“Climb if you will, but remember that courage and strength are nought without prudence, and that a momentary negligence may destroy the happiness of a lifetime. Do nothing in haste; look well to each step; and from the beginning think what may be the end.”

Scrambles Amongst the Alps by Edward Whymper


A big mountain climber lays siege to a mountain defensively, taking the summit and putting it all on the line when the odds of success are best.  The ability to execute a climb relies on contextualizing thousands of seemingly unrelated variables: weather, snow conditions, the mental fortitude of the team, all of which come together in what people perceive as the climbers innate ability.  In reality, it is the result of a process, patience, and experience.

Massif Capital is an asset manager with an investment process that parallels Edward Whymper's statement about climbing presented above. We invest with caution and conviction, and every decision we make is the result of prudence and calculation. Our goal is good absolute returns, but only after accounting for risk, and prioritizing the preservation of capital.