The Value Perspective outlines a rigorous, data-driven, systematic investment process on the Value Perspective site; Value Archive fuels data-driven investment insights

How do we do what we do? An introduction to our process

Focusing on process over short-term noise offers the best chance of achieving durable, compounding results

“What makes a decision great is not that it has a great outcome. A great decision is the result of a good process.” Annie Duke

In her work on decision-making, professional poker player turned author Annie Duke highlights a crucial truth for anyone operating in financial markets: anecdotal outcomes are often unreliable teachers. Just as a good decision can at times produce a disappointing result, a poor decision can occasionally, through sheer luck, be rewarded with a positive outcome.

Markets are noisy, complex systems in which short-term outcomes frequently obscure rather than illuminate the quality of the underlying decision-making. That is why, here on The Value Perspective, we believe long-term success rests on building a robust, repeatable process – one that is grounded in rational principles, is resistant to emotion and is disciplined enough to guide us through periods when the world feels most uncertain.

By focusing on process over short-term noise, we give ourselves the best chance of achieving durable, compounding results for our investors. It is why, if asked to identify our most valuable asset, we would immediately point to our investment process. At the same time, though, while we have confidence in the strength of that process, we also strongly believe there will always be opportunities to improve it.

From the outset, continuous improvement – that is to say, evolution not revolution – has been a cornerstone of our approach, incorporating mechanisms designed to collect data on our judgements and decisions so they can be appraised in the future. Every company we have researched since 2015 – along with critical valuation assumptions, risk scores and fair values – has been stored away in a database we call the Value Archive.

When the data in that archive is combined with the expertise of dedicated data scientist Jonathan Yow, who has been embedded at the heart of our team since 2020, the result is highly valuable insights that can be exploited to improve outcomes for our investors. In this series of articles, we will break down our investment process into four key stages: screening ; fundamental analysis , portfolio construction and learning and development .

In the meantime, we will leave you with a couple more thoughts on process from two other card players of different stripes. Charting her journey from someone who had never played a single hand of poker to an international champion in The Biggest Bluff – another of our favourite books - Maria Konnikova advises: “Focus on the process, not the luck. Did I play correctly?”

Interestingly, this echoes a reference to another card game value giant Benjamin Graham once made during a lecture. “I recall the emphasis the bridge experts place on playing a hand right rather than on playing it successfully,” he told his audience. “Because, as you know, if you play it right you are going to make money and if you play it wrong you lose money – in the long run.”

A value investor’s postcard from Japan

How do we do what we do? Part 2 - Screening for value

August 2026: early signs of AI return on investment?