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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
ICH Philosophy

Thoughts on Managers Selection

  • 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