Avoiding the compulsion to move.

Zugzwang is a German word which means “compulsion to move”. It describes a situation in chess where a player's obligation to move results in an inferior position on the board.

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We believe the concept of zugzwang also applies to investment management. Whether it is keeping up with their competition, delivering results for short term oriented investors or staying fully invested to collect management fees, fund managers are set up in a way that forces them to move.

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Unlike chess, in investing, there is no obligation to move. At Zugzwang Capital, we are guided by this principle, committing capital only when there is an opportunity to better our position.