My Annual VALUEx Journey: The Magical Train Ride to Klosters
Memories linger, interwoven with the lessons I took away from the event.
A month has passed since my return, long enough to reflect on the experience yet short enough to still feel its resonance. Memories linger, interwoven with the lessons I took away from the event.
Let's go back for a minute.
My journey begins in Zürich, where Swiss precision turns a simple train ride into a passage from the ordinary to the extraordinary—a transition into a realm of shared wisdom.
Three trains. Two hours. One destination: Klosters. It exists not just on a map, but for that one week each year, it becomes a place of a very special gathering, where a unique community comes to share and learn together.
The Departure: A Solitary Reflection
My third pilgrimage begins like a quiet meditation—a curious traveler setting out into a misty Alpine morning, armed only with curiosity and a well-worn notebook. The train carves through the landscape, stitching together fragments of understanding.
A Global Gathering
VALUEx is a remarkable confluence—investors and thinkers converging from every corner of the world. Each attendee brings a unique lens, a distinct narrative of value and investing. The variety of voices becomes our greatest strength, forming a kaleidoscope of perspectives that transcend borders and generations. It’s so refreshing, especially in times where views diverge and blind spots emerge.
The event is hosted by my dear friend, a renowned investor Guy Spier. His book, The Education of a Value Investor, has left a profound impact on minds across the globe. His exceptional team makes this gathering possible year after year, ensuring we all feel welcomed and taken care of. No words can fully capture my gratitude. Thank you!
The Ephemeral Constant
VALUEx is both fleeting and eternal. For a few days each year, it becomes a sanctuary—a moment and place suspended in time yet always eagerly anticipated. Like a beloved melody returning annually, it offers both surprises and the comfort of familiarity.
The Landscape of Connection
Klosters is more than a conference. It is a living, breathing ecosystem of ideas and connections, where conversations flow as naturally as Alpine rivers cutting through snow-laden terrain.
Our days unfold with intentional spontaneity:
Afternoon coffee discussions unraveling complex investment ideas
Long evening walks with torches along the river, where we share what's been on our minds lately
An unforgettable lunch bathed in Alpine sunlight, where dialogue is as nourishing as the meal itself
The Memorable Expedition
The snowshoeing outing, an annual tradition, stands out—a highlight that transcends physical activity. We move together in camaraderie, our conversations briefly interrupted only by a creek crossing or the playful tumble of a fellow hiker. Each step is a meditation, each breath a reminder of the larger landscapes we navigate in our professional lives.
It’s time to reconnect with old friends and make new ones.
Surrounded by mountains that have witnessed centuries of human endeavor and perseverance, our discussions shift between the personal and the profound. The challenge of traversing snow-covered terrain mirrors our intellectual journey—deliberate, measured, and always moving forward.
The Return: Transformation in Transit
The return journey feels different. I depart filled with anticipation; I return enriched with insights. My mind, once open with curiosity, now overflows with nuanced perspectives, each thought a thread in the evolving fabric of understanding.
In the airport lounge, time condenses. I have forty-five precious minutes to distill days of profound interactions into coherent wisdom. My notebook transforms into an archive of possibility, each annotation a seed of future understanding.
What makes an investment journey meaningful, I ponder? It is not merely the allocation of capital but the nuanced exploration of human potential.
Three insights accompany me home:
Community: The Invisible Treasure Trove of Wisdom & Support: Investing can feel like a solitary expedition. Yet, true wealth accumulates not just in portfolios but in the rich ecosystem of human connection. Each conversation becomes a form of intellectual capital, compounding in ways spreadsheets cannot capture. The community encompasses valued clients, supportive fellow investors, and a sea of like-minded individuals who span the globe.
Investing: A Calling Beyond Profession: For some, investing is more than a career—it is a profound dialogue with possibility, a permission to be a lifelong student and follow our curiosity wherever the opportunities arise. We do not just track numbers; we decode the intricate language of value creation, seeking to understand how human potential translates into meaningful impact. It's something we all feel we have to do and love to do.
Principles: The Universal Vocabulary of Value: Whether analyzing a newly listed growth stock or a well-established century-old incumbent, domestic or foreign, certain principles remain eternal. Understanding quality and value. Maintaining emotional discipline. Embracing long-term perspectives. These fundamental principles transcend time, markets, and locations.
Beyond the Journey
Investing, I have learned, is not about conquering markets but about understanding rhythms—economic, human, and philosophical. Like a train navigating complex mountain terrain, we learn to move with precision, adaptability, and grace. Change is the only constant.
VALUEx reminds me that our most significant investments are rarely financial. They are moments of genuine connection, instances of shared learning, the subtle art of seeing beyond immediate horizons. These intangible foundations are crucial to long-term success in this endeavor.
As I listen to a podcast interview on the way back, the voices of two event attendees echo in my mind. My education continues.
Three trains brought me here. A lifetime of learning will carry these insights forward.
The mountains recede. Reality reshapes itself. And I return, transformed—not by the destination and the experience alone, but most of all, by the journey and the people.
Happy Investing!
Bogumil Baranowski
Disclosure:
Blue Infinitas Capital, LLC is a registered investment adviser. The information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.