Three Fund Managers, One Truth About Investing In Chaos

Forbes

25-05-2025

20th October 1987: High-angle view of traders on the floor of New York Stock Exchange, the day the ... More Dow Jones posted a record one-day point rise, New York City. (Photo by Jim Wilson/New York Times Co./Getty Images)
Today's markets are flooded with noise—AI hype, FOMO-fueled rallies, and sudden liquidity shocks. Amid the chaos, what's missing isn't more opinions, it's clarity. In this environment, the key to successful investing is not loudness but maintaining a sense of groundedness.
Over the past month, I sat down with three seasoned fund managers whose strategies span the spectrum:
On paper, their philosophies differ. In practice, their edge converges. Each manager thrives by doing the same thing: cutting through the noise with clarity, leaning on process over prediction, and keeping risk front and center.
When markets fracture, it's not tactics that separate winners from losers; it's temperament. And in this moment, wisdom—not speed—is the most underrated asset.
What unites all three fund managers isn't their investing style, it's their unshakable focus on not losing money. This principal shapes everything they do, even when it puts them at odds with market sentiment.
At Vulcan Value Partners, C.T. Fitzpatrick builds portfolios around companies whose intrinsic value remains stable, even when the stock price doesn't. He patiently waits for moments of market dislocation, buying only when there's a clear margin of safety. As Fitzpatrick puts it, 'You can't compound capital you've lost.' That insight underscores why downside protection, not upside chase, drives long-term performance.
At Vontobel, David Souccar and Rob Hansen lean into businesses with enduring tailwinds and resilient cash flows—companies that don't just survive market volatility but grow through it. Their discipline lies in knowing what not to own and resisting the urge to chase what works today if it compromises tomorrow.
Dave Iben, meanwhile, gravitates toward tangible assets and strong balance sheets—especially in regions or sectors the market has mispriced or overlooked. His approach is deeply contrarian, but rooted. He looks for real value in real things, trusting that fundamentals eventually win.
Together, these managers share a core belief: risk isn't volatility, it's permanent loss of capital. That's why their portfolios often look wrong in the short term, only to be proven right over the full cycle. And it's why they consistently outperform when others are still reeling.
In investing, it's not the market that determines your outcome—it's how you behave when the market moves against you. That's where discipline separates professionals from pretenders.
Discipline at Vulcan Value Partners involves persevering through market downturns. C.T. Fitzpatrick doesn't flinch when prices dip—as long as the intrinsic value remains intact, the position holds. At Vontobel, Rob Hansen and David Souccar continue to back high-quality businesses even when the narrative shifts or headlines scream otherwise. Their strategy isn't swayed by market fads or macro chatter—it's driven by fundamentals. Dave Iben, true to his contrarian roots, increases his exposure when value improves, not when price momentum builds. For him, falling prices signal opportunity—not danger.
It's difficult to maintain this kind of patience. 'We're not in the prediction game. We're in the patience game,' says Rob Hansen. It's a simple philosophy but incredibly difficult to execute, especially in volatile environments where panic and crowd psychology dominate.
And yet, that's precisely what makes these managers exceptional. They don't chase. They don't flinch. They stick. Over time, it's this kind of unshakable discipline—built into their investment DNA—that transforms ordinary returns into extraordinary ones.
Venn For The Three Profiled Managers
Though their strategies differ—deep value, quality growth, and intrinsic value—these three managers share a common foundation. At the intersection lies what truly drives long-term success: discipline, capital preservation, process over prediction, patience, and a commitment to compounding. It's not the label that matters, it's the mindset. That shared core is where the real edge lives.
What sets these managers apart isn't just their knowledge, it's the structure around them. Teams, frameworks, and decades of experience help them stay disciplined when it matters most. For most investors, especially those managing multiple demands, that kind of consistency is difficult to build alone. The pressure to react, to achieve something, is relentless.
That's a big part of why I started my firm, The Edge.
We focus on catalyst-driven special situations—like spinoffs, restructurings, and insider buying—because those are moments when something real is changing inside a company, even if the market hasn't noticed yet. That's where patience and process pay off.
Our job is to assist investors in distinguishing early turning points from the noise. We do this not by guessing cycles, but by understanding when the fundamentals are shifting.
Dave Iben digs where others don't. Vontobel waits while others react. Vulcan redefines investing value on its terms.
Their portfolios may look different across geographies, sectors, and holdings, but they're all anchored by the same foundation: clarity of thought, conviction in process, and discipline under pressure.
They know what they own, why they own it, and when to act.
That same edge, clarity inside complexity—is precisely what my firm has been providing for nearly 20 years. If you are a fund manager investing, let's talk.