We strive to preserve and compound our clients’ capital over a long-term time horizon by focusing on owning undervalued businesses. With this approach we may be absent sectors if we are unable to identify opportunities.

Our Principles:

• View investments as ownership in underlying businesses
• Think and invest long-term
• Manage concentrated portfolios
• Attempt to invest with a margin of safety
• Define risk as permanent impairment of capital

Favorable Investment Attributes:

• Free Cash Flow
• Economic Returns
• Balance Sheet
• Management Behaviors