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.

  • 6 mins

Read more

Latest insights

FSSA-india.jpg
As bottom-up investors, the FSSA team carry out well over 1,500 meetings each year to assess company managements’ capabilities and the underlying strength of the franchises they run. These monthly manager views are based on the team’s discussions with company management and the in-depth analysis that follows.
  • Article
  • 10 mins
ri-paper-surgery-gloves
Top Glove is one company identified as part of this engagement as having high exposure to modern slavery risk in light of the COVID-19 pandemic. The company is the world’s largest manufacturer of rubber gloves, specialising in examination, surgical, household and industrial gloves.
  • Article
  • 4 mins
FSSA-pagoda-china.jpg
Given its size and influence, China remains a key investment destination despite ongoing trade disputes and diplomatic tensions with the US and Australia. With a GDP equivalent to around 70% of the United States, many global portfolios continue to feature Chinese equities.
  • Article
  • 6 mins
FSSA-temple-door-china.jpg
What will 2021 look like for China? 2021 will be a year of recovery. This is not surprising given last year’s economic downturn. If vaccines are being rolled out gradually during the year, we believe the economy will recover, especially those sectors that have been hit hard like travel.
  • Article
  • 20 mins
FSSA-APAC-tree-lanterns.jpg
In our last client update, written through the depths of Covid-despair, we observed that real life and the world of markets are seldom so intimately entwined. With markets swinging violently to the downside on a riptide of fear, it was clear even then that activity was being driven by short-term anxiety rather than a real evaluation of Asia’s longer-term value-accretion prospects.
  • Article
  • 19 mins