Culture

This page describes our culture.

See also Our Values | Cultural differences between countries

Key Components of the Culture (to be discussed)

• Process light. Critical thinking comes before following any process blindly. Different approaches are ok as long as the common goal is reached. We cherish this plurality and always like suggestions on how to improve things (and processes)
• Writing culture. Writing forces you to think through ideas more thoroughly, while communicating them detailed and effectively. Writing has the large advance that once written unlimited people can be reached by it. It is therefore the more effective way of communicating.
• Idea Meritocracy. The best idea wins. We publicly disagree if we don't believe an assessment is correct to help find an accurate description of reality.
• Verifiability. Verifiability through a commitment to transparency. It should be possible to follow along with out research and scrutinize very part of it.
• Non dogmatic. We are looking for logical explanations for everything. See Investment Philosophy. We try to spot and eliminate our biases.
• Critical. We are always very critical of methodologies and motives of our sources and try to spot flaws and mistakes.Only by being ultra critical on the inputs you accept as truths it is possible to build a solid and coherent mental model and investment system. We put things into perspective and act as your filter.
• Differentiated. We care about differentiations, like details and avoid generalizations. We do our best to differentiate between facts of different reliability and assessments with different confident levels and do our best to communicate and highlight the differences. See also our "strive for excellence" value.
• Non authoritative: Investing is a game of probabilities and not certainties. We do not strive to appear authoritative but provide granular and detailed assessments and opinions with different confident levels not absolut truths.
• No bullshit meetings. If a meeting doesn't make sense it has to be canceled.
• Long feedback cycles. Long feedback cycles in investing are normal. It can take a long time until the success of a strategy can be seen. Similarly it can take a while until people catch up with your research. Be prepared for that.

Policies

• Our first responsibility is the diligently management of the investment portfolio. Subject to changing market conditions appointments might need to be canceled on short notice.
• Speak out if you disagree. If you are spotting mistakes in Moritz logic that provides the highest value as it allows for better investment decisions to be taken.
• Moritz will often scan quickly through documents and summarizes his initial understanding and interpretations. It's important to correct him on everything he might not be seeing.