How My Journey Shaped My Investment Philosophy

"You can't connect the dots looking forward; you can only connect them looking backward." – Steve Jobs

When I look back at my trajectory—from growing up in regions rich with family-owned industrial businesses to working in banking, financing both SMEs and large corporations, and eventually becoming an investor—I can see how every experience shaped the way I invest today. At the time, it wasn’t obvious how each step would influence the next, but in hindsight, the path is clear.

One of the earliest influences came from my father. He was at some point a banking relationship manager working with small and mid-sized enterprises (SMEs) in France, and he often shared stories about the regional business success stories he encountered. Companies like Imaje (industrial and packaging inkjet printing solutions, now a division of Dover), Baule (cast polyurethane molding, now a division of Covestro), and Eurecat (catalyst regeneration, now 50%-owned by Albemarle) weren’t just names to him—they were examples of technical excellence, entrepreneurship, and resilience. Through him, I saw firsthand how strong industrial businesses were built, often by engineers with a deep mastery of their craft, but also innovated and internationalized (at a time when globalization had barely started).

Those lessons stayed with me. As I pursued my own path—studying business, researching small caps, financing both SMEs and large acquisitions, and traveling extensively—I realized that the companies I admire and invest in today share the same qualities I recognized early on.

Growing Up Around Family-Owned Businesses

Growing up in the Rhône-Alpes and PACA regions, I was surrounded by industrial companies that had often been in the same families for generations. These weren’t flashy, high-growth startups; they were steady, technically specialized businesses that had carved out niches through expertise and long-term thinking. My father’s stories reinforced that behind every great business was an entrepreneur—often an engineer—who had built something durable through skill, discipline, and a focus on quality.

This early exposure shaped my view of what makes a great business: not just financial success, but a deep, technical edge and a commitment to longevity.

Studying Business and Early Exposure to Small-Cap Equity Research

During my studies in Lyon, I spent a year in small-cap equity research. That experience reinforced what I had learned from my father: that some of the best businesses aren’t the ones making headlines. They are often smaller, family-controlled companies with strong fundamentals, specialized know-how, and leadership that prioritizes the long game over short-term gains.

I saw how these companies navigated challenges, reinvested in their expertise, and maintained resilience through economic cycles. It was another piece of the puzzle that would later define my investment approach.

From SME Banking to Large Corporate Financing

My early career as a banker brought me even closer to these companies. Working with SMEs, I saw firsthand how business owners thought about capital allocation, long-term strategy, and resilience. Many of the traits I had admired as a child—technical mastery, prudent financial management, and a relentless focus on the core business—were just as critical in real-world decision-making.

Later, my career shifted toward financing large businesses, including acquisition financing and trade finance. This broadened my perspective, showing me how companies scale, how deals are structured, and how businesses navigate global competition. Yet, even at this level, the same fundamental principles applied: the best companies were those that had built something lasting, with strong leadership and deep expertise.

The Perspective Gained from Global Experiences

Living and working abroad gave me another crucial insight: how difficult it is to build a great business in France. Through my travels and international work, I saw how different regulatory environments, market structures, and competitive dynamics influenced business success. In the U.S. and Asia, scaling up and securing capital often seemed easier. In contrast, successful French companies had to operate in a more challenging environment—making the ones that thrived even more impressive.

This reinforced my belief that great French companies often have something extra: stronger fundamentals, a more disciplined approach, and leadership that knows how to navigate complexity.

Connecting the Dots: Building my own Circle of Competence

At first, I didn’t see how all these experiences connected. But looking back, it’s clear that my investing style didn’t come from nowhere—it’s rooted in my origins and trajectory.

• My father’s stories about regional industrial champions gave me an early understanding of durable businesses.

• Studying business and researching small caps reinforced the importance of long-term thinking and technical expertise.

• Banking, first with SMEs and later with large corporates, deepened my appreciation for capital allocation and business resilience.

• Global experiences showed me the unique challenges of succeeding in France, sharpening my focus on companies that endure.

Through all of this, I developed my circle of competence. I invest in businesses that align with what I’ve seen work time and time again: industrial expertise, long-term orientation, and an ability to navigate complexity without losing sight of their core strengths. And, maybe not coincidentally, most of them happen to be based in the French regions where I grew up.

Investing in What Lasts

I never set out to become an investor with a specific style (or even an investor at all, for that matter)—it was something that formed naturally, shaped by my experiences. My focus on long-term, technically strong, family-led businesses isn’t just a strategy; it’s the culmination of everything I’ve learned along the way.

Looking back, I can now see how the dots connect. And like the best companies I admire, the most valuable lessons came not from chasing trends, but from understanding what truly lasts.