In addition to month letters we frequently communicate through video

What are dividends worth? Should you ever invest for a company’s dividend or should you ignore it completely? Lukasz Tomicki, Portfolio Manager at LRT Capital, discusses how he thinks about dividends in his investment process.

We believe the best investment returns come from following a disciplined and well defined process, not from chasing after every conceivable opportunity. Instead of trying to catch tops and bottoms in stocks, investors should focus on their investment process. It is the consistent and disciplined execution of a process that ultimately drives superior investment returns.

Private equity managers have convinced institutional investors that they offer the Holy Grail of investing: high returns with low risks. Private equity claims it improves the operating results of the companies they invest in. What is the evidence? Will PE outperform in the coming decade?

What is a moat? What is a sustainable competitive advantage? Is “great management” a moat? Lukasz Tomicki, Portfolio Manager at LRT Capital, explains the nuances of different types of moats.
My name is Lukasz Tomicki, Founder and Portfolio Manager at LRT Capital, and I too am an Aeroholic. We discuss a new unusual portfolio position and how it fits into our investment process.

“Innovations that are available to all confer competitive advantages to none.”

– Bruce Greenwald