We are classic value investors. We identify companies that have demonstrated the ability to be resilient regardless of industry conditions, cyclical trends, or volatility in the economy or market. We favor financially transparent and understandable companies run by proven management teams which we can buy at an attractive price.

Portfolios are concentrated and conviction weighted, allowing our very best ideas to drive performance. We define risk as the permanent loss of capital and aim to buy businesses with a significant margin of safety to minimize that risk. After investing in a company, we patiently wait for its price to reach fair value. Through attention to not losing money, the probability of outperformance increases. Over time our strategy is expected to generate superior risk-adjusted returns relative to our benchmarks.