Patient capital, compounded with conviction.

01About Us

A one-man practice, modeled after the greats.

What We Do

We provide personalized capital allocation consultations for the stock market for a select group of clients.

How We Do It

We offer consultations for our clients based on an actively managed value investing model portfolio that has been running since 2020, which is modeled after our personal portfolio established in 2018.

Who We Are

Siam Investments is a one-man operation — a structure modeled after the world's most successful value investors.

The person behind Siam Investments is Mart, born in Estonia in 1987. Mart has been active in the stock market since 2018, transitioning value investing into his full-time profession in 2020.

As a dedicated, lifelong learner, Mart is passionate about compounding both his own and his clients' capital. In addition to his stock market expertise, he is an international entrepreneur with passive holdings in private real estate services, internet services, and medical marijuana companies.

Our Clients

We partner with high-net-worth individuals with investable capital exceeding €500,000.

Currently, total capital under consultation stands at €5.0M–€10.0M (including model, personal, and client portfolios), with three of ten client slots filled.

02Principles

The discipline behind every position.

Investment Horizon & Style

Horizon 3–5years
Style Value Investing. We invest in companies trading at a significant discount to their intrinsic value, ensuring a robust margin of safety for every investment.

Core Selection Criteria

Sector
  • Must fall strictly within our circle of competence.
  • Driven by clear secular or cyclical trends.
Company
  • Addresses a fundamental economic need.
  • Protected by strong barriers to entry (moats).
  • Demonstrates a long history of profitability.
  • Generates high levels of free cash flow.
  • Features a strong balance sheet with manageable debt maturities across all macroeconomic environments.
  • Maintains a strong preference for small- and mid-cap companies.
Management
  • Extensive sector experience.
  • Proven shareholder friendliness and strong capital allocation track record.
  • Insider ownership (aligned incentives).

Portfolio Allocation & Risk Management

Concentration & Sizing
Sectors / sub-sectors 2–4
Each driven by a distinct investment thesis.
Weight per thesis 20–60%
Share of total portfolio represented by each thesis.
Companies per thesis Max 2
Strict cap of 6 companies total per portfolio.
Single-company allocation Max 60%
Of the portfolio at the time of purchase.
Regional Allocation
USA & Canada Min 66.6%
Of the portfolio at the time of purchase.
Other regions Max 33.3%
Of the portfolio at the time of purchase.
Margin Debt Exposure
Own capital Min 70%
Of the portfolio at the time of purchase. Margin debt is utilized strategically when compelling investment opportunities arise.
03Performance

Measured against the index.

Strategy Benchmark

The primary objective of the strategy is to generate alpha relative to the S&P 500 Index over a medium-term horizon (3–5 years).

Portfolio Foundation

The Siam Investments model portfolio was established on May 21, 2020, with a principal investment of €10,500. All stated returns are denominated in Euros (€), as the model portfolio is domiciled in Estonia, Europe.

Historical Performance

Year Cashflow (€) Year-End Own Funds (€) Siam Investments Return (€) S&P 500 Return (€)
2020+€28,000€32,18333.95%8.62%
2021+€21,500€50,060−10.51%38.48%
2022—€203,769308.62%−12.74%
2023—€152,042−25.45%22.01%
2024+€4,000€233,47549.70%33.37%
2025—€224,052−4.05%15.00%
2026 1H—€404,229XX.XX%XX.XX%
Annualized total return 2020–202534.92%16.16%

Cash Flow Ledger

The portfolio has managed the following capital flows over its lifecycle:

21.05.2020Contribution+€10,500
20.07.2020Contribution+€10,000
08.09.2020Contribution+€7,500
28.05.2021Distribution−€1,000
08.10.2021Contribution+€11,000
21.12.2021Contribution+€11,500
19.01.2024Contribution+€4,000

Accounting & Methodology Notes

Future Performance

While past performance is not indicative of future results, our commitment to achieving optimal returns remains absolute.

We do not make speculative promises; instead, we establish trust through a disciplined, proven value investing strategy. By maintaining substantial 'skin in the game' across our model and personal portfolios, we ensure our success is directly locked with that of our clients as we compound capital over a 3–5 year investment horizon.

Note

Performance tracking and calculations are powered independently by Portseido.

04Consulting Framework

A framework built on three phases.

Our framework is divided into three distinct phases: an initial, high-touch onboarding phase, followed by rigorous quarterly research updates and an annual investor letter.

