{"id":1944,"date":"2025-07-28T14:28:44","date_gmt":"2025-07-28T12:28:44","guid":{"rendered":"https:\/\/clcapital.de\/investor-letters\/"},"modified":"2026-02-02T23:26:06","modified_gmt":"2026-02-02T22:26:06","slug":"investor-letters","status":"publish","type":"page","link":"https:\/\/clcapital.de\/en\/investor-letters\/","title":{"rendered":"Investor Letters"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"1944\" class=\"elementor elementor-1944 elementor-211\" data-elementor-post-type=\"page\">\n\t\t\t\t<div class=\"elementor-element elementor-element-fdbefd6 e-flex e-con-boxed e-con e-parent\" data-id=\"fdbefd6\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-8c624c8 elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"8c624c8\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeIn&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Investor Letters<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-238039b e-flex e-con-boxed e-con e-parent\" data-id=\"238039b\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-a105818 animated-slow elementor-invisible elementor-widget elementor-widget-taxonomy-filter\" data-id=\"a105818\" data-element_type=\"widget\" data-e-type=\"widget\" id=\"tax-order\" data-settings=\"{&quot;selected_element&quot;:&quot;6898d4c&quot;,&quot;taxonomy&quot;:&quot;category&quot;,&quot;multiple_selection&quot;:&quot;yes&quot;,&quot;_animation&quot;:&quot;fadeIn&quot;,&quot;logical_combination&quot;:&quot;AND&quot;,&quot;horizontal_scroll&quot;:&quot;disable&quot;}\" data-widget_type=\"taxonomy-filter.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<search class=\"e-filter\" role=\"search\" data-base-url=\"https:\/\/clcapital.de\/en\/\" data-page-num=\"1\">\n\t\t\t\t\t\t\t<button class=\"e-filter-item\" data-filter=\"2019\" aria-pressed=\"false\">2019<\/button>\n\t\t\t\t\t\t\t<button class=\"e-filter-item\" data-filter=\"2020\" aria-pressed=\"false\">2020<\/button>\n\t\t\t\t\t\t\t<button class=\"e-filter-item\" data-filter=\"2021\" aria-pressed=\"false\">2021<\/button>\n\t\t\t\t\t\t\t<button class=\"e-filter-item\" data-filter=\"2022\" aria-pressed=\"false\">2022<\/button>\n\t\t\t\t\t\t\t<button class=\"e-filter-item\" data-filter=\"2023\" aria-pressed=\"false\">2023<\/button>\n\t\t\t\t\t\t\t<button class=\"e-filter-item\" data-filter=\"2024\" aria-pressed=\"false\">2024<\/button>\n\t\t\t\t\t\t\t<button class=\"e-filter-item\" data-filter=\"2025\" aria-pressed=\"false\">2025<\/button>\n\t\t\t\n\t\t\t\t\t\t\t\t\t<button class=\"e-filter-item\" data-filter=\"__all\" aria-pressed=\"true\">\n\t\t\t\tAll\t\t\t<\/button>\n\t\t\t\t\t<\/search>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6898d4c elementor-grid-4 elementor-grid-tablet-2 animated-slow elementor-grid-mobile-1 elementor-invisible elementor-widget elementor-widget-loop-grid\" data-id=\"6898d4c\" data-element_type=\"widget\" data-e-type=\"widget\" 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center;\n}\n\n\/* Responsive: auf Mobile etwas h\u00f6her wirken lassen *\/\n@media (max-width: 767px){\n  .inv-card-thumb{\n    aspect-ratio: 4 \/ 3;            \/* z.B. etwas \u201chochkantiger\u201d *\/\n  }\n}\n\n\/* Falls der Loop Grid intern ein <img> rendert:\n   harte Absicherung, damit object-fit immer greift *\/\n.e-loop-item .elementor-post__thumbnail img,\n.e-loop-item .elementor-widget-image img{\n  width: 100% !important;\n  height: 100% !important;\n  object-fit: cover !important;\n  object-position: center;\n}\/* End custom CSS *\/<\/style>\t\t<div data-elementor-type=\"loop-item\" data-elementor-id=\"2043\" class=\"elementor elementor-2043 elementor-1352 elementor-1352 e-loop-item e-loop-item-3349 post-3349 post type-post status-publish format-standard has-post-thumbnail hentry category-32\" data-elementor-post-type=\"elementor_library\" data-custom-edit-handle=\"1\">\n\t\t\t<div class=\"elementor-element elementor-element-6c3017b e-con-full e-flex e-con e-parent\" data-id=\"6c3017b\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-3f6ba6d e-flex e-con-boxed e-con e-child\" data-id=\"3f6ba6d\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-7dab81e e-con-full inv-card-thumb e-flex e-con e-child\" data-id=\"7dab81e\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-3d23aa2 elementor-widget elementor-widget-spacer\" data-id=\"3d23aa2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-1e56e56 e-con-full e-flex e-con e-child\" data-id=\"1e56e56\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-909a069 elementor-widget elementor-widget-theme-post-title elementor-page-title elementor-widget-heading\" data-id=\"909a069\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"theme-post-title.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Full Year 2025 Investor Letter<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-79cff5e elementor-widget elementor-widget-theme-post-excerpt\" data-id=\"79cff5e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"theme-post-excerpt.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\tDescription of the South African investment holding Argent Industrial, which generates most of its profits in Europe and trades on a P\/E ratio of 5.