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OUR PHILOSOPHY

We approach investing from the perspective of entrepreneurs, dedicated to achieving sustained capital appreciation and compounding through long-term investments in enterprises.

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1. Starting from the Circle of Competence

  • We commit to investing only in industries we deeply understand and fully grasp.

  • We cautiously and progressively expand our knowledge boundaries, refraining from investing in unknown or unfamiliar areas.

  • We maintain an open mindset towards various investment opportunities, provided they fall within our circle of competence and can be effectively valued.

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2. Focused Investment in High-Quality Opportunities

  • We avoid excessive diversification, instead concentrating on a few opportunities where we have the highest confidence.

  • Investment targets must demonstrate clear competitive advantages or significant undervaluation.

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3. Ignoring Short-Term Market Volatility

  • We consider ourselves long-term partners of businesses rather than short-term market participants.

  • Our attention is centered on the fundamental performance and the realization of the intrinsic value of enterprises.

  • We view short-term market fluctuations largely as manifestations of market sentiment, bearing limited relevance to the long-term value of a company.

 

4. Patiently Awaiting Quality Opportunities

  • We prefer holding cash and waiting if clear, compelling investment opportunities are not identified.

  • We strictly avoid rushed or arbitrary investment decisions, ensuring each investment meets our rigorous standards.

 

5. Long-Term Holding and Value Growth

  • We commit to long-term holdings unless there is a significant change in a company's fundamentals or a substantial deviation between market pricing and intrinsic value.

  • We firmly believe genuine value enhancement arises from the long-term growth of businesses themselves, rather than frequent trading.

 

By adhering strictly to these principles, we aim to achieve long-term, stable capital growth and maximize the compounding effects of our investments.

© 2024 Journeystone Capital. All Rights Reserved.
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