01

First Consultation

One-time
  • A full presentation of our active model portfolio and current holdings.
  • An introduction to our suite of proprietary, tailor-made investing tools.
  • Step-by-step guidance on opening and optimizing your brokerage accounts.
  • Assistance with obtaining a Legal Entity Identifier (LEI) code (required for corporate investment accounts).
  • Step-by-step assistance with completing the W-8BEN or W-8BEN-E forms to mitigate international dividend withholding taxes.
  • Customized advice to construct your initial portfolio allocation.
  • Hands-on guidance and assistance during the placement of your first stock purchase orders.
  • A clear walkthrough of the quarterly and annual release schedule for our research and data updates.
  • A dedicated question-and-answer session to ensure complete clarity and alignment.
02

Continuous Research & Insights

Quarterly
Earnings Reports Analysis
  • A breakdown of the most critical news affecting our portfolio companies.
  • Comprehensive summaries of corporate earnings reports and management conference calls.
  • Synthesized conclusions to continuously assess whether companies remain strictly aligned with our original investment theses.
Fair Value Adjustments
  • An updated, rigorous recalculation of each company's intrinsic "Judgement Day" fair value based on the latest financial results.
Super Investor Tracking
  • An aggregate summary of the most significant buying activities from the 10–15 elite value investors we monitor.
  • Granular, detailed data on individual Super Investor purchases, segmented neatly by sector.
The Watchlist
  • Updated comparative financial metrics across all portfolio holdings.
  • Comparative analysis of recent Super Investor acquisitions.
  • Targeted financial tracking of select sectors, sub-sectors, and potentially undervalued companies outside the portfolio.
Deep-Dive Equity Research
  • A comprehensive, bottom-up research report on one selected standout company from the latest Watchlist.
  • The establishment of a definitive fair value and target price for the chosen company.
Client Consultation
  • A 30-minute video call to answer your questions and provide capital repositioning guidelines if needed.
03

Investor Letter

Annual
  • A macroeconomic summary of major global economic trends, interest rates, and inflation environments.
  • A sector and sub-sector summary of the thematic headwinds and tailwinds affecting our core circles of competence.
  • An in-depth performance and health check summary of all current portfolio companies.
Note

We operate on a purely consultative basis and do not require direct access to your capital.

05Become a Client

Highly personalized service for selected clients.

Client Quota & Availability

To maintain the highest level of personalized service and focus, consultations are strictly limited to a maximum of ten selected clients.

3 of 10 slots filled

The Selection Process

Clients are selected exclusively through a private, in-person meeting. During this consultation, we will review our services and investment principles in depth, using real-world case studies and performance data from our active model portfolio.

Client Contract Duration

Our overarching mission is to serve as lifelong capital allocation consultants for our clients. However, to accommodate changes in investable capital over time, consulting agreements are signed and renewed on an annual basis.

Meeting Prerequisites

To schedule a client selection meeting, prospective clients must meet the following criteria:

  • 01A minimum investable capital of €500,000.
  • 02A committed investment period of 3–5 years.
  • 03A clear understanding of stock market volatility, with the acceptance that portfolio performance is non-linear over the investment horizon.
06Service Fees

A flat fee, not a cut of your capital.

To ensure complete alignment of interests, we do not charge percentage-based management fees. Instead, we offer a transparent, flat consultation fee based strictly on your investable capital tier.

Traditional Private Banking
~1.00–1.20%Annually of total capital under management.
Super Investor Average
~1.20%Annually, based on the 15 elite value investors we currently monitor.
Siam Investments
Fixed monthlyA predictable consultation fee determined by your investable capital tier under a one-year contract.
Investable Capital Monthly Fee Annualized Fee Effective % of Capital
€0.5M – €1.0M€500€6,0001.20% – 0.60%
€1.0M – €2.0M€1,000€12,0001.20% – 0.60%
€2.0M – €3.0M€1,250€15,0000.75% – 0.50%
€3.0M – €4.0M€1,500€18,0000.60% – 0.45%
€4.0M – €5.0M€1,750€21,0000.52% – 0.42%
€5.0M+€2,000€24,0000.48% or less
Note

We operate on a purely consultative basis and do not require direct access to your capital.

07Mentors

The minds behind our philosophy.

Our approach is shaped by investors whose careers demonstrate the enduring power of patience, discipline, independent thinking, and risk control.

Benjamin Graham

Benjamin Graham

The Father of Value Investing

∼20%Historical ROI
  • Successful investing is about managing risk, not avoiding it.
  • The intelligent investor is a realist who sells to optimists and buys from pessimists.
  • In the short run, the market is a voting machine, but in the long run, it is a weighing machine.
  • A great company is not a good investment if you pay too much for the stock.
  • Investing is not about beating others at their game. It is about controlling yourself at your own game.
Charlie Munger

Charlie Munger

Former Vice Chairman of Berkshire Hathaway

∼20%Historical ROI
  • The big money is not in the buying and selling, but in the waiting.
  • Spend each day trying to be a little wiser than you were when you woke up.
  • I do not know how to get smart without reading a lot.
  • Be a continuous learning machine.
  • Those who keep learning in life will keep rising in life.
Warren Buffett

