Investor Letters & Interviews

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

RICHTWERT Ranks 3rd out of 296 Global Value Funds

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.