ANALYZE THE BUSINESS, NOT THE STOCK
We spend all of our time studying the underlying business, and pay little attention
to day-to-day stock movements. Over time, the stock will reflect the quality of the underlying business.
We buy cheap, with a "margin of safety". We are only interested in buying investments at a price that we consider to be cheap. We believe that this limits downside, increases safety, and maximizes upside.
WE EAT OUR OWN COOKING
Our assets will be invested alongside our clients.
ACCESSIBILITY TO CLIENTS
We take a personal interest in our clients and are always directly available for questions and consultations.
A LONG TERM VIEW
Most investments are made with an intended
time frame of 2-3 years. We judge our performance over this time period, and clients should do the same.
BENCHMARK TO THE S&P 500
Our goal is to deliver investment performance better than that of the S&P
500 index over long periods of time, after all fees and expenses.
DISCIPLINE & PATIENCE
We analyze constantly but act infrequently. We believe that the best investing is marked by discipline and patience.
We never feel "forced" to act, or to invest in a certain industry or asset class. We choose investments solely based
on their individual merits.
Portfolios are typically concentrated on about 10-20 positions. This may lead to more short term volatility, but
we believe that focusing on our best ideas will produce superior results.