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Iron Rules

  1. To not lose is more important than to win. If there is a risk of permanent loss we do not even contemplate.

  2. We stay within our circle of competence. When we don’t understand the business, we do not think that studying more will yield better results

  3. We always apply the Margin of Safety concept – in our analysis and when we consider an investment offer. The future is unpredictable and we do not claim to be able to see the future.

  4. Market Fluctuations are a natural part of the Investment Universe. The attitude towards them is the key. They are the benefit of an Investor and the enemy of the speculator.

  5. Not all investments will workout. Not all investments will workout at the same rate. To diversify is important, but too much diversification hampers returns.

  6. A long investment horizon is key to a successful investment programme. Re-investment of interest is key in achieving this.


Bernardo Alves started in April 2010 starting with his first value investing stock Walt Disney Company for $21.30. From public equities, to private equity investments and full ownership of companies, A&P has achieved on average 21% compounded annual returns and today manages in aggregate over 250 million HKD, the great majority from internal growth. 


It all started with one Investment and Simple Iron Rules.

the team
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