\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-04088c7 elementor-widget elementor-widget-button\" data-id=\"04088c7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/clcapital.de\/wp-content\/uploads\/2026\/02\/Gesamtjahr-2025-englisch.pdf\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-icon\">\n\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" height=\"40\" viewBox=\"0 0 40 40\" width=\"40\"><path d=\"m31.3214642 38.0401891c-2.3308988-.7700313-4.5785068-1.7238883-6.7255977-2.8373032-.7630963-.3919551-1.5157502-.815122-2.2546229-1.2522033-1.6753169-.9885675-3.2847471-2.0846671-4.8179013-3.2743579-.8602127-.669443-1.696184-1.3666615-2.5077808-2.0915932-.4197038-.3746132-.8255289-.7526894-1.2278731-1.1412081-.4197039-.4023531-.8289919-.81165-1.2313361-1.2313361-.8255289-.8567408-1.6163563-1.7446667-2.3690812-2.6604214-.003472 0-.003472-.0034719-.006935-.0034719-.29135792-.3503274-.57925279-.7110618-.8636846-1.0786956-1.75514463-2.2546229-3.29859924-4.6756499-4.61322619-7.2389282-.263618-.5098852-.51682021-1.0302129-.75962439-1.5539326-.86021267-1.8487357-1.6059671-3.76344704-2.22336671-5.73010408-.37807623-1.22787311-.71453371-2.48007637-.99203054-3.74959487-.30523675-1.37705064-.54804094-2.77834262-.72840367-4.19703865v40h40c-2.3551402-.2913579-4.6583346-.7665594-6.8886274-1.404755-.5966036-.1768997-1.1967057-.3607344-1.7897752-.5549759zm-19.1435611-11.4147446-.0312207.0346838-.0659045-.1005883z\" fill-rule=\"evenodd\" transform=\"matrix(-1 0 0 -1 40 40)\"><\/path><\/svg>\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">View Letter<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-51df882 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"51df882\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4a993c6 elementor-widget elementor-widget-post-info\" data-id=\"4a993c6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"post-info.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-inline-items elementor-icon-list-items elementor-post-info\">\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-repeater-item-825512c elementor-inline-item\" itemprop=\"datePublished\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text elementor-post-info__item elementor-post-info__item--type-date\">\n\t\t\t\t\t\t\t\t\t\t<time>February 13, 2026<\/time>\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<style id=\"loop-dynamic-2043\">.e-loop-item-1996 .elementor-element.elementor-element-7dab81e:not(.elementor-motion-effects-element-type-background), .e-loop-item-1996 .elementor-element.elementor-element-7dab81e > .elementor-motion-effects-container > .elementor-motion-effects-layer{background-image:url(\"https:\/\/clcapital.de\/wp-content\/uploads\/2025\/07\/retail.jpg\");}<\/style>\t\t<div data-elementor-type=\"loop-item\" data-elementor-id=\"2043\" class=\"elementor elementor-2043 elementor-1352 elementor-1352 e-loop-item e-loop-item-1996 post-1996 post type-post status-publish format-standard has-post-thumbnail hentry category-32\" data-elementor-post-type=\"elementor_library\" data-custom-edit-handle=\"1\">\n\t\t\t<div class=\"elementor-element elementor-element-6c3017b e-con-full e-flex e-con e-parent\" data-id=\"6c3017b\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-3f6ba6d e-flex e-con-boxed e-con e-child\" data-id=\"3f6ba6d\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-7dab81e e-con-full inv-card-thumb e-flex e-con e-child\" data-id=\"7dab81e\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-3d23aa2 elementor-widget elementor-widget-spacer\" data-id=\"3d23aa2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-1e56e56 e-con-full e-flex e-con e-child\" data-id=\"1e56e56\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-909a069 elementor-widget elementor-widget-theme-post-title elementor-page-title elementor-widget-heading\" data-id=\"909a069\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"theme-post-title.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">2025 Half-Year Investor Letter<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-79cff5e elementor-widget elementor-widget-theme-post-excerpt\" data-id=\"79cff5e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"theme-post-excerpt.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\tThe investor letter focuses on the topic of Retail Media, which is playing an increasingly important role in the investments of the Intrinsic Fund.\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-04088c7 elementor-widget elementor-widget-button\" data-id=\"04088c7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/clcapital.de\/wp-content\/uploads\/2025\/10\/Intrinsic-First-half-2025.pdf\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-icon\">\n\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" height=\"40\" viewBox=\"0 0 40 40\" width=\"40\"><path d=\"m31.3214642 38.0401891c-2.3308988-.7700313-4.5785068-1.7238883-6.7255977-2.8373032-.7630963-.3919551-1.5157502-.815122-2.2546229-1.2522033-1.6753169-.9885675-3.2847471-2.0846671-4.8179013-3.2743579-.8602127-.669443-1.696184-1.3666615-2.5077808-2.0915932-.4197038-.3746132-.8255289-.7526894-1.2278731-1.1412081-.4197039-.4023531-.8289919-.81165-1.2313361-1.2313361-.8255289-.8567408-1.6163563-1.7446667-2.3690812-2.6604214-.003472 