Philosophy & Approach Download Brochure

Margin of Safety

Investments are only made in securities that are trading at a considerable discount to their intrinsic value, drawing on methods developed by Benjamin Graham and further extended by Warren Buffett.

Long-term Horizon

DCM is investing for long-term growth of capital;short-term performance will not be put ahead of longer term gains and, accordingly, the six monthly reporting framework has been put in place to facilitate a long-term focus.

“It's a marathon, not a sprint”



DCM is not restricted to any particular investment type. It has the flexibility to invest in any asset class: securities commodities or fixed interest regardless of market capitalisation, geography or sector. The overriding principle in choosing an investment type is the ability to understand the asset.


Risk is viewed as the likelihood of a permanent loss of capital. The valuation of an investment will fluctuate on a day to day basis as positions are marked to market but we do not concern ourselves with these movements unless there is some change in the underlying business. Investments are held for the long term.

“If a business does well, the stock eventually follows.”

Warren Buffett

Economic Goal

DCM’s long-term economic goal is to achieve an investment return greater than that which an average individual might otherwise achieve. If this goal is not met, investors should have no need for the services of DCM; DCM’s fee structure reflects this goal.

Proportional Ownership

The purchase of an investment in a listed equity is the purchase of a proportional share of that business and as such DCM acts as a part owner. We are willing to take a long term view of each investment and will, accordingly, measure the returns in years not months.