These core principles inform every investment decision. We believe:

Markets are much less efficient at assessing risk than reward.

The real opportunity lies in evaluating risk.

Protecting client assets in down markets will deliver superior                   long-term performance.

Our process is designed to mitigate downside risk

No one can predict the future.

We rely on facts, not speculation.

Most investors over-diversify.

We are active managers who invest with conviction to mitigate risk and maximize opportunity.

Companies should be evaluated as if we are buying the entire company.

We take a long-term perspective, giving our businesses time to appreciate.