0-.003472-.0034719-.006935-.0034719-.29135792-.3503274-.57925279-.7110618-.8636846-1.0786956-1.75514463-2.2546229-3.29859924-4.6756499-4.61322619-7.2389282-.263618-.5098852-.51682021-1.0302129-.75962439-1.5539326-.86021267-1.8487357-1.6059671-3.76344704-2.22336671-5.73010408-.37807623-1.22787311-.71453371-2.48007637-.99203054-3.74959487-.30523675-1.37705064-.54804094-2.77834262-.72840367-4.19703865v40h40c-2.3551402-.2913579-4.6583346-.7665594-6.8886274-1.404755-.5966036-.1768997-1.1967057-.3607344-1.7897752-.5549759zm-19.1435611-11.4147446-.0312207.0346838-.0659045-.1005883z\" fill-rule=\"evenodd\" transform=\"matrix(-1 0 0 -1 40 40)\"><\/path><\/svg>\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">View Letter<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-51df882 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"51df882\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4a993c6 elementor-widget elementor-widget-post-info\" data-id=\"4a993c6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"post-info.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-inline-items elementor-icon-list-items elementor-post-info\">\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-repeater-item-825512c elementor-inline-item\" itemprop=\"datePublished\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text elementor-post-info__item elementor-post-info__item--type-date\">\n\t\t\t\t\t\t\t\t\t\t<time>August 4, 2025<\/time>\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<style id=\"loop-dynamic-2043\">.e-loop-item-1991 .elementor-element.elementor-element-7dab81e:not(.elementor-motion-effects-element-type-background), .e-loop-item-1991 .elementor-element.elementor-element-7dab81e > .elementor-motion-effects-container > .elementor-motion-effects-layer{background-image:url(\"https:\/\/clcapital.de\/wp-content\/uploads\/2025\/08\/wise-logo.jpg\");}<\/style>\t\t<div data-elementor-type=\"loop-item\" data-elementor-id=\"2043\" class=\"elementor elementor-2043 elementor-1352 elementor-1352 e-loop-item e-loop-item-1991 post-1991 post type-post status-publish format-standard has-post-thumbnail hentry category-29\" data-elementor-post-type=\"elementor_library\" data-custom-edit-handle=\"1\">\n\t\t\t<div class=\"elementor-element elementor-element-6c3017b e-con-full e-flex e-con e-parent\" data-id=\"6c3017b\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-3f6ba6d e-flex e-con-boxed e-con e-child\" data-id=\"3f6ba6d\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-7dab81e e-con-full inv-card-thumb e-flex e-con e-child\" data-id=\"7dab81e\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-3d23aa2 elementor-widget elementor-widget-spacer\" data-id=\"3d23aa2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-1e56e56 e-con-full e-flex e-con e-child\" data-id=\"1e56e56\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-909a069 elementor-widget elementor-widget-theme-post-title elementor-page-title elementor-widget-heading\" data-id=\"909a069\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"theme-post-title.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Full Year 2024 Investor Letter<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-79cff5e elementor-widget elementor-widget-theme-post-excerpt\" data-id=\"79cff5e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"theme-post-excerpt.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\tNew investment in Wise, which is building competitive advantages through continuous price reductions for cross-border transfers.\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-04088c7 elementor-widget elementor-widget-button\" data-id=\"04088c7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/clcapital.de\/wp-content\/uploads\/2025\/10\/Intrinsic-Full-Year-2024.pdf\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-icon\">\n\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" height=\"40\" viewBox=\"0 0 40 40\" width=\"40\"><path d=\"m31.3214642 38.0401891c-2.3308988-.7700313-4.5785068-1.7238883-6.7255977-2.8373032-.7630963-.3919551-1.5157502-.815122-2.2546229-1.2522033-1.6753169-.9885675-3.2847471-2.0846671-4.8179013-3.2743579-.8602127-.669443-1.696184-1.3666615-2.5077808-2.0915932-.4197038-.3746132-.8255289-.7526894-1.2278731-1.1412081-.4197039-.4023531-.8289919-.81165-1.2313361-1.2313361-.8255289-.8567408-1.6163563-1.7446667-2.3690812-2.6604214-.003472 0-.003472-.0034719-.006935-.0034719-.29135792-.3503274-.57925279-.7110618-.8636846-1.0786956-1.75514463-2.2546229-3.29859924-4.6756499-4.61322619-7.2389282-.263618-.5098852-.51682021-1.0302129-.75962439-1.5539326-.86021267-1.8487357-1.6059671-3.76344704-2.22336671-5.73010408-.37807623-1.22787311-.71453371-2.48007637-.99203054-3.74959487-.30523675-1.37705064-.54804094-2.77834262-.72840367-4.19703865v40h40c-2.3551402-.2913579-4.6583346-.7665594-6.8886274-1.404755-.5966036-.1768997-1.1967057-.3607344-1.7897752-.5549759zm-19.1435611-11.4147446-.0312207.0346838-.0659045-.1005883z\" fill-rule=\"evenodd\" transform=\"matrix(-1 0 0 -1 40 40)\"><\/path><\/svg>\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">View Letter<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-51df882 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"51df882\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4a993c6 elementor-widget elementor-widget-post-info\" data-id=\"4a993c6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"post-info.