Investment Philosophy- We Believe That Stock Price Is Ultimately Determined By A Company’s Intrinsic Value

We believe that capital markets are generally efficient, therefore stock price is ultimately determined by a company’s intrinsic value. However, stock price often diverges from its intrinsic value due to different reasons. The divergence, which may be positive or negative, large or small, long lasting or short lived, more often seen in some markets (e.g., emerging markets in Asia) than in others, is ubiquitous and thus provides investors with numerous investment opportunities. While evaluating a company's intrinsic value, we engage in investigative due diligence, and focus on the underlying fundamentals of the company. We study and try to determine the total addressable market of the company. We conduct qualitative and/or quantitative research on the industry position, core competence, and economic moat of the company. We therefore are able to identify and grow with those excellent companies ("which can change the world or the world cannot change"). We rely on our independent, rigorous research to assess the possible divergence of the company's stock price from its intrinsic value, and ultimately the potential as an investment opportunity.