Reading Capital

Our attitude towards investments is based upon the combination of deeply understanding the business behind the stock, while buying it at a discount from its intrinsic value. Therefore, great companies at a fair price are our bread and butter. We often look for opportunities in simple and excellent businesses that avoid dramatic statements and are far from the media spotlight. Bottom-up. Most of our time is dedicated to reading annual and quarterly reports, transcripts, prospectuses, blogs and government data. All, in order to fully understand the business behind the stock: competitive advantages, management, growth engines and financial position. Our investing compass is based on business performance rather than macro assessments. We dont try to predict the future of the country GDP or the world economy. Israel-Biased. Our competitive advantage is in the local market. We know the companies’ history, the people who run them and their products. We meet their competitors and keep our finger on the pulse of the market and the regulatory environment. Moreover, we often look for local ideas that impact foreign companies. Long-Run. Reading Capital is built to last. At its core, our investment strategy is patient, unleveraged and is oriented towards avoiding short-term successes at the expense of long-term performance. We enjoy taking advantage of opportunities for the long run, when short-sighted investors exit due to a disappointing macro or business development. Focus. Excellent ideas are tough to generate despite the fact that most of our time and effort is being dedicated to that cause. However, once they are identified, we invest heavily in those rare winners that are exceptional both in terms of return and certainty.