The Hoofbosch objective is not to spread risk but to avoid risk. This is central to our philosophy. In order to do so, we do our homework. We cannot predict the future. Instead, we can analyze possible future outcomes based on scenario planning, a subject Martien has written about and teaches. First we take into account the geography that a company operates in and the macroeconomic and political factors that could influence its performance over the long term. We study the company and its strategy and then map out possible scenarios that could occur based on strategy, performance and management. This is an intensive and continuous process we use to eliminate risk in investments.