Tony Deden: Like-mindedness

“Earlier, I talked to you about the idea of like-mindedness, for example. And so I’m serious about this in a sense that I want to own a participation—I don’t call it a stock or equity—I want to own a business participation in a business that is run by owners whose motivation is the same as mine, who are responsible to their family and to their community and to the capital that they employ, as much as I would have been if I owned the same enterprise.”

—Tony Deden. 

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Tony Deden: Idea of exclusion

“The first principle I operate from is the idea of exclusion. I exclude whole swaths of things from my universe of things. I think that, in the whole world, there are probably 150, 200 listed companies that I would even consider owning a piece of. It’s a completely different way of looking at the world…. I think that when you start examining what it is you own—what happens if you’re on a ship and it’s going down, and you’re in your cabin and you have five minutes to get out, to get up to the deck. You look at your possessions that are sitting in your cabinet and you say, what’s worth taking with me? Not very many things, is it? And this is what I did, in essence.”

—Tony Deden. 

Tony Deden: Owners

“There is a substantial distinction between people who are investors and people who are owners of businesses. An owner in a business is far more interested in the survival, the first instance, than its necessary monetary value. No owner of a business wakes up every morning asking himself what he’s worth. He doesn’t know what he’s worth. He’s concerned with his products. He’s concerned his employees. He’s concerned with his suppliers. He’s concerned with his customers. To do that, you have to have a time preference that is different from other people.”

—Tony Deden.