Built To Endure

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...

As we approach the final quarter of 2025, we are pleased to report that Valence Global Fund has achieved a positive return of +20.832% year-to-date, despite what has been one of the most volatile and treacherous years in recent memory for global markets.