Our approach is founded on a few core principles.

We invest in superior businesses with a margin of safety.  In other words, we seek to buy companies with sustainable competitive advantages at a discount to their intrinsic value.  Buying with a margin of safety gives us a buffer against permanent capital loss in the event of a market upheaval.

We also look for great management teams, for they greatly influence how a company grows organically or inorganically, and how efficiently they allocate the capital generated by the underlying business.

Lastly, we concentrate our capital in our best ideas, and holding them for the long-term to minimize trading costs and taxes.

These core principles guide us in an uncertain investment world.