Investor Letters & Interviews

Net savers should welcome falling stock prices rather than fear them. Lower valuations allow you to buy more shares of great businesses at a discount. Strong companies also capitalize on downturns by out-investing rivals, acquiring competitors cheaply, and repurchasing undervalued shares. Since timing the market is futile and prices eventually reflect intrinsic value, market drops represent prime buying opportunities rather than causes for concern.

“Adapting is crucial for survival, but competitive advantage is what determines profitability!”

After exiting, design your life first—then your wealth strategy. Clarify: purpose, freedom, health, relationships. Deploy a 3-pillar architecture: Pillar 1 (18–24 months living expenses), Pillar 2 (long-term compounding), Pillar 3 (ventures). Conventional management costs you €12M+ over 20 years. RICHTWERT differs: 100% founder capital invested, zero fees, 25% profit share only above 6% hurdle.

As an entrepreneur and business owner, an active member of founder communities, and the steward of capital for many post-exit founders, I have witnessed the most common and costly investment errors firsthand for a quarter of a century. By sharing them with you, I hope to protect you from repeating the same.

If you are looking for a manager to invest your capital, finding one you can trust is essential for your investment success. Beneath the polished presentations and glossy reports lies a fundamental conflict of interest. This conflict quietly eats away at your returns. Imagine hiring a captain who refuses to board the ship he wants you to travel on. Or a chef who won’t taste his own food. That’s how much “skin in the game” most asset managers have. They collect hefty fees rega

RICHTWERT Ranks 3rd out of 296 Global Value Funds

Risk in investing is often misunderstood —too many see it simply as the chance of losing money. But that’s only part of the story. This narrow view can lead to flawed decisions and missed opportunities. In reality, risk is about uncertainty—the range of possible outcomes and how well you understand them. A more intelligent understanding of risk empowers investors. It helps them make better choices and achieve stronger financial outcomes. Here’s where investors stumble—and why

Tariffs are dominating headlines, but what do they actually mean for businesses, why are they rising and how can investors protect...

"It's hard to grasp how the best-performing stock of the last 20 years could spend the majority of that time with returns that would make you want to vomit.” - Morgan Housel PERFORMANCE Dear Partners & Co-Investors, In this partner letter I will cover the following: Business Performance vs. Portfolio (Stock) Performance My Thoughts On Achieving Above Average Returns How We Are Invested Why I Believe Our Investments Are Strongly Undervalued What We May Expect Business Performa

“What gives you opportunities is other people doing dumb things!” - Warren E. Buffett

"We want to do business in such an environment, not because we like pessimism but because we like the prices it produces." - Warren Buffett

"There are two times in a man's life when he should not speculate: when he can't afford it and when he can." - Mark Twain

“I believe Costco does more for civilization than the Rockefeller Foundation. - Charlie Munger

With record-low interest rates inflating asset prices and punishing savers, investors should avoid negative-yielding bonds and exercise caution with real estate. Equities offer better relative value. To protect capital, passive investors should dollar-cost average into broad, low-cost index funds, while active investors should target high-quality, financially strong companies with durable moats that can endure or benefit from rising interest rates.

The time to invest is when you’re getting a lot for your money regardless of what the economy or markets will do the next day, month or the next 1-3 years.

Investors often mistake volatility for risk, seeking certainty by holding low-yielding cash and bonds that lose purchasing power to inflation over time. Real risk is this long-term loss of purchasing power, not short-term market fluctuation. While crises are inevitable, productive businesses and diversified equity index funds have historically proven resilient, significantly outperforming "safe" assets and generating superior long-term wealth for disciplined investors.

At RICHTWERT, we aim to protect and maximize our purchasing power through intelligent, risk-controlled investments in businesses.