What to expect

Honesty, candour, and an ethos of partnership.

We will tell you what we plan to do, what we are doing, and how we have done. And we will treat you how we would like to be treated.

We write a frank quarterly report detailing what we have been up to and why. If we get things wrong or make mistakes we tell you. Once a year we host a meeting where we report to you and answer your questions.

The ride can be bumpy.

Buying a focused portfolio of stocks that are out of favour can result in a lot of volatility. 

Unlike most of the financial services industry we don’t consider volatility to be risk. We define risk as the chance of a permanent loss of capital. 

The fact that Stock A moves up and down by 1% a day and Stock B moves 2% a day means nothing to us. But if we knew and understood the business of Stock B but not Stock A, that would mean everything to us. 

We reduce risk through knowledge and focus helps us to do that.

Please read the Phoenix Primer for more on what to expect from us.