Our Investment Philosophy

GOAL

Our goal is 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.

VALUE

We are value investors at our core, but believe that value incorporates both growth and risk, not just high current yields. Avoiding optically cheap industries that are commoditized or in terminal decline is paramount to preserving capital. We aim to invest with a sufficient margin of safety, even if that means forgoing returns in the short term.

QUALITY

We seek to invest in companies that have a sufficiently high level of permanence, or “economic moat”. The longevity of a company’s earnings power is a direct determinant of its value and performance.

CONTEXT

Public markets provide liquidity, and liquidity provides opportunity. It’s our view that the context of who we are transacting with is just as important as what we are buying or selling. We take a patient and humble approach to markets and try to understand why an opportunity exists.