Leithner & Co is a Graham-style “value” investor. Their investment philosophy implies ten principles, which they list on www.leithner.com.au.
- Ignore ‘the market’ and ‘market gurus’.
- Don’t try to predict ‘the economy’ and ignore those who do.
- Analyse individual businesses and not ‘the market’.
- Buy only when the price is right.
- Ignore institutional and bureaucratic imperatives.
- Buy and (wherever possible) hold indefinitely.
- Diversify, but don’t over-diversify.
- Remember that risk inheres in any investment.
- Adopt a sensible criterion of success.
- Explain yourself plainly and remember the people involved.
