Anlageziel

Investment criteria (current guidelines). Strong business: return on equity above 25%; gross margin above 40%; net debt/EBITDA below 2.5x; EPS growth above 20% with positive free cash flow; no 'quicksand' - companies whose capex outgrows revenue are rejected. Durable moat: graded on a hierarchy of Infrastructure > Platform > Product; diversified customers and suppliers; demand that holds up in a downturn; costly and slow for rivals to replicate; an innovative value engine. Bought below value: Lynch PEG below 1.0 and P/E under 30x at every entry, using an 'honest PEG' that strips out stock-based compensation, M&A amortisation and buyback-inflated EPS; temporary pessimism or thin analyst coverage; price below intrinsic worth. Option criteria: puts on approved single names only, typically 9-15% out of the money on weekly or monthly tenors, ranked on theta to vega with a minimum standstill annualised return of 15%; no position spans earnings or another known catalyst; writing only in calm volatility regimes (VIX/VIX3M). Universe: U.S.-listed technology and healthcare companies, with selective communication services and industrials; mid and large caps. Investor eligibility: accredited investors who are also qualified clients.