It’s quite daunting to go out in the press and admit that things have been a bit rough lately. At the same time, it is only the share prices that have performed poorly, especially regarding CSU. Nothing has changed fundamentally there, and if by putting myself out there I can remind people that it’s okay to underperform against the index in the short term when the market narrative is in control, then that’s perfectly fine.

As I mentioned in the interview, I believe things will resolve themselves in the long run once the share price approaches its fundamental value. You never know exactly when that will happen, but having a short-term discrepancy is completely fine and something people should expect. Constant new 'all-time highs' aren't healthy when they outpace the actual value of the business.

Fortunately, we can lean on the wisdom of Benjamin Graham, which is just as relevant now as it has always been:

"In the short run, the market is a voting machine influenced by fear and narratives (the short-term outlook determines pricing), but in the long run, it is a weighing machine (fundamentals like earnings per share and cash flow determine the outcome)."

I’m staying calm and believe there is a decoupling between share prices and fundamental values for several quality companies, especially those I’ve invested in:

"It’s important to distinguish between a falling stock and a failing company. In 2025, Constellation Software increased its free cash flow by over 25 percent, even as its share price was halved. When the fundamentals strengthen while the price plummets, the investment case objectively becomes cheaper, not worse.