Welcome to ToffCap.

I’m an equity fund manager. As many of my friends and family are non-financial people, I regularly get the question ‘so what is it exactly that you do all day?’. I always answer explaining that I look at public companies, analyze them and try to find cheap opportunities. But somehow that still remains a somewhat vague answer. The most easy thing to do is provide examples. Hence this blog.

I don’t have big ambitions for this blog; it just seemed like a fun thing to do. I look at companies all day and regularly encounter interesting investment ideas. As putting one‘s thoughts into writing is a useful discipline, I thought with this blog I’d also catch two birds with one stone: Not only share ideas but structure my thinking as well. Writing about an investment reveals gaps in logic, missing facts or insufficiently-scrutinized parts of the analysis.

Besides helping me to structure my thinking, another goal of this blog is to help me be to the point and concise, limiting as much as possible the (financial) technicalities behind an investment case. The language should be relatively simple, as one of my favorite Peter Lynch quotes best explains: “Never invest in any idea you can’t illustrate with a crayon” (though I’m sure I will struggle with this one).

My investment process is simple: Find companies/securities where I believe there is a large discrepancy between price (what you pay in the market) and value (my assessment of what a company is worth), with a catalyst on the horizon. I will try to post at least one new idea per month, as well as regularly provide updates on specific situations. Keep in mind these are all investments / trades I’m looking at at the time of writing; I do not post when (if) I buy, sell and / or how I size the position. YOU decide that for yourself.

Please feel free to to contact me and share your opinion; both positive and negative commentary is very welcome. One can’t know everything at all times about every investment and sparring is one the best methods to improve.

I hope you enjoy it.

ToffCap