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-inline-items elementor-icon-list-items elementor-post-info\">\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-repeater-item-825512c elementor-inline-item\" itemprop=\"datePublished\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text elementor-post-info__item elementor-post-info__item--type-date\">\n\t\t\t\t\t\t\t\t\t\t<time>February 12, 2025<\/time>\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<style id=\"loop-dynamic-2043\">.e-loop-item-2009 .elementor-element.elementor-element-7dab81e:not(.elementor-motion-effects-element-type-background), .e-loop-item-2009 .elementor-element.elementor-element-7dab81e > .elementor-motion-effects-container > .elementor-motion-effects-layer{background-image:url(\"https:\/\/clcapital.de\/wp-content\/uploads\/2024\/07\/five-year-review.png\");}<\/style>\t\t<div data-elementor-type=\"loop-item\" data-elementor-id=\"2043\" class=\"elementor elementor-2043 elementor-1352 elementor-1352 e-loop-item e-loop-item-2009 post-2009 post type-post status-publish format-standard has-post-thumbnail hentry category-29\" data-elementor-post-type=\"elementor_library\" data-custom-edit-handle=\"1\">\n\t\t\t<div class=\"elementor-element elementor-element-6c3017b e-con-full e-flex e-con e-parent\" data-id=\"6c3017b\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-3f6ba6d e-flex e-con-boxed e-con e-child\" data-id=\"3f6ba6d\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-7dab81e e-con-full inv-card-thumb e-flex e-con e-child\" data-id=\"7dab81e\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-3d23aa2 elementor-widget elementor-widget-spacer\" data-id=\"3d23aa2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-1e56e56 e-con-full e-flex e-con e-child\" data-id=\"1e56e56\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-909a069 elementor-widget elementor-widget-theme-post-title elementor-page-title elementor-widget-heading\" data-id=\"909a069\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"theme-post-title.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Investor Letter Half-Year 2024<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-79cff5e elementor-widget elementor-widget-theme-post-excerpt\" data-id=\"79cff5e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"theme-post-excerpt.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\tA review of the Intrinsic Fund's first 5 years, including a detailed analysis of two of my investment mistakes during that period.\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-04088c7 elementor-widget elementor-widget-button\" data-id=\"04088c7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/clcapital.de\/wp-content\/uploads\/2025\/10\/Intrinsic-First-half-2024.pdf\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-icon\">\n\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" height=\"40\" viewBox=\"0 0 40 40\" width=\"40\"><path d=\"m31.3214642 38.0401891c-2.3308988-.7700313-4.5785068-1.7238883-6.7255977-2.8373032-.7630963-.3919551-1.5157502-.815122-2.2546229-1.2522033-1.6753169-.9885675-3.2847471-2.0846671-4.8179013-3.2743579-.8602127-.669443-1.696184-1.3666615-2.5077808-2.0915932-.4197038-.3746132-.8255289-.7526894-1.2278731-1.1412081-.4197039-.4023531-.8289919-.81165-1.2313361-1.2313361-.8255289-.8567408-1.6163563-1.7446667-2.3690812-2.6604214-.003472 0-.003472-.0034719-.006935-.0034719-.29135792-.3503274-.57925279-.7110618-.8636846-1.0786956-1.75514463-2.2546229-3.29859924-4.6756499-4.61322619-7.2389282-.263618-.5098852-.51682021-1.0302129-.75962439-1.5539326-.86021267-1.8487357-1.6059671-3.76344704-2.22336671-5.73010408-.37807623-1.22787311-.71453371-2.48007637-.99203054-3.74959487-.30523675-1.37705064-.54804094-2.77834262-.72840367-4.19703865v40h40c-2.3551402-.2913579-4.6583346-.7665594-6.8886274-1.404755-.5966036-.1768997-1.1967057-.3607344-1.7897752-.5549759zm-19.1435611-11.4147446-.0312207.0346838-.0659045-.1005883z\" fill-rule=\"evenodd\" transform=\"matrix(-1 0 0 -1 40 40)\"><\/path><\/svg>\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">View Letter<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-51df882 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"51df882\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4a993c6 elementor-widget elementor-widget-post-info\" data-id=\"4a993c6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"post-info.