Friday Morning Coffee Nr. 56: A feel of unease

090519 Friday Morning Coffee

Friday Morning Coffee Nr. 56: A feel of unease

While it is raining here in Luxembourg on the newly created legal holiday where we celebrate Europe, I can not help but voicing a certain feel of unease. Yes, our focus is to pick stocks, to analyse businesses and hence to leave politics to the politicians. We are pure bottom-up investors. However, I believe it would be unwise for us to ignore the political and societal developments around us that will ultimately shape the operating environment faced by the businesses we invest in.