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As valuation first investors we seek to understand the value drivers of each investment. Sometimes this means we take a contrarian view on what's considered mainstream or popular. In those cases we like to present our thoughts in discussion papers.
July 2023
INDEX INVESTING
Too much of a good thing?
There is a beautiful logic to index investing and we place it in the camp of good financial innovation. Investors and society have benefited from this invention, and we think index investing will remain a very large part of financial markets. However, when something is accepted as a near universal truth in investing, it is worthwhile to question the prevalent thinking.
March 2021
BITCOIN
The future of the monetary system?
As Bitcoin hits new highs, we find that more reasons are being propagated as to why this cryptocurrency is the future of the monetary system. In this paper we attempt to apply our understanding of how the monetary system works and thereby refute some of the claims made by Bitcoin proponents. The views of Bitcoin supporters are not well defined and are not homogeneous, yet we have tried to gather the most bullish arguments and address these highly debatable statements.