{"id":1957,"date":"2025-07-28T14:28:44","date_gmt":"2025-07-28T12:28:44","guid":{"rendered":"https:\/\/clcapital.de\/investment-philosophy\/"},"modified":"2025-11-17T21:57:11","modified_gmt":"2025-11-17T20:57:11","slug":"investment-philosophy","status":"publish","type":"page","link":"https:\/\/clcapital.de\/en\/investment-philosophy\/","title":{"rendered":"Investment Philosophy"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"1957\" class=\"elementor elementor-1957 elementor-209\" data-elementor-post-type=\"page\">\n\t\t\t\t<div class=\"elementor-element elementor-element-f6f76c4 e-flex e-con-boxed e-con e-parent\" data-id=\"f6f76c4\" 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-ebe6a38 elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"ebe6a38\" 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\">Investment Philosophy<\/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-29fcc7b elementor-hidden-mobile animated-slow e-flex e-con-boxed elementor-invisible e-con e-parent\" data-id=\"29fcc7b\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeIn&quot;,&quot;animation_delay&quot;:100}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-9de82d1 e-con-full e-flex e-con e-child\" data-id=\"9de82d1\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-514319c e-con-full e-flex e-con e-child\" data-id=\"514319c\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;sticky&quot;:&quot;top&quot;,&quot;sticky_offset&quot;:50,&quot;sticky_parent&quot;:&quot;yes&quot;,&quot;sticky_on&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;],&quot;sticky_effects_offset&quot;:0,&quot;sticky_anchor_link_offset&quot;:0}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-8205a29 elementor-widget__width-inherit elementor-widget elementor-widget-html\" data-id=\"8205a29\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"motivation-svg-wrapper\"> <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" id=\"three-circles-svg\" viewbox=\"0 0 781.88 746.02\" style=\"width:100%;max-width:650px;display:block;margin:auto;\">\n  <style>\n .circle {\n fill: none;\n stroke: #3b3b3b;\n stroke-width: 1;\n cursor: pointer;\n pointer-events: auto;\n mix-blend-mode: darken;\n }\n .overlap {\n fill: #000;\n opacity: 0.75;\n pointer-events: none;\n }\n text { fill: #3b3b3b; font-family: 'Editorial New', serif; font-size:33px; }\n  <\/style>\n  <circle id=\"topCircle\" class=\"circle\" cx=\"391.7\" cy=\"230.51\" r=\"218.57\"><\/circle>\n  <circle id=\"rightCircle\" class=\"circle\" cx=\"549.13\" cy=\"501.29\" r=\"218.57\"><\/circle>\n  <circle id=\"leftCircle\" class=\"circle\" cx=\"230.81\" cy=\"501.29\" r=\"218.57\"><\/circle>\n  <text x=\"50%\" y=\"149.44\" text-anchor=\"middle\">\n  <tspan x=\"50%\" dy=\"0\">My<\/tspan>\n<tspan x=\"50%\" dy=\"39.6\">intrinsic<\/tspan>\n<tspan x=\"50%\" dy=\"39.6\">motivation<\/tspan>\n<\/text>\n\n  <text x=\"72.83\" y=\"501.06\">\n    <tspan x=\"72.83\">The intrinsic <\/tspan>\n    <tspan x=\"72.83\" dy=\"39.6\">motivation of <\/tspan>\n    <tspan x=\"72.83\" dy=\"39.6\">companies<\/tspan>\n  <\/text>\n\n  <text x=\"517.5\" y=\"502.06\">\n    <tspan x=\"517.5\">The intrinsic <\/tspan>\n    <tspan x=\"517.5\" dy=\"39.6\">value of a <\/tspan>\n    <tspan x=\"517.5\" dy=\"39.6\">company<\/tspan>\n  <\/text>\n\n  <path class=\"overlap\" d=\"M389.78,352.25c-21.5,24.95-37.86,46.17-51.36,89.54-.09.28,0,1.06,0,1.35,24.68,5.77,33.09,6.17,52.05,6.17s19.75.19,51.59-6.23c0-.23.07.22,0,0-17.28-53.53-32.12-67.51-52.29-90.83Z\"><\/path>\n<\/svg>\n<\/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<div class=\"elementor-element elementor-element-b79ccac e-con-full main-cnt-txt e-flex e-con e-child\" data-id=\"b79ccac\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-7cc7ae9 e-con-full e-flex e-con e-child\" data-id=\"7cc7ae9\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-0c96765 elementor-widget elementor-widget-heading\" data-id=\"0c96765\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.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\">The investment philosophy of the Intrinsic Fund combines three core elements<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7ee6c7f elementor-widget elementor-widget-text-editor\" data-id=\"7ee6c7f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-26966a7 elementor-widget elementor-widget-text-editor\" data-id=\"26966a7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\"><div class=\"elementor-widget-container\"><p>The three core elements are made up of my own intrinsic motivation, the intrinsic motivation of the companies and the intrinsic value of a company. The overlap of these three dimensions represents the investment universe for the