French Hidden champions portfolio moves: 9/01/2024

If management is not top notch it won’t get a single euro from me!

As soon as management is not top notch (not respecting minority shareholders, or playing a bore out strategy) or just not having a clear cut capital allocation strategy (very subjective) I will sell my ownership in a company as I have more ideas then cash. This will act as a judge of peace.

Clearly, it is a subjective approach as I am taking a stance which could appear harsh or that is over exaggerated but it helps me to guide cash towards the best opportunities (good business, good management, good price and good capital allocation).