Built To Endure

On 5 October 2026, Valence Global Fund was presented with the Equity Investment Excellence Award by Saxo, our prime broker. Those who know us well will know that we have always been somewhat sceptical about awards, certifications and rankings. The financial industry has no shortage of trophies and recognition, and many are influenced by sponsorship, marketing budgets, participation fees or other commercial considerations. In our view, an award by itself does not necessarily prove anything. This recognition feels different. Saxo has been our broker since the inception of Valence Global Fund. They have not simply seen a presentation about our...

Yesterday, professional climber Alex Honnold ascended the exterior of Taipei 101. No ropes or a harness. Just quiet precision on one of the world’s tallest buildings. To most observers, the act looked incomprehensible. Reckless, even. Yet in the interview, Honnold described his decision-making in a way that was strikingly sober. He spoke not about courage, adrenaline, or risk-taking, but about understanding the difference between risk and consequence. Risk is about probability. Consequence is about irreversibility. This distinction matters far beyond climbing. In investing, it is the difference between enduring volatility and suffering permanent loss. Honnold does not seek danger. He...

Ten years ago, Eu Capital was founded on a simple philosophy: that long-term wealth must be built through patience, discipline, and respect for uncertainty. Since then, markets have become faster, louder, and more complex. Crises arrive more frequently, often accompanied by urgency and conviction. In contrast, the practice of long-term investing has grown less fashionable, even though its underlying principles remain unchanged. Experience has a way of refining beliefs. Ours have become narrower rather than broader. We focus on fewer decisions. We move less. We think in reverse. We spend more time thinking about what not to do. This is...