We believe in our unique investment strategy. We don’t just do what other investors are doing.

Investment Approach

Our clients can trust that we will apply the same rational, independent thought process to the evaluation of all potential investments.

Common Sense Value Investing

We are independent thinkers who strive to make unemotional decisions as we navigate the investment landscape. We tend to be skeptical when the market is exuberant. We don’t see volatility as risk: volatility creates opportunities.

We are steadfast in the view that purchases must incorporate a margin of safety — the difference between our purchase price and the intrinsic value of the security. This approach has traditionally been considered value investing.

Focus on Asset Valuation

There are many ways capital can be invested to produce healthy returns. We do not limit our search for attractive investments to any one asset class, industry, geography, or minimum market capitalization. If a security is cheap, we buy it. If a security is expensive, we don’t buy it. When we think investments are too expensive, we aren’t afraid to hold cash until better opportunities arise.

Risk-Reward Tradeoff

We believe that the key to long-term performance is the avoidance of a permanent loss of capital; therefore, we aim to protect capital first and increase returns second. While it is impossible to eliminate all risks, we constantly balance upside potential versus worst-case scenarios.

We don’t attempt to predict bull markets or bear markets — when we find a good idea, we act. We are focused on cash flows and balance sheets. We want to create wealth on an absolute basis, not outperform an index on a relative basis.

Long-Term Investment Approach

We believe that a contrarian approach — doing the opposite of what most other investors are doing — can lead to superior long-term results, even if this performance is not reflected in the short-term. Our investment process is one of true active management, not simply charging fees to approximate the holdings of an index.

We don’t chase short-term performance to the detriment of long-term success. We invest in companies in which we have strong conviction and expect to own their securities for three to five years. As patient investors, we look to partner with clients who are also focused on the long-term.