Warren Buffett

Former Chairman and CEO of Berkshire Hathaway

∼20%Historical ROI
  • I make no attempt to forecast the market—my efforts are devoted to finding undervalued securities.
  • The more you learn, the more you earn.
  • Rule No. 1 is never lose money. Rule No. 2 is never forget Rule No. 1.
  • It is only when the tide goes out that you learn who has been swimming naked.
  • Be fearful when others are greedy, and greedy when others are fearful.
  • Price is what you pay; value is what you get.
  • If you cannot control your emotions, you cannot control your money.
  • Only buy something that you would be perfectly happy to hold if the market shut down for 10 years.
  • Wide diversification is only required when investors do not understand what they are doing.
  • The stock market is a device for transferring money from the impatient to the patient.
  • Risk comes from not knowing what you are doing.
  • Diversification may preserve wealth, but concentration builds wealth.
  • Someone is sitting in the shade today because someone planted a tree a long time ago.
  • If you do not find a way to make money while you sleep, you will work until you die.
  • Never invest in a business you cannot understand.
Howard Marks

Howard Marks

Co-Founder of Oaktree Capital Management

∼19%Historical ROI
  • Investment success does not come from buying good things, but rather from buying things well.
  • The safest and most potentially profitable thing is to buy something when no one likes it.
  • Skillful risk control is the mark of the superior investor.
  • To beat the market, you must hold an idiosyncratic, or non-consensus, view.
  • Many of the great financial disasters we have seen have been failures to foresee and manage risk.
  • The possibility of permanent loss is the risk I worry about.
  • Simply put, risk is low when risk aversion and risk consciousness are high, and high when they are low.
  • You cannot do the same things others do and expect to outperform.
  • The fact that a stock price has not risen for the last ten days tells you nothing about what it will do tomorrow.
Peter Lynch

Peter Lynch

Former Manager of the Magellan Fund

∼29%Historical ROI
  • Never invest in a company without understanding its finances. The biggest losses in stocks come from companies with poor balance sheets.
  • If you cannot explain to a 10-year-old in two minutes or less why you own a stock, you should not own it.
  • Although it is easy to forget sometimes, a share is not a lottery ticket... it is part ownership of a business.
  • Everyone has the brainpower to make money in stocks. Not everyone has the stomach.
  • Know what you own, and why you own it.
  • The simpler it is, the better I like it.
  • It only takes a handful of big winners to make a lifetime of investing worthwhile.
  • Behind every stock is a company. Find out what it is doing.
  • You get recessions; you have stock market declines. If you do not understand that this is going to happen, then you are not ready, and you will not do well in the markets.
  • Invest in what you know.
  • In this business, if you are good, you are right six times out of ten. You are never going to be right nine times out of ten.
  • The key to making money in stocks is not to get scared out of them.
  • The person who turns over the most rocks wins the game. And that has always been my philosophy.
Mohnish Pabrai

Mohnish Pabrai

Founder of Pabrai Investment Funds

∼13%Historical ROI
  • Minimizing downside risk while maximizing the upside is a powerful concept.
  • Heads I win; tails I do not lose much.
  • The single biggest advantage of a value investor is not IQ. It is patience and waiting. Waiting for the right pitch and waiting for many years.
  • I am a shameless copycat. Everything in my life is cloned... I have no original ideas.
  • Life is all about doubles.
Li Lu

Li Lu

Founder of Himalaya Capital

∼30%Historical ROI
  • Being a value investor means looking at the downside before looking at the upside.
  • Investing is about intellectual honesty. You want to know what you know. More importantly, you want to know what you do not know.
Seth Klarman

Seth Klarman

CEO and Portfolio Manager of Baupost Group

∼20%Historical ROI
  • The single greatest edge an investor can have is a long-term orientation.
  • The stock market is the story of cycles and of the human behavior that is responsible for overreactions in both directions.
  • Loss avoidance must be the cornerstone of your investment philosophy.
  • A value strategy is of little use to the impatient investor since it usually takes time to pay off.
  • Patience and discipline can make you look foolishly out of touch until they make you look prudent and even prescient.
  • Never stop reading. History does not repeat, but it does rhyme.
  • Investing is the intersection of economics and psychology.
Joel Greenblatt

Joel Greenblatt

Founder of Gotham Funds and Author of “The Little Book That Beats the Market”

∼25%Historical ROI
  • The secret to investing is to figure out the value of something—and then pay a lot less.
  • Choosing individual stocks without any idea of what you are looking for is like running through a dynamite factory with a burning match. You may live, but you are still an idiot.
  • The more confidence I have in each of my stock picks, the fewer companies I need to own in my portfolio to feel comfortable.
  • Remember, it is the quality of your ideas, not the quantity, that will result in the big money.
Note

All returns indicated are historical approximations over the investors' primary careers.

08Contact
Contact Channel

We look forward to discussing how our investment philosophy aligns with your wealth preservation and capital growth goals.

invest@siaminvestments.ee
Client Selection Meetings

Personal meetings, wherever possible.

While we are always available for global video consultations, we strongly prefer meeting our clients in person.

Global video consultations available year-round
Europe
June–JulyFace-to-face meeting season
Asia
September–MayFace-to-face meeting season
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