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The biggest competitive advantage an investor can have is time

In War and Peace, Leo Tolstoy reflects on the nature of endurance and struggle — not just in battle, but in life. The epic novel, written more than 150 years ago, is widely considered ahead of its time for its psychological depth, philosophical scope and realism. Writing against the backdrop of the Napoleonic wars, Tolstoy focused less on military heroics and more on the quiet forces that ultimately determine outcomes: patience and time. In investing, as in life, the most enduring victories are rarely won quickly. Yet paradoxically, in an era of algorithmic trading and weekly data-point obsessions, time has become one of the scarcest commodities.

  • 6 mins

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2191032597

The biggest competitive advantage an investor can have is time

In War and Peace, Leo Tolstoy reflects on the nature of endurance and struggle — not just in battle, but in life. The epic novel, written more than 150 years ago, is widely considered ahead of its time for its psychological depth, philosophical scope and realism. Writing against the backdrop of the Napoleonic wars, Tolstoy focused less on military heroics and more on the quiet forces that ultimately determine outcomes: patience and time. In investing, as in life, the most enduring victories are rarely won quickly. Yet paradoxically, in an era of algorithmic trading and weekly data-point obsessions, time has become one of the scarcest commodities.
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Our Asian equity strategies delivered reasonable returns in 2024, and our long-term track record remains solid. Despite the prevailing uncertainty and an uneven recovery across the region, our portfolio holdings were generally resilient.
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The promise of the ASEAN region, home to more than 670 million people, has been underpinned by the growing middle classes. But in recent years, investment returns have been disappointing amid weak consumer demand and a K-shaped recovery. Thankfully, we continue to find companies with strong franchises and high-quality management teams which should be resilient in this environment.
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