Value investing. A long-term perspective.

Every allocation decision reflects rigorous fundamental criteria, an insistence on value, and an ownership horizon measured in years.

Durable competitive advantages

Margin of safety

Concentrated investing

We look for businesses with economic moats that can sustain their competitive position over time.

We seek to invest at a meaningful discount to our assessment of intrinsic value.

We focus our capital on a limited number of businesses supported by thorough research and conviction.

Our first priority is to avoid permanent loss of capital.

This priority guides how we assess businesses, valuations and investment risk.