Research

Anthony in the Alps

July 16, 2021
Steven McCormack
1 min

Haven't really got much to say, folks. For supremely good reason; I'm giving the floor to a two and a half hour epic from 2018, starring Grant Williams and Anthony Deden. It is a true masterclass in the investing long game. And filmed in a gorgeous Swiss setting for good measure. I could condense Anthony's outlook into neat soundbites, but that would be doing zero justice to the timeless wisdom on display. Instead I highlight his key preferences; assets that exhibit scarcity, endurance and independence.

In practice this means cask manufacturers and other niche European firms. Family controlled enterprises that have been in existence across generations. It means low time preference decision making, such as his example of the farmer planting date trees that take twenty years to produce any fruit. The farmer had clearly benefited from the actions of his predecessors, and in turn was looking out for his successors. An incredible contrast to quarterly earnings targets.

Passing The Baton

Anthony also has a thirty percent allocation to gold. Thirty percent. Perhaps even more in 2021? He cites gold's purity as an asset; it is not a liability, and thus beholden to the rights of another party. I like the sound of that. This revelation was linked with his prescient concern about currency debasement. A concern that is now more valid than ever.

Before you press play however, one thing to note. There is an awareness, but little understanding of Bitcoin. I do not take this as a criticism, rather a perfectly reasonable decision to steer clear in the absence of knowledge. Our challenge, as the next generation of long game investors, is to fill in those gaps. Build the understanding. Apply the lessons from a proven master and stress test an emerging asset. Is Bitcoin truly pure? Does it exhibit scarcity, endurance and independence?

So watch and listen, folks. You won't regret it.

Signing out, Steven.

Photo by Mike Kotsch on Unsplash.

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