Intrinsic Fund. <\/p><\/div><\/div>\t\t\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-ee895ed e-con-full cnt-1 e-flex e-con e-child\" data-id=\"ee895ed\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-4eb641b elementor-widget elementor-widget-heading\" data-id=\"4eb641b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">My intrinsic motivation<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7a5b1fb elementor-widget elementor-widget-text-editor\" data-id=\"7a5b1fb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>I am convinced that better results are achieved when people have an intrinsic motivation to do something. They fulfill a task not only out of duty, but because they feel an inner drive. For me, investing is an expression of this inner drive &#8211; the result of a multitude of passions that fulfill me. My greatest passion is continuous learning: new information inspires me in many different areas of my life. This is the source of my joy in getting to know entrepreneurs, understanding products and business models and assessing the operational development of companies. The search for new insights takes me to many countries to discover local cultures, intrinsically motivated entrepreneurs and promising business models.     <\/p>\t\t\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-f261bf8 e-con-full cnt-2 e-flex e-con e-child\" data-id=\"f261bf8\" 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-e3803ed elementor-widget elementor-widget-heading\" data-id=\"e3803ed\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">The intrinsic motivation of a business<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ed2e0bf elementor-widget elementor-widget-text-editor\" data-id=\"ed2e0bf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-26966a7 elementor-widget elementor-widget-text-editor\" data-id=\"26966a7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\"><div class=\"elementor-widget-container\"><div class=\"kernpunkt\" data-circle=\"circle-me\"><div class=\"kernpunkt\" data-circle=\"circle-firms\"><p>I also specifically look for entrepreneurs who follow their own intrinsic motivation and want to build a company from this drive in the long term. In my view, investments in such entrepreneurial personalities are the most likely to create value. Their inner drive ensures that their goals and our long-term thinking as investors are naturally aligned.  <\/p><\/div><\/div><\/div><\/div>\t\t\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-95253b3 e-con-full cnt-3 e-flex e-con e-child\" data-id=\"95253b3\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-fba05b0 elementor-widget elementor-widget-heading\" data-id=\"fba05b0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">The intrinsic value of a company<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b6cf51b elementor-widget elementor-widget-text-editor\" data-id=\"b6cf51b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-26966a7 elementor-widget elementor-widget-text-editor\" data-id=\"26966a7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\"><div class=\"elementor-widget-container\"><div class=\"kernpunkt\" data-circle=\"circle-me\"><div class=\"elementor-element elementor-element-462a6d5 kernpunkt elementor-widget elementor-widget-html\" data-id=\"462a6d5\" data-element_type=\"widget\" data-widget_type=\"html.default\"><div class=\"elementor-widget-container\"><div class=\"kernpunkt is-active\" data-circle=\"circle-intrinsic\"><p>For an investment to be successful in the long term, the price paid must be significantly below the intrinsic value of the company. When we buy a share, we are not acquiring an abstract accounting entry, but a share in a living company. The intrinsic value of this company results from the future profits, discounted to the present day. The aim of my research is to assess whether these company shares can be acquired at a price that enables an attractive long-term return.   <\/p><\/div><\/div><\/div><\/div><\/div><\/div>\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>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-442d83d elementor-hidden-tablet elementor-hidden-desktop e-flex e-con-boxed e-con e-parent\" data-id=\"442d83d\" 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<div class=\"elementor-element elementor-element-da8102f e-con-full e-flex e-con e-child\" data-id=\"da8102f\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;sticky_offset_mobile&quot;:0,&quot;sticky&quot;:&quot;top&quot;,&quot;sticky_parent&quot;:&quot;yes&quot;,&quot;sticky_on&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;],&quot;sticky_offset&quot;:0,&quot;sticky_effects_offset&quot;:0,&quot;sticky_anchor_link_offset&quot;:0}\">\n\t\t<div