Partnership

Cord Investment Partnership Ky. is a private firm which invests primarily in Nordic equities to achieve its long-term goal of maximising intrinsic business value.

To achieve our long-term goal we believe and practice the following philosophy:

1)      Short-term movements in the stock market are unpredictable.

Since short-term movements are fundamentally unpredictable, we waste no time attempting to foresee the near future of the market. We are undisturbed by fluctuations outside of our control or ability to predict.

2)      The intrinsic value of many businesses can be determined.

The intrinsic value of a business is the discounted cash flow that can be taken during the life of the investment. Hence we keep our investments within our circle of competence where we are able to find quantifiable value.

3)      The market is often irrational, and the market prices of businesses do not always reflect their intrinsic value.

Market prices are driven by many factors, with the intrinsic value of the business only one of them. We purchase businesses that are significantly discounted, offering a wide margin of safety to their intrinsic value. We are investors, not speculators.

4)      Over time, the market price of a business tends to gravitate towards its intrinsic value.

When a business deeply discounted by the market moves towards its true intrinsic value we realise our long-term goal.

The partnership can be reached at partners at davidcord.com.