
IDEOLOGY
Iron Rules
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To not lose is more important than to win. If there is a risk of permanent loss we do not even contemplate.
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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
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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.
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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.
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Not all investments will workout. Not all investments will workout at the same rate. To diversify is important, but too much diversification hampers returns.
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A long investment horizon is key to a successful investment programme. Re-investment of interest is key in achieving this.
TRACK RECORD
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.

