Substantial Freedom

Within overall guidelines and specific parameters, people have the chance and choice to succeed on the basis of their own merits and actions. Our aim and intention is to give individuals and individual business Groups substantial freedom in the conduct of themselves and various businesses.

An Investment Operation Requirement

All business Divisions and Groups as well as having a very strong internal risk management procedures must have and make a clear distinction between investment and speculation.

As far back as 1934, Ben Graham, in his definitive textbook Security Analysis attempted a precise formulation of this, as follows: "An investment operation is one which, upon thorough analysis promises safety of principal and an adequate return. Operations not meeting this requirement are speculative." We cling to this definition tenaciously in all our personal and corporate dealings.

Individual Passion, Freedom & Ownership

Our organisational approach and structure encourages a sense of individual passion, freedom and ownership which is encouraged and facilitated at every level of the Group. It allows central management to remain focused on risks to the Group arising from market and industry forces and issues of medium and long-term significance.