The Nature of Investing Katherine Collins Honeybee Capital @honeybeecap
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The Nature of Investing
Katherine Collins
Honeybee Capital
@honeybeecap
HABITATS 01.
Physical habitat 3
Photos: K.Collins
4
Photo: K.Collins
Philosophical Habitat 5
Photo: K.Collins
Investing is embodied belief.
6
Professional Habitat - THEN 8
Image: Wall Street movie c.1987, via wealthmanagement.com
Professional Habitat - NOW 9
Image: SeekingAlpha
We have become the tools of our tools. - Henry David Thoreau
10
THE CHALLENGE 02.
BIG GIANT INVESTMENT ISSUE:
RISK vs. UNCERTAINTY
12
THE EDGE OF THE MAP 13
Image: Carta Marina, Olaus Magnus, 16thC
“Known unknowns”
Consistency is key
Standardization
Specialization
Engineered models
RISK
“Unknown unknowns”
Adaptation is key
Diversity
Creativity
Natural models
UNCERTAINTY
14
It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is most adaptable to change. - Charles Darwin
15
How to prepare for uncertainty?
Honeybee Moment 16
Photo Credit: H. Cohen
FOSTERING ADAPTATION 03.
WWND?
18
(What Would Nature Do?)
Look deep into nature, and then you will understand everything better. - Albert Einstein
19
Investing IN nature Investing WITH nature Investing AS nature
20
PORTFOLIO CONSTRUCTION 21
OCTOPUS Image: Thomas Quine
RISK MANAGEMENT 22
NUDIBRANCH Image: Parent Gery, Wikimedia Commons
RESPONDING TO VOLATILITY 23
TOCO TOUCAN Image: Wiki Commons
SUPPLY CHAIN MANAGEMENT
24
LEAFCUTTER ANT Photo: Getty Images
25
COLLABORATION
Snowshoe Hare Image via Wikicommons,
by Colorado Life Zones DESERT WOODRAT Image by Kevin Kohl,
via Ed Yong/ Ntnl Geographic
CASE STUDY: SOIL 04.
Dust Bowl 27
Photo: Arthur Rothstein via WikiCommons
Before 28
Photo: K.Collins
* Volume increase * Technological change * Environmental shift
So, what happened?
US Financial Crisis 30
LEH stock price, 1994-2012
* Volume increase * Technological change * Environmental shift
So, what happened?
Root systems - grasslands 32
Photo: USDA, EPA
Mycorrhizal fungi 33
Photo via WikiCommons
CROPS vs. ROOTS 05.
* Careful tending * Favorable weather * Healthy soil * Strong roots
GOOD YIELDS
* Clear function * Local connection * Mutual exchange * Diverse ecosystem
STRONG ROOTS
Feed the soil, not the plant. - Eliot Coleman
37
38
Katherine Collins
Honeybee Capital
@honeybeecap
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