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-inline-items elementor-icon-list-items elementor-post-info\">\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-repeater-item-825512c elementor-inline-item\" itemprop=\"datePublished\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text elementor-post-info__item elementor-post-info__item--type-date\">\n\t\t\t\t\t\t\t\t\t\t<time>July 31, 2024<\/time>\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<style id=\"loop-dynamic-2043\">.e-loop-item-2035 .elementor-element.elementor-element-7dab81e:not(.elementor-motion-effects-element-type-background), .e-loop-item-2035 .elementor-element.elementor-element-7dab81e > .elementor-motion-effects-container > .elementor-motion-effects-layer{background-image:url(\"https:\/\/clcapital.de\/wp-content\/uploads\/2025\/07\/nu-logo.jpg\");}<\/style>\t\t<div data-elementor-type=\"loop-item\" data-elementor-id=\"2043\" class=\"elementor elementor-2043 elementor-1352 elementor-1352 e-loop-item e-loop-item-2035 post-2035 post type-post status-publish format-standard has-post-thumbnail hentry category-nicht-kategorisiert\" data-elementor-post-type=\"elementor_library\" data-custom-edit-handle=\"1\">\n\t\t\t<div class=\"elementor-element elementor-element-6c3017b e-con-full e-flex e-con e-parent\" data-id=\"6c3017b\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-3f6ba6d e-flex e-con-boxed e-con e-child\" data-id=\"3f6ba6d\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-7dab81e e-con-full inv-card-thumb e-flex e-con e-child\" data-id=\"7dab81e\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-3d23aa2 elementor-widget elementor-widget-spacer\" data-id=\"3d23aa2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-1e56e56 e-con-full e-flex e-con e-child\" data-id=\"1e56e56\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-909a069 elementor-widget elementor-widget-theme-post-title elementor-page-title elementor-widget-heading\" data-id=\"909a069\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"theme-post-title.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Full Year 2023 Investor Letter<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-79cff5e elementor-widget elementor-widget-theme-post-excerpt\" data-id=\"79cff5e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"theme-post-excerpt.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\tWrite-up on the new investment in the Brazilian digital bank Nubank, the largest digital bank globally outside of China.\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-04088c7 elementor-widget elementor-widget-button\" data-id=\"04088c7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/clcapital.de\/wp-content\/uploads\/2025\/10\/Intrinsic-Full-year-2023.pdf\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-icon\">\n\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" height=\"40\" viewBox=\"0 0 40 40\" width=\"40\"><path d=\"m31.3214642 38.0401891c-2.3308988-.7700313-4.5785068-1.7238883-6.7255977-2.8373032-.7630963-.3919551-1.5157502-.815122-2.2546229-1.2522033-1.6753169-.9885675-3.2847471-2.0846671-4.8179013-3.2743579-.8602127-.669443-1.696184-1.3666615-2.5077808-2.0915932-.4197038-.3746132-.8255289-.7526894-1.2278731-1.1412081-.4197039-.4023531-.8289919-.81165-1.2313361-1.2313361-.8255289-.8567408-1.6163563-1.7446667-2.3690812-2.6604214-.003472 0-.003472-.0034719-.006935-.0034719-.29135792-.3503274-.57925279-.7110618-.8636846-1.0786956-1.75514463-2.2546229-3.29859924-4.6756499-4.61322619-7.2389282-.263618-.5098852-.51682021-1.0302129-.75962439-1.5539326-.86021267-1.8487357-1.6059671-3.76344704-2.22336671-5.73010408-.37807623-1.22787311-.71453371-2.48007637-.99203054-3.74959487-.30523675-1.37705064-.54804094-2.77834262-.72840367-4.19703865v40h40c-2.3551402-.2913579-4.6583346-.7665594-6.8886274-1.404755-.5966036-.1768997-1.1967057-.3607344-1.7897752-.5549759zm-19.1435611-11.4147446-.0312207.0346838-.0659045-.1005883z\" fill-rule=\"evenodd\" transform=\"matrix(-1 0 0 -1 40 40)\"><\/path><\/svg>\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">View Letter<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-51df882 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"51df882\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4a993c6 elementor-widget elementor-widget-post-info\" data-id=\"4a993c6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"post-info.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-inline-items elementor-icon-list-items elementor-post-info\">\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-repeater-item-825512c elementor-inline-item\" itemprop=\"datePublished\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text elementor-post-info__item elementor-post-info__item--type-date\">\n\t\t\t\t\t\t\t\t\t\t<time>February 15, 2024<\/time>\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<style id=\"loop-dynamic-2043\">.e-loop-item-1974 .elementor-element.elementor-element-7dab81e:not(.elementor-motion-effects-element-type-background), .e-loop-item-1974 .elementor-element.elementor-element-7dab81e > .elementor-motion-effects-container > .elementor-motion-effects-layer{background-image:url(\"https:\/\/clcapital.de\/wp-content\/uploads\/2025\/07\/planck.jpg\");}<\/style>\t\t<div data-elementor-type=\"loop-item\" data-elementor-id=\"2043\" class=\"elementor elementor-2043 elementor-1352 elementor-1352 e-loop-item e-loop-item-1974 post-1974 post type-post status-publish format-standard has-post-thumbnail hentry category-28\" data-elementor-post-type=\"elementor_library\" data-custom-edit-handle=\"1\">\n\t\t\t<div class=\"elementor-element elementor-element-6c3017b e-con-full e-flex e-con e-parent\" data-id=\"6c3017b\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-3f6ba6d e-flex e-con-boxed e-con e-child\" data-id=\"3f6ba6d\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-7dab81e e-con-full inv-card-thumb e-flex e-con e-child\" data-id=\"7dab81e\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-3d23aa2 elementor-widget elementor-widget-spacer\" data-id=\"3d23aa2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-1e56e56 e-con-full e-flex e-con e-child\" data-id=\"1e56e56\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-909a069 elementor-widget elementor-widget-theme-post-title elementor-page-title elementor-widget-heading\" data-id=\"909a069\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"theme-post-title.