Caldoun Capital is a value-oriented investment firm that approaches investing in shares of a business the same way a private owner would approach owning the entire business. That means conducting our own fundamental analysis and investing in businesses we can understand, run by managements we can trust, at prices well below intrinsic value.
We conduct our own fundamental analysis, invest in businesses we understand, run by managements we trust, at prices well below our estimate of the intrinsic value. We believe a margin of safety allows us to protect our capital.
Our goal is to outperform the best performing of the S&P 500, Dow Jones Industrial Average, and MSCI World Index by at least a 3% margin over the long-term. We may underperform or outperform the indexes in any given year, but if over a full market cycle we fail to meet our target, we would all be better served by winding up the fund and finding a better manager or a low-cost index fund.
We think about owning shares of a business the same way a private business owner would think about owning the entire business. That means focusing on the business' financials and operations. We will buy shares in a business only if they are offered at prices substanially below their intrinsic value: the value that a well-informed buyer would offer for the entire business.
We think of an investment as a financial operation “which, upon thorough analysis, promises safety of principal and a satisfactory return.” (Graham, B. & Dodd, D.) Any operation lacking those characteristics is by definition speculative, and to be avoided.
We are business owners and our partnership buys shares of business, not pieces of paper.
Mohammed Loubani, Portfolio Manager
Omar Fayoumi, COO