// How we think – investment philosophy
We invest exclusively our own capital – with no outside backers, no fixed fund terms, no obligation to sell at a particular time. That is not a luxury but our real advantage: we can think in entrepreneurial horizons, act against the market and stay patient even when others are forced to sell. But patience does not mean laxity – anyone without external selling pressure has to bring their own discipline.
Three principles guide us.
A clear thesis per investment.
Every holding answers one question: what has to happen for it to pay off – and how do we recognise early that we were wrong? That guards against the most common mistake of long-term investors: clinging to positions whose original rationale is long gone.
Depth before breadth.
Where we know the terrain – energy, enterprise software, real estate – we invest directly and bring network and experience to bear. Where we lack that edge, we go through first-class fund managers and become a direct investor only when we hold a well-founded conviction of our own.
Contribution where it is wanted.
We usually hold our stakes for years, often with no fixed end date. Where we can help – through experience as a founder and developer, through network – we take an advisory-board seat. Where we cannot, we let management lead. We do not come in to take over, but to be a long-term partner.