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Investor Letter First Half 2023<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-79cff5e elementor-widget elementor-widget-theme-post-excerpt\" data-id=\"79cff5e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"theme-post-excerpt.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\tIn this letter I describe different forms of knowledge, which Charlie Munger often described with an anecdote about Max Planck.\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-04088c7 elementor-widget elementor-widget-button\" data-id=\"04088c7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/clcapital.de\/wp-content\/uploads\/2025\/10\/Intrinsic-First-half-2023.pdf\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-icon\">\n\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" height=\"40\" viewBox=\"0 0 40 40\" width=\"40\"><path d=\"m31.3214642 38.0401891c-2.3308988-.7700313-4.5785068-1.7238883-6.7255977-2.8373032-.7630963-.3919551-1.5157502-.815122-2.2546229-1.2522033-1.6753169-.9885675-3.2847471-2.0846671-4.8179013-3.2743579-.8602127-.669443-1.696184-1.3666615-2.5077808-2.0915932-.4197038-.3746132-.8255289-.7526894-1.2278731-1.1412081-.4197039-.4023531-.8289919-.81165-1.2313361-1.2313361-.8255289-.8567408-1.6163563-1.7446667-2.3690812-2.6604214-.003472 0-.003472-.0034719-.006935-.0034719-.29135792-.3503274-.57925279-.7110618-.8636846-1.0786956-1.75514463-2.2546229-3.29859924-4.6756499-4.61322619-7.2389282-.263618-.5098852-.51682021-1.0302129-.75962439-1.5539326-.86021267-1.8487357-1.6059671-3.76344704-2.22336671-5.73010408-.37807623-1.22787311-.71453371-2.48007637-.99203054-3.74959487-.30523675-1.37705064-.54804094-2.77834262-.72840367-4.19703865v40h40c-2.3551402-.2913579-4.6583346-.7665594-6.8886274-1.404755-.5966036-.1768997-1.1967057-.3607344-1.7897752-.5549759zm-19.1435611-11.4147446-.0312207.0346838-.0659045-.1005883z\" fill-rule=\"evenodd\" transform=\"matrix(-1 0 0 -1 40 40)\"><\/path><\/svg>\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">View Letter<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-51df882 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"51df882\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4a993c6 elementor-widget elementor-widget-post-info\" data-id=\"4a993c6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"post-info.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-inline-items elementor-icon-list-items elementor-post-info\">\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-repeater-item-825512c elementor-inline-item\" itemprop=\"datePublished\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text elementor-post-info__item elementor-post-info__item--type-date\">\n\t\t\t\t\t\t\t\t\t\t<time>August 8, 2023<\/time>\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<style id=\"loop-dynamic-2043\">.e-loop-item-1984 .elementor-element.elementor-element-7dab81e:not(.elementor-motion-effects-element-type-background), .e-loop-item-1984 .elementor-element.elementor-element-7dab81e > .elementor-motion-effects-container > .elementor-motion-effects-layer{background-image:url(\"https:\/\/clcapital.de\/wp-content\/uploads\/2022\/12\/ec906667-c059-4b3d-b72b-4d4b7b847b5b.png\");}<\/style>\t\t<div data-elementor-type=\"loop-item\" data-elementor-id=\"2043\" class=\"elementor elementor-2043 elementor-1352 elementor-1352 e-loop-item e-loop-item-1984 post-1984 post type-post status-publish format-standard has-post-thumbnail hentry category-26\" data-elementor-post-type=\"elementor_library\" data-custom-edit-handle=\"1\">\n\t\t\t<div class=\"elementor-element elementor-element-6c3017b e-con-full e-flex e-con e-parent\" data-id=\"6c3017b\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-3f6ba6d e-flex e-con-boxed e-con e-child\" data-id=\"3f6ba6d\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-7dab81e e-con-full inv-card-thumb e-flex e-con e-child\" data-id=\"7dab81e\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-3d23aa2 elementor-widget elementor-widget-spacer\" data-id=\"3d23aa2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-1e56e56 e-con-full e-flex e-con e-child\" data-id=\"1e56e56\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-909a069 elementor-widget elementor-widget-theme-post-title elementor-page-title elementor-widget-heading\" data-id=\"909a069\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"theme-post-title.