chris hohn

Hohn's 8-year average holding period allows capturing intrinsic value compounding; great businesses like Moody's grow intrinsic value at 10%+ for a century, making entry multiple matter less over long horizons.

Market participants' 1-3 year horizon systematically undervalues companies that can compound for decades; long-term ownership of quality businesses is a 'free lunch' in finance because sell-side models truncate value at 2-3 years.

AI will eliminate call centers and collapse demand for Indian outsourcing/coding services as AI can perform coding with half the people, increasing disruption for businesses without durable moats.

AI will accelerate disruption unpredictably; companies with strong moats gain value from AI productivity, but competitive businesses that don't lead in AI adoption risk becoming uncompetitive and disrupted.

Effective public market activism relies on making compelling cases that rally passive institutional shareholders; even 1-2% stakes can drive change if the argument is sound, as banks and index funds support good governance cases.

Large public companies (Visa, Microsoft) have scale, R&D, and incumbency advantages that private equity cannot access; PE sells weaker assets and faces principal-agent problems, making top 100 public companies better than top 100 private.

Effective climate action requires regulatory advocacy (carbon tax, ending fossil fuel subsidies), methane monitoring via satellites, and environmental litigation — not just ESG labeling — with focus on Asia where emissions grow.