Equity
Strategy

Objective

We seek to achieve superior risk-adjusted returns by implementing a private owner investment philosophy with a longer-than-average time horizon.

PHILOSOPHY

While we strive to maximize return, we believe that the primary and overriding investment criterion should be safety of principal with a focus on minimizing the odds of a permanent loss of capital. We believe the entry price of any investment is the single largest determinant of expected return and the risk assumed to generate the return. As such, we focus our attention on businesses whose publicly traded stocks are selling at a significant discount to our conservative estimate of their underlying private market value.

Advantage

We believe applying a multi-year time horizon to our investment process allows us to purchase partial ownership in above average and great businesses that have become temporarily out of favor for a reason that is short-term in nature, but that would be deemed far less important if investors owned the business in its entirety. As such, we do not regard ourselves as traders of stocks, but rather as part owners of tangible businesses.

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