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Our value investment philosophy
PatienceWe take the long-term view.
- Look past short-term noise: three- to five-year horizon enables us to be opportunistic when price dislocations arise
- Take our time to research a potential holding and patiently wait for the margin of safety (40% discount to PMV) we require
- Build expertise and accumulate deep knowledge; develop and cultivate independent sources to inform our stock picking
IndependenceWe invest to our convictions, not to benchmarks.
- Build truly active portfolios concentrated in a limited number of names and industries
- Buy out-of-favor, misunderstood and ignored stocks
- Buy when others are selling, and sell when others are buying
ExpertiseWe specialize in bottom-up, fundamental analysis.
- Draw on extensive reading, industry expertise, and computer screening to identify overlooked opportunities
- Surround company to identify prospects - and problems - others don't recognize
- Ask questions to gain insight, not just information
TeamworkWe work collaboratively with a shared commitment to excellence.
- Leverage contacts and knowledge across portfolios
- Senior research team input informs final decisions made by lead or co-portfolio manager
Margin of Safety: Attempting to purchase with a margin of safety on price cannot protect investors from the volatility associated with stocks, incorrect assumptions or estimations on our part, declining fundamentals or external forces.
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