously and thoughtfully an investment strategy is being implemented.

Massive amounts of liquidity were pumped into the markets during the pandemic. A side effect: investors are confusing speculative assets with stable investments.