The foundation of our investment activities is fundamental analysis of primarily unlisted companies. We are agnostic in terms of industry. We focus on stable profitable businesses with margins above industry standard. We seek companies that operate in deep niches, with high barriers to entry, which gives our investments a competitive advantage. We invest in SME companies to avoid competition. We strive to hedge for the future with our investments and avoid companies, industries, and jurisdictions that are subjected to political risk, permits or licences to operate, and/or are subjected to disruptive technological changes.