- Life is easier by holding onto a few high quality companies; Rotational plays are possible but may require more effort without necessarily higher returns
- Hallmark of high quality companies - strong business model, structural competitive advantages, capable management and reasonable balance sheet
- Look for companies that operate in industries and/or countries that have a long runway for growth. In Asian context, rising middle class has been and will remain a powerful growth engine
- Frontier markets are not necessarily as risky as people think. Be prudently adventurous
- Do not overpay. Paying a reasonable price for a wonderful company is normally okay
- Dividend does not matter as long as the capital allocation is sensible
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