
ASSET MANAGEMENT
CONVICTION-BASED APPROACH
“The stock market demands conviction
as surely as it victimizes the unconvinced.”

ASSET MANAGEMENT
CONVICTION-BASED APPROACH
“The stock market demands conviction
as surely as it victimizes the unconvinced.”
APPROACH AND VALUES
“Risk is not inherent in an investment;
it is always relative to the price paid. 
Uncertainty is not the same as risk. 
Indeed, when great uncertainty – such as in the fall of 2008 – drives securities prices to especially low levels, they often become less risky investments.”
CONTACT
“The intelligent investor is a realist 
who sells to optimists and buys from pessimists.”
 Rue du Grand-Chêne 6
 1003 Lausanne
 Switzerland
 Rue du Grand-Chêne 6
 P.O. Box 7356
 1003 Lausanne
 Switzerland