Rock & Turner Partnership – The Investment Company

About Us

Rock & Turner is a private investment partnership concerned with investing for growth and prosperity. We are not open to outside investors.

It is concerned with identifying investment opportunities and allocating capital discreetly on behalf of the partnership. It also engages in offering advice and constructive challenge to companies in which it is invested. This may be informal through regular discourse, or provided more officially in a non-executive capacity with a seat on the board.

Whether acquiring shares in a company to achieve fractional ownership, or buying a company outright, the approach is very much the same.

We live by five maxims:

We invest not on optimism, but on arithmetic. We make our money work for us.
We always keep a level head and an analytical mind. A great company at the wrong price will always be a poor investment.
We understand that risk comes from not knowing what ought to have been discovered.
We seek out favourable asymmetric risk/reward opportunities.
We believe that if we invest well today, tomorrow will look after itself.

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Managing Partner

Rock & Turner was established in 2012 by James Emanuel.

He lives and works in London, England, is happily married and has three children.

He qualified in English law having achieved a Bachelor of Laws degree with Honours (and several academic prizes along the way). He subsequently secured his post graduate Legal Practice Certificate from the Law Society of England and Wales. However, having enjoyed the academic side of the subject, practicing law was not what excited him.

Sharing a family aptitude for mathematics and economics – his father, being a retired stockbroker and his brother an actuary – he was drawn into the world of finance, particularly investing in businesses.

As an investor in some of the world’s leading companies, he has engaged with corporate leaders and learned what success looks like. He constantly introduces constructive challenges to inform corporate decision making and has improved the fortunes of the companies in which he has a financial interest. He has also served as a special advisor to the U.K. Government in matters relating to business policy.

He is the author of two books:

Fabric of Success – focused on unravelling the golden threads woven into the tapestry of every great business.
Success in the Stock Market – a technical book that explores the evaluation of companies from an investment perspective.

Investment Approach

Dear Partner

Our investment approach sits at the heart of our partnership. It serves as our north star to guide decision making in relation to our allocation of capital into what we view as exciting commercial and economic opportunities.

Our goal is to have meaningful investments in businesses with both a durable economic advantage and a first-class CEO (we need both a great racing car and a winning driver; one without the other is pointless). We own stocks in a company based upon our expectations of its long-term business performance and not because we view it as a vehicle for timely market moves. That point is crucial: we are not day traders or short term stock-pickers; we are long term business investors.

Fund management is in many ways like art – each artist has a unique style. Some people may like the abstract work of Picasso while others prefer the impressionism of Monet. The same is true for investing. Some fund managers chase fashionable momentum stocks with short term time horizons, while others prefer value investments that compound over the long term. Ultimately, you need to be comfortable with the approach taken by whichever fund you participate in.

To that end it is of critical importance that you understand the way in which we approach investing. Questions from partners arise from time to time on a recurring theme and the following list of pages (which will grow over time) seeks to explain our approach and to provide you with answers.

I do hope that this provides you with both full transparency and peace of mind in relation to the stewardship of our partnership.

Yours sincerely

What’s in a name?

Investing successfully is only achieved through a great deal of hard work. Analysis is at the heart of the profession. It is all about finding wonderful investment opportunities that others are yet to discover.

The greatest investment managers of all time describe the process metaphorically in the same manner:

“I’ve always said that if you look at ten companies you’ll find one that’s interesting… The person that turns over the most rocks wins the game.”

Peter Lynch, interviewed by Peter Tanous for the book “Investment Gurus: A Road Map to Wealth from the World’s Best Money Managers”, published 23 March 2000.

“You have to turn over a lot of rocks to find those little anomalies… No one will tell you about these businesses. You have to find them.”

Warren Buffett, in response to a student question at the University of Kansas, 2005.

And so the lesson to be learned is that, metaphorically speaking, turning over rocks is the key to success.

We have embedded this philosophy in the work that we do and so thought it appropriate to name our partnership ‘Rock & Turner’.

Contact Us

We may be reached on the following e-Mail Address: james@theinvestment.company