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我们的流程

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Gulfrock Capital 管理着一个高度集中的、只做多头的公共股权投资策略，目标是在很长一段时间内以高回报率复合资本。我们的投资是通过密集的基础研究流程选择的，重点是确定由我们可以拥有多年的优秀管理团队经营的高质量企业。 

 

在做投资时，我们一直认为，只要看到自己真正喜欢的东西，就必须自律。为了解释这一哲学，沃伦巴菲特喜欢用一个我们觉得特别有启发性的棒球类比。泰德·威廉姆斯 (Ted Williams) 是过去八十年中唯一一位单赛季击球数达到 0.400 的棒球运动员。在击球科学中，他解释了他的技术。他将好球区分成七十七个独立的单元格，每个单元格代表一个棒球的大小。他会坚持只在他“最好”的细胞中挥杆，即使有被三振出局的风险，因为达到“最差”的位置会严重降低他成功的机会。 

 

作为证券投资者，您可以随时看到以证券价格形式抛给您的各种商业建议。在大多数情况下，除了被逗乐之外，您不必做任何事情。有时，您会发现一个缓慢、笔直且恰好位于您的最佳击球点中间的“宽坡度”。在这些情况下，我们选择以高定罪率大摇大摆。这样一来，无论您一开始的天赋是什么，您都会大大提高您的平均命中率。正如格里·古德曼 所说：“如果决定不做决定，那么这与发起行动的决定一样重要。”

 

投资者的一个常见问题是他们往往过于频繁地摇摆不定。对于个人和在机构要求下运作的专业投资者来说都是如此。然而，相反的问题同样对长期结果有害：您发现了一个“肥厚的球场”，但无法用您的全部资金进行挥杆。我们的目标是将我们的能力圈牢牢地置于我们投资过滤器的最前沿，只有当我们能够对企业的未来前景提出独特的见解时，才会继续深入分析投资。我们用来评估投资适宜性的核心因素是企业必须：

 

  1. 在我们的能力范围内可以理解

  2. 不从事我们无法高度确定地预测其未来前景的极不稳定行业

  3. 由在报告中坦诚相待并重视长期目标而不是短期绩效指标的管理层运营

  4. 通过基于工程的足够安全边际原则判断，以低于其内在价值的全面折扣出售

 

当我们发现一项投资满足我们严格的筛选条件时，我们将坚定而紧迫地采取行动。由于我们投资过滤器的严格性，在特定年份可能很少有投资决策会引起我们的注意，而我们会选择采取行动的就更少了。出于这个原因，我们的投资将集中在根据机会成本分配的少数业务中。由于我们更关心我们的长期复合年增长率而不是短期回报，因此我们倾向于在大多数情况下采取有限活动的精神，并在机会出现时以严格的纪律和信念进行积极的活动。我们发现 Charles Munger 对他出色的投资记录的评论非常有用：“我认为该记录显示了一种特殊心态的优势——不为行动本身而寻求行动，而是将极端的耐心与极端的果断结合起来” 

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沃伦·巴菲特和查理·芒格的原则是投资的道德准则。他们认为，成功的投资者应该具备良好的道德品质，如诚实守信、审慎乐观和长期眼光。巴菲特和芒格还强调，投资者应该努力了解所投资的公司，并且在选择投资标的时应该具有极高的成本效益标准。

简而言之，沃伦·巴菲特和查理·芒格的原则是：投资者应该保持良好的道德品质，努力了解所投资的公司，并且在选择投资标的时应遵守高标准的成本效益原则。

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菲利普·费希尔 是美国著名的投资专家，他的主要教诲包括：

  1. 投资者应该对所投资的公司进行全面的调查和研究，并且应该尽量了解公司的经营状况和未来发展前景。

  2. 投资者应该给予长期眼光，而不是追求短期利润。费希尔认为，投资者应该选择那些具有优秀经营能力和长期增长潜力的公司，而不是追求“热门股票”。

  3. 投资者应该寻找那些具有独特性和优势的公司。

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Professional 

I am a Per Se Professional as I meet at least one of the following criteria:

1. Entities required to be authorised or regulated to operate in financial markets, including:

a) Credit institutions;

b) Investment firms;

c) Other authorized or regulated financial institutions;

d) Insurance undertakings;

e) Collective investment schemes and management companies of such schemes;

f) Pension funds and management companies of such funds;

g) Commodity and commodity derivatives dealers;

h) Other institutional investors.

