Mission Statement

To achieve above average long-term investment returns by primarily acquiring equity securities of well managed companies that possess durable competitive advantages at market prices significantly below our assessment of their intrinsic value.

Investment Principles and Philosophies

• We will treat your investment as if it was our own and invest our own capital along with you.
• We will utilize fundamental security analysis in our approach to selecting investments within our circle of competence.
• We will concentrate our efforts and investments in our very best ideas. Our approach will be focused to 5 to 7 investment positions thus possibly increasing volatility.
• We will target companies that possess a long-term durable competitive advantage run by managers that we trust and admire. We will attempt to buy these securities at a discount to our estimate of their intrinsic value.
• We plan to hold our investments over the long-term as we believe time is the best friend of a great business.
• Investments will be held on an “opportunity cost” basis. * We expect minimal portfolio turnover.
• We will insist upon a “Margin of Safety” for each of our investments
• We will communicate our investment decisions in simple, straightforward, and honest manner.
• We will seek out long-term partners that share the same investment philosophies and emotional discipline that we aspire to project.