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Full Year 2022 Investor Letter<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-79cff5e elementor-widget elementor-widget-theme-post-excerpt\" data-id=\"79cff5e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"theme-post-excerpt.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\tHostelworld, the leading booking platform for hostels, is building a social network to further differentiate itself from its competitors.\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-04088c7 elementor-widget elementor-widget-button\" data-id=\"04088c7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/clcapital.de\/wp-content\/uploads\/2025\/10\/Intrinsic-Full-year-2022.pdf\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-icon\">\n\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" height=\"40\" viewBox=\"0 0 40 40\" width=\"40\"><path d=\"m31.3214642 38.0401891c-2.3308988-.7700313-4.5785068-1.7238883-6.7255977-2.8373032-.7630963-.3919551-1.5157502-.815122-2.2546229-1.2522033-1.6753169-.9885675-3.2847471-2.0846671-4.8179013-3.2743579-.8602127-.669443-1.696184-1.3666615-2.5077808-2.0915932-.4197038-.3746132-.8255289-.7526894-1.2278731-1.1412081-.4197039-.4023531-.8289919-.81165-1.2313361-1.2313361-.8255289-.8567408-1.6163563-1.7446667-2.3690812-2.6604214-.003472 0-.003472-.0034719-.006935-.0034719-.29135792-.3503274-.57925279-.7110618-.8636846-1.0786956-1.75514463-2.2546229-3.29859924-4.6756499-4.61322619-7.2389282-.263618-.5098852-.51682021-1.0302129-.75962439-1.5539326-.86021267-1.8487357-1.6059671-3.76344704-2.22336671-5.73010408-.37807623-1.22787311-.71453371-2.48007637-.99203054-3.74959487-.30523675-1.37705064-.54804094-2.77834262-.72840367-4.19703865v40h40c-2.3551402-.2913579-4.6583346-.7665594-6.8886274-1.404755-.5966036-.1768997-1.1967057-.3607344-1.7897752-.5549759zm-19.1435611-11.4147446-.0312207.0346838-.0659045-.1005883z\" fill-rule=\"evenodd\" transform=\"matrix(-1 0 0 -1 40 40)\"><\/path><\/svg>\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">View Letter<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-51df882 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"51df882\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4a993c6 elementor-widget elementor-widget-post-info\" data-id=\"4a993c6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"post-info.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-inline-items elementor-icon-list-items elementor-post-info\">\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-repeater-item-825512c elementor-inline-item\" itemprop=\"datePublished\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text elementor-post-info__item elementor-post-info__item--type-date\">\n\t\t\t\t\t\t\t\t\t\t<time>February 13, 2023<\/time>\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<style id=\"loop-dynamic-2043\">.e-loop-item-1965 .elementor-element.elementor-element-7dab81e:not(.elementor-motion-effects-element-type-background), .e-loop-item-1965 .elementor-element.elementor-element-7dab81e > .elementor-motion-effects-container > .elementor-motion-effects-layer{background-image:url(\"https:\/\/clcapital.de\/wp-content\/uploads\/2022\/08\/jorge-coromina-zHaRIn7QJhU-unsplash-scaled.jpg\");}<\/style>\t\t<div data-elementor-type=\"loop-item\" data-elementor-id=\"2043\" class=\"elementor elementor-2043 elementor-1352 elementor-1352 e-loop-item e-loop-item-1965 post-1965 post type-post status-publish format-standard has-post-thumbnail hentry category-26\" data-elementor-post-type=\"elementor_library\" data-custom-edit-handle=\"1\">\n\t\t\t<div class=\"elementor-element elementor-element-6c3017b e-con-full e-flex e-con e-parent\" data-id=\"6c3017b\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-3f6ba6d e-flex e-con-boxed e-con e-child\" data-id=\"3f6ba6d\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-7dab81e e-con-full inv-card-thumb e-flex e-con e-child\" data-id=\"7dab81e\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-3d23aa2 elementor-widget elementor-widget-spacer\" data-id=\"3d23aa2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-1e56e56 e-con-full e-flex e-con e-child\" data-id=\"1e56e56\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-909a069 elementor-widget elementor-widget-theme-post-title elementor-page-title elementor-widget-heading\" data-id=\"909a069\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"theme-post-title.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">2022 Mid-Year Investor Letter<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-79cff5e elementor-widget elementor-widget-theme-post-excerpt\" data-id=\"79cff5e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"theme-post-excerpt.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\tThis investor letter deals with the importance of careful preparation in order to survive extreme situations.