ICH Philosophy

Thoughts On Investments

Never do business with a crook, even if it is blatantly profitable
Only invest if you are sure the business will have defensible margin and top line growth and run by the managers whose interests are aligned with shareholders
In a business where most stakeholders are plotting an exit, either do a complete purchase of the business and place in your managers, or walk away
Never enrich bad business, unethical managers and business owners
Do not invest in businesses where the managers and business owners are addicted to debt
Be ready to walk away if the price is not right, there is always investments opportunities if you work hard enough
Do not invest because of others, do your own homework
Do not think you can sell faster than others, if you intend to sell so fast, why invest?
Liquidity can disappear overnight, so only invest in business you are prepared to hold forever
The value of a business grows overtime because of the value creation, not financing engineering

Invest in managers who are obsess with operational details
Invest in managers who talk more about the details than about glossy stuff
Do not invest in managers who are not concerned with ethics
Do not invest with managers who spend most of the time doing marketing
Do not invest with managers who are everywhere, money are made through value creation, not through glib tongue
Do not invest in managers who lead a high life
Never invest with over-leveraged managers

"To summarise my thoughts on investing, for future ICH employees, and to all the young people including my children whom I hope can benefit from it."

-Danny Toe