Our patient approach focuses on the long term, allowing us to take advantage of great buying opportunities that arise from Wall Street’s excessive focus on the short term.

We invest in quality companies where we have expertise and we only buy when they are selling at excellent values.

• We seek to invest in quality companies with: high barriers to entry; sustainable competitive advantages; and fundamentals that allow for double-digit cash earnings growth.
  
  
• We seek to invest with quality management teams who: clearly articulate and execute a strategy; have deployed capital wisely; and have attracted and retained highly qualified people.
  
  
• We seek to invest in companies with improving prospects for quality financials including the ability to ultimately demonstrate: high returns on capital; strong balance sheets; and low reinvestment requirements.
  
  

• Our demand for depth over breadth creates a concentrated portfolio of well-researched stocks.
  
  
• Our expansive scuttlebutt network of third-party contacts, including customers, suppliers, and competitors, strengthens our due diligence.
  
  
• Our voracious reading of trade publications, newspapers, press releases, company financials and other corporate communications are critical to our decision making and fosters a culture of continuous learning.
  
  

• As value investors, we make opportunistic purchases when great companies are temporarily out of favor.
  
  
• As Warren Buffett disciples, we find companies that are undiscovered, under-followed, or under a cloud.
  
  
• As disciplined investors, we seek to invest in companies when they are trading at a low valuation relative to potential earnings (p/e less than 13x forward cash earnings) and/or a low valuation relative to intrinsic worth (40% discount to private market value—PMV).