Investment Philosophy
We aim to generate superior investment returns by recognizing the agency costs of others while minimizing our own.
Our Goal
To achieve superior risk adjusted returns that are measured over years, not months or quarters. We focus on absolute returns while minimizing the impairment of capital.
Benchmark Agnostic
We focus on crafting a portfolio of our best ideas. Our portfolio and performance will likely have few directly comparable indices.
Willingness to Hold Cash
We are selective in the risks we take, and maintain a valuation discipline. We invest cash opportunistically rather than compulsorily.
Long-Term
Many investors focus on the coming quarter or year. We approach our investments with a rolling three to five year view.
Agency Costs Drive Opportunity
We look to identify the constraints and repeated behaviors of other investors that lead to attractive investment opportunities.
Quality-Driven
We seek businesses with permanence. The longevity of a company’s earnings power is a direct determinant of its value and performance.
Disciplined Valuation
We are value investors at our core, but believe that value incorporates both growth and risk, not just high current yields. We aim to invest with a sufficient margin of safety, even if that means forgoing returns in the short term.