I try to understand the assets or the products of the companies at the lowest level possible and to understand management's plan and strategy. Thereafter, I identify gaps in market perceptions versus "my" reality and look for inflection points and step changes. Although I am using external information to filter, validate and compare financials and NAVs within peer groups, in general I am not a great believer of detailed models - their assumptions too often are inadequate. Overall I am looking for value investments in bottleneck situations in connection with a certain growth aspect (GARP). In the early 1990's, I started as a sell-side analyst, moving into asset management and advisory in late 90's. My special focus has always been the Energy sector, although my investment ideas tend to be spread on a global basis and cross-sector. They are always more buy-and-hold than short term oriented. I use quantitative figures and charts to filter and for timing aspects, but I am looking for fundamentals for the overall decision whether a company is attractive or not.
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