\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-04088c7 elementor-widget elementor-widget-button\" data-id=\"04088c7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/clcapital.de\/wp-content\/uploads\/2025\/10\/Intrinsic-First-half-2022.pdf\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-icon\">\n\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" height=\"40\" viewBox=\"0 0 40 40\" width=\"40\"><path d=\"m31.3214642 38.0401891c-2.3308988-.7700313-4.5785068-1.7238883-6.7255977-2.8373032-.7630963-.3919551-1.5157502-.815122-2.2546229-1.2522033-1.6753169-.9885675-3.2847471-2.0846671-4.8179013-3.2743579-.8602127-.669443-1.696184-1.3666615-2.5077808-2.0915932-.4197038-.3746132-.8255289-.7526894-1.2278731-1.1412081-.4197039-.4023531-.8289919-.81165-1.2313361-1.2313361-.8255289-.8567408-1.6163563-1.7446667-2.3690812-2.6604214-.003472 0-.003472-.0034719-.006935-.0034719-.29135792-.3503274-.57925279-.7110618-.8636846-1.0786956-1.75514463-2.2546229-3.29859924-4.6756499-4.61322619-7.2389282-.263618-.5098852-.51682021-1.0302129-.75962439-1.5539326-.86021267-1.8487357-1.6059671-3.76344704-2.22336671-5.73010408-.37807623-1.22787311-.71453371-2.48007637-.99203054-3.74959487-.30523675-1.37705064-.54804094-2.77834262-.72840367-4.19703865v40h40c-2.3551402-.2913579-4.6583346-.7665594-6.8886274-1.404755-.5966036-.1768997-1.1967057-.3607344-1.7897752-.5549759zm-19.1435611-11.4147446-.0312207.0346838-.0659045-.1005883z\" fill-rule=\"evenodd\" transform=\"matrix(-1 0 0 -1 40 40)\"><\/path><\/svg>\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">View Letter<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-51df882 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"51df882\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4a993c6 elementor-widget elementor-widget-post-info\" data-id=\"4a993c6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"post-info.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-inline-items elementor-icon-list-items elementor-post-info\">\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-repeater-item-825512c elementor-inline-item\" itemprop=\"datePublished\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text elementor-post-info__item elementor-post-info__item--type-date\">\n\t\t\t\t\t\t\t\t\t\t<time>August 11, 2022<\/time>\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\n\t\t\t\t<div class=\"e-load-more-anchor\" data-page=\"1\" data-max-page=\"2\" data-next-page=\"https:\/\/clcapital.de\/en\/?e-page-6898d4c=2\"><\/div>\n\t\t\t\t<nav class=\"elementor-pagination\" aria-label=\"Pagination\">\n\t\t\t<span class=\"page-numbers prev\"><\/span>\n<span aria-current=\"page\" class=\"page-numbers current\"><span class=\"elementor-screen-only\">Page<\/span>1<\/span>\n<a class=\"page-numbers\" href=\"https:\/\/clcapital.de\/en\/wp-json\/wp\/v2\/pages\/1944\/?e-page-6898d4c=2\"><span class=\"elementor-screen-only\">Page<\/span>2<\/a>\n<a class=\"page-numbers next\" 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data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-4ca32fb elementor-widget__width-inherit elementor-button-align-stretch elementor-widget elementor-widget-form\" data-id=\"4ca32fb\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;step_next_label&quot;:&quot;Next&quot;,&quot;step_previous_label&quot;:&quot;Previous&quot;,&quot;button_width&quot;:&quot;40&quot;,&quot;button_width_tablet&quot;:&quot;40&quot;,&quot;step_type&quot;:&quot;number_text&quot;,&quot;step_icon_shape&quot;:&quot;circle&quot;}\" data-widget_type=\"form.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<form class=\"elementor-form\" method=\"post\" name=\"Newsletter Form\" aria-label=\"Newsletter Form\">\n\t\t\t<input type=\"hidden\" name=\"post_id\" value=\"1944\"\/>\n\t\t\t<input type=\"hidden\" name=\"form_id\" value=\"4ca32fb\"\/>\n\t\t\t<input type=\"hidden\" name=\"referer_title\" value=\"Investor Letters - CL Capital GmbH - Intrinsic Fonds - Clemens Lotz\" \/>\n\n\t\t\t\t\t\t\t<input type=\"hidden\" name=\"queried_id\" value=\"1944\"\/>\n\t\t\t\n\t\t\t<div class=\"elementor-form-fields-wrapper elementor-labels-above\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-type-email elementor-field-group elementor-column elementor-field-group-email elementor-col-60 elementor-md-60 elementor-field-required elementor-mark-required\">\n\t\t\t\t\t\t\t\t\t\t\t\t<label for=\"form-field-email\" class=\"elementor-field-label\">\n\t\t\t\t\t\t\t\tHere you can subscribe to my semi-annual newsletter.\t\t\t\t\t\t\t<\/label>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<input size=\"1\" type=\"email\" name=\"form_fields[email]\" id=\"form-field-email\" class=\"elementor-field elementor-size-sm  elementor-field-textual\" placeholder=\"Email\" 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Sign-up<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"class_list":["post-1944","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/clcapital.de\/en\/wp-json\/wp\/v2\/pages\/1944","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/clcapital.de\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/clcapital.de\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/clcapital.de\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/clcapital.de\/en\/wp-json\/wp\/v2\/comments?post=1944"}],"version-history":[{"count":10,"href":"https:\/\/clcapital.de\/en\/wp-json\/wp\/v2\/pages\/1944\/revisions"}],"predecessor-version":[{"id":3335,"href":"https:\/\/clcapital.de\/en\/wp-json\/wp\/v2\/pages\/1944\/revisions\/3335"}],"wp:attachment":[{"href":"https:\/\/clcapital.de\/en\/wp-json\/wp\/v2\/media?parent=1944"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}