Panum [pronounced Pah–num] is a private financial management and intermediation firm serving as a family office. Panum, which means Money, Nourishment or a Binocular Vision depending on language of origin, means only one thing for us – a singular focus on equities as an asset class. We develop our approach from the original Buffett-Munger value investing principles and avoid most conventional metrics and time horizons which measure typical investment returns. Sophisticated hedge funds and Investment managers know that behind most investment metrics and precise financial targets are data which are not so precise. We simply look at businesses as organizations of human pursuit, using experience, high judgement decisions and finally a strong execution focus to produce outcomes with varying probabilities. These probabilities don’t always align with prescribed share prices, earnings or valuations and we are always humbled to embrace this reality and think extremely long term. In other words, we don’t follow what the average opinion of the market (or analysts) is about a particular Industry or Company, at any one point in time and allocate Capital based on the long term ability of the company to create a delta of future efficiency {Δe} from its products and/or services. Our vision is to be World’s Best Capital Allocator.