Turbulent times - a calm look back

The last few months and quarters have been more than special and formative, at all levels. Therefore, with a focus on our investment philosophy, with a little distance and peace, we would like to invite you to look back on important points and thoughts for us.

Please find here the latest quarterly reports in a compact manner, with the following topics:

4Q2019: Our top three structural concerns and the ways we deal with them

1Q2020: A rigorous adherence to value now counts for more than ever

2Q2020: The relevance of deep value investing in the modern economy

3Q2020: Dividend yield: a strong source of stability and return for the portfolio

4Q2020: How we treat intangible assets in the valuation process

We hope it has some exciting thoughts for you. For questions or further information we are of course very happy to stand at your disposal personally.