Quarterly Letter - Q4 2024: Looking Where Others Don't

Why I Search for Undiscovered Excellence + Companies I'm Following in Q1 2025

Dear Fellow Investors,

For my first quarterly letter, I want to share why I dedicate countless hours researching undiscovered companies from around the world rather than following the well-trodden path of analyzing the same 300 stocks everyone else does. This dedication to discovering hidden champions isn't just a strategy - it's a passion that has shaped my entire investment approach.

Let me paint you a picture: While most investors and analysts focus their attention on familiar names like Apple, Microsoft, or Tesla, there are thousands of fascinating businesses worldwide creating tremendous value while flying completely under the radar. In fact, while the world obsesses over every move of these tech giants, more than 50,000 public companies are quietly building value across different markets and industries. These companies often publish their reports in local languages, have minimal analyst coverage, and require significant effort to understand properly. And that's exactly what makes them exciting.

The investment world has become increasingly concentrated, with capital and attention flowing to a handful of well-known names. Think about it - how many hours are spent analyzing Apple's latest iPhone sales or debating Tesla's production numbers? Meanwhile, extraordinary businesses are innovating, growing, and creating value in countless industries and regions, largely unnoticed by the investment mainstream. From German industrial technology leaders to Italian service innovators, from Japanese manufacturing specialists to Nordic software companies - the opportunities are endless for those willing to look beyond the obvious.