2. Large undertakings meeting two of the following size requirements, on a proportional basis:

a) Balance sheet total: minimum GBP 10,000,000;

b) Net turnover: minimum GBP 20,000,000;

c) Own funds: minimum GBP 1,000,000.

3. National and regional governments, public bodies managing public debt, central banks, international and supranational institutions (e.g., World Bank, International Monetary Fund, European Central Bank, European Investment Bank), and other similar organisations.

4. Other institutional investors whose primary activity is investing in financial instruments, including entities involved in securitisation of assets or other financial transactions.

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Sophisticated

I wish to be categorized as an Elective Professional as I meet at least two of the following quantitative criteria:

  1. the investor has carried out transactions, of significant size, on the relevant market at an average frequency of 10 per quarter over the previous four quarters;

  2. the size of the investor's financial instrument portfolio, defined as including cash deposits and financial instruments exceeds GBP 500,000;

  3. the investor works or has worked in the financial sector for at least one year in a professional position, which requires knowledge of the transactions or services envisaged.

 

IMPORTANT: Investors must determine if they possess sufficient experience, knowledge, and expertise to make their own investment decisions and properly assess the risks involved. If in doubt, consult a stockbroker, financial adviser, bank manager, or equivalent professional.

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  1. By requesting Elective Professional classification, the investor acknowledges the loss of protections exclusively applicable to retail clients outlined in COBS of the FCA rules handbook.

  2. The Investment Manager will not be obliged to set out any of the prescribed contents, disclosures or risk warnings needed for retail customers in offering documents, marketing brochures and other non real time financial promotions material, nor will the Investment Manager be subject to the restrictions that apply to a retail client in relation to unsolicited real time communications to investors.

  3. The Investment Manager will not be required to give you the warnings required for retail clients in relation to material which may lead you to deal with or use overseas firms which are not regulated by the Financial Services and Markets Act 2000 nor will the Investment Manager have to satisfy itself that the overseas firm will deal with you in an honest and reliable way.

  4. The Investment Manager will also not be required to comply with the FCA rules relating to restrictions on and the content of direct offer advertisements.

  5. The majority of the FCA rules in relation to the form and content of financial promotions will not be applicable in respect of any financial promotion communicated or approved by the Investment Manager.

  6. The relevant COBS rules do not require the Investment Manager to send periodic statements in the form and timeframes required, or submit to more frequent requests for such information, as specified under COBS 16.3.

  7. With regards to best execution, the specific requirements laid out in COBS 11.2.7 [Role of price] and COBS 11.2.10 [Competing executing venues] in respect of the Investment Manager's obligation to provide best execution will not apply.

  8. Appropriateness: In relation to the requirements of COBS 10, we will assume that the investor has the necessary experience and knowledge in order to understand the risks involved in relation to those particular investment services or transactions, or types of transaction or product, for which you have been classified as an Elective Professional Client.

  9. Complaint Handling: As an elective sophisticated investorl, the investor may not be an 'Eligible complainant' and may lose the right of access to the Financial Ombudsman Service. Any complaint you make will be dealt with under our internal complaints procedures.

Not Qualified

I do not meet any of the Per Se Professional or Elective Professional definitions described above.

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Service documentation can only be sent to investors who meet the MiFID-defined criteria for investment requests. Additionally, you must comply with the rules for qualified investors as defined in your local jurisdiction. Although the majority of EU jurisdictions define a qualified investor as being the definition of a Professional investor as defined by MiFID (and outlined above) please contact us at investorrelations@gulfrockcapital.com if your jurisdiction falls outside of these rules/definitions.

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