VECTIGALIA GROUP
Xenophon was an ancient Greek philosopher, historian, soldier, and mercenary who lived in the 4th century BCE. He is best known for his writings, which cover a wide range of subjects including philosophy, history, politics, and military strategy. Born around 431 BCE, Xenophon was a student of Socrates and a contemporary of other notable figures such as Plato and Aristotle. One of Xenophon's works where the term "vectigalia" is mentioned is his treatise titled "Cyropaedia" or "The Education of Cyrus." This work is a fictionalized biography of Cyrus the Great, the founder of the Achaemenid Empire, and it explores themes of leadership, governance, and virtue. In "Cyropaedia," Xenophon uses the term "vectigalia" in the context of taxation and revenue collection. He describes how Cyrus organized his empire, including the establishment of a system of taxation to fund the government and support public works.
Overall, Xenophon was a multifaceted figure whose writings continue to be studied and admired for their philosophical depth, historical significance, and literary merit. We aim to pursue a holistic investment approach that emphasizes discipline, strategic thinking, and lifelong learning to aim to build a robust and sustainable financial foundation that generates vectigalia-like income streams over the long term for family and friends.
Mathias Hambach is the Founder and Portfolio Manager. Prior he was a high level tennis player who worked in London for Goldman Sachs for almost 10 years both in the Asset Management and Investment Banking Divisions. He holds a BA from DePaul University in Chicago and a MA from the London Business School.
OUR PHILOSOPHY
We adhere to a value investing philosophy, focusing on identifying businesses that we perceive to possess a substantial intrinsic worth exceeding their current market valuations. To mitigate risk, we employ a strategy of investing in enterprises trading at a notable discount to a meticulously computed intrinsic value and the importance of market cycles. Embracing stock price volatility is integral to our approach, as it frequently unveils opportunities for further investment at more advantageous prices. In instances where such opportunities are scarce, we opt to hold cash reserves.​Typically, a significant portion of our capital is allocated to a select few investments, typically numbering between six to eight. These chosen entities typically exhibit intrinsic values we estimate to be at least twice their current market prices, with minimal perceived risk of permanent capital diminution. We place strong emphasis on understanding the underlying economics of businesses, scrutinizing financial statements, assessing management quality, and evaluating competitive advantages.​Our investment philosophy emphasizes thorough research, simplicity, patience, a contrarian mindset, and a long-term perspective. We are willing to challenge popular market narratives and express contrarian views by employing ideas from diverse disciplines & concepts, to be able to cultivate a deeper understanding of the complex interplay of factors that drive investment outcomes. We are fishing for companies that tend to be smaller, receive little coverage, operating in unpopular industries, or offer terrific opportunities beyond short term concerns.​
“Take a simple idea and take it seriously.” —Charlie Munger ​
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CONTACT US
For any inquiries, please call or email us:
+447909596140 | mathiashambach@vectigalia.net
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