class=\"elementor-element elementor-element-53fe999 e-con-full e-flex e-con e-child\" data-id=\"53fe999\" 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-545f43b elementor-widget elementor-widget-html\" data-id=\"545f43b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"motivation-svg-wrapper-m\"> <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" id=\"three-circles-svg-m\" viewbox=\"0 0 781.88 746.02\" style=\"width:100%;max-width:650px;display:block;margin:auto;\">\n  <style>\n .circle-m {\n fill: none;\n stroke: #3b3b3b;\n stroke-width: 1;\n cursor: pointer;\n pointer-events: auto;\n mix-blend-mode: darken;\n }\n .overlap-m {\n fill: #000;\n opacity: 0.75;\n pointer-events: none;\n }\n text { fill: #3b3b3b; font-family: 'Editorial New', serif; font-size:33px; }\n  <\/style>\n  <circle id=\"topCircle-m\" class=\"circle-m\" cx=\"391.7\" cy=\"230.51\" r=\"218.57\"><\/circle>\n  <circle id=\"rightCircle-m\" class=\"circle-m\" cx=\"549.13\" cy=\"501.29\" r=\"218.57\"><\/circle>\n  <circle id=\"leftCircle-m\" class=\"circle-m\" cx=\"230.81\" cy=\"501.29\" r=\"218.57\"><\/circle>\n  <text x=\"50%\" y=\"149.44\" text-anchor=\"middle\">\n  <tspan x=\"50%\" dy=\"0\">My<\/tspan>\n<tspan x=\"50%\" dy=\"39.6\">intrinsic<\/tspan>\n<tspan x=\"50%\" dy=\"39.6\">motivation<\/tspan>\n<\/text>\n\n  <text x=\"72.83\" y=\"501.06\">\n    <tspan x=\"97.29\">The intrinsic<\/tspan> \n<tspan x=\"72.83\" dy=\"39.6\">motivation of the <\/tspan>\n<tspan x=\"72.83\" dy=\"39.6\">companies<\/tspan>\n  <\/text>\n\n  <text x=\"517.5\" y=\"502.06\">\n    <tspan>T<\/tspan><tspan x=\"541.78\">he intrinsic <\/tspan>\n<tspan x=\"517.5\" dy=\"39.6\">value of a <\/tspan>\n<tspan x=\"517.5\" dy=\"39.6\">company<\/tspan>\n  <\/text>\n\n  <path class=\"overlap-m\" d=\"M389.78,352.25c-21.5,24.95-37.86,46.17-51.36,89.54-.09.28,0,1.06,0,1.35,24.68,5.77,33.09,6.17,52.05,6.17s19.75.19,51.59-6.23c0-.23.07.22,0,0-17.28-53.53-32.12-67.51-52.29-90.83Z\"><\/path>\n<\/svg>\n<\/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<div class=\"elementor-element elementor-element-be11437 e-con-full main-cnt-txt-m e-flex e-con e-child\" data-id=\"be11437\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-7d4b6b2 e-con-full e-flex e-con e-child\" data-id=\"7d4b6b2\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-59655b3 elementor-widget elementor-widget-heading\" data-id=\"59655b3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.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\">The investment philosophy of the Intrinsic Fund combines three core elements<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e704438 elementor-widget elementor-widget-text-editor\" data-id=\"e704438\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-26966a7 elementor-widget elementor-widget-text-editor\" data-id=\"26966a7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\"><div class=\"elementor-widget-container\"><p>The three core elements are made up of my own intrinsic motivation, the intrinsic motivation of the companies and the intrinsic value of a company. The overlap of these three dimensions represents the investment universe for the Intrinsic Fund. <\/p><\/div><\/div>\t\t\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-91a0925 e-con-full cnt-m cnt1-m e-flex e-con e-child\" data-id=\"91a0925\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-c12b276 elementor-widget elementor-widget-heading\" data-id=\"c12b276\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.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\">My intrinsic motivation\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-35f230c elementor-widget elementor-widget-text-editor\" data-id=\"35f230c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-26966a7 elementor-widget elementor-widget-text-editor\" data-id=\"26966a7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\"><div class=\"elementor-widget-container\"><div class=\"kernpunkt\" data-circle=\"circle-me\"><p>I am convinced that better results are achieved when people have an intrinsic motivation to do something. They fulfill a task not only out of duty, but because they feel an inner drive. For me, investing is an expression of this inner drive &#8211; the result of a multitude of passions that fulfill me. My greatest passion is continuous learning: new information inspires me in many different areas of my life. This is the source of my joy in getting to know entrepreneurs, understanding products and business models and assessing the operational development of companies. The search for new insights takes me to many countries to discover local cultures, intrinsically motivated entrepreneurs and promising business models.     <\/p><\/div><\/div><\/div>\t\t\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-b92fba9 e-con-full cnt-m cnt2-m e-flex e-con e-child\" data-id=\"b92fba9\" 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-73c8c5f elementor-widget elementor-widget-heading\" data-id=\"73c8c5f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.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\">The intrinsic motivation of a business\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9f61dea elementor-widget elementor-widget-text-editor\" data-id=\"9f61dea\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-26966a7 elementor-widget elementor-widget-text-editor\" data-id=\"26966a7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\"><div class=\"elementor-widget-container\"><div class=\"kernpunkt\" data-circle=\"circle-me\"><div class=\"kernpunkt\" data-circle=\"circle-firms\"><p>I also specifically look for entrepreneurs who follow their own intrinsic motivation and want to build a company from this drive in the long term. In my view, investments in such entrepreneurial personalities are the most likely to create value. Their inner drive ensures that their goals and our long-term thinking as investors are naturally aligned.  <\/p><\/div><\/div><\/div><\/div>\t\t\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-fb04d22 e-con-full cnt-m cnt3-m e-flex e-con e-child\" data-id=\"fb04d22\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d7d7bd6 elementor-widget elementor-widget-heading\" data-id=\"d7d7bd6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.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\">The intrinsic value of a company<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8d42f74 elementor-widget elementor-widget-text-editor\" data-id=\"8d42f74\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-26966a7 elementor-widget elementor-widget-text-editor\" data-id=\"26966a7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\"><div class=\"elementor-widget-container\"><div class=\"kernpunkt\" data-circle=\"circle-me\"><div class=\"elementor-element elementor-element-462a6d5 kernpunkt elementor-widget elementor-widget-html\" data-id=\"462a6d5\" data-element_type=\"widget\" data-widget_type=\"html.default\"><div class=\"elementor-widget-container\"><div class=\"kernpunkt is-active\" data-circle=\"circle-intrinsic\"><p>For an investment to be successful in the long term, the price paid must be significantly below the intrinsic value of the company. When we buy a share, we are not acquiring an abstract accounting entry, but a share in a living company. The intrinsic value of this company results from the future profits, discounted to the present day. 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\/\/ initial check\n  });\n})();\n<\/script>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7cd82ac elementor-widget elementor-widget-html\" data-id=\"7cd82ac\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<script src=\"https:\/\/cdn.jsdelivr.net\/npm\/gsap@3.12.5\/dist\/gsap.min.js\"><\/script><script src=\"https:\/\/cdn.jsdelivr.net\/npm\/gsap@3.12.5\/dist\/ScrollTrigger.min.js\"><\/script><script>(function(){\n  if (window.innerWidth > 700) return; \/\/ only for mobile\n\n  gsap.registerPlugin(ScrollTrigger);\n\n  const topCircle = document.querySelector(\"#topCircle-m\");\n  const leftCircle = document.querySelector(\"#leftCircle-m\");\n  const rightCircle = document.querySelector(\"#rightCircle-m\");\n\n  const cnt1 = document.querySelector(\".cnt1-m\");\n  const cnt2 = document.querySelector(\".cnt2-m\");\n  const cnt3 = document.querySelector(\".cnt3-m\");\n\n  const resetCircles = () => {\n    [topCircle, leftCircle, rightCircle].forEach(c => c.style.fill = \"none\");\n    [cnt1, cnt2, cnt3].forEach(c => c.classList.remove(\"active\"));\n  };\n\n \n  ScrollTrigger.create({\n    trigger: cnt1,\n    start: \"top 70%\", \n    end: \"bottom 50%\",\n    onEnter: () => { resetCircles(); 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The overlap of [&hellip;]<\/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-1957","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/clcapital.de\/en\/wp-json\/wp\/v2\/pages\/1957","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=1957"}],"version-history":[{"count":10,"href":"https:\/\/clcapital.de\/en\/wp-json\/wp\/v2\/pages\/1957\/revisions"}],"predecessor-version":[{"id":3311,"href":"https:\/\/clcapital.de\/en\/wp-json\/wp\/v2\/pages\/1957\/revisions\/3311"}],"wp:attachment":[{"href":"https:\/\/clcapital.de\/en\/wp-json\/wp\/v2\/media?parent=1957"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}