We integrate our investment principles into a single, proven investment process across all strategies.

IDEA GENERATION

We identify opportunities by  evaluating specific operating  metrics, concentrating on  sustainably high returns on capital and consistent cash flows.

BALANCE SHEET  OPTIMIZATION: a differentiated approach to valuation

We form our investment thesis based on what is true today, limiting speculation about future earnings growth and building a concrete margin of safety.

COMPANY  ANALYSIS

Assessing a business as if we were the owner creates long-term value and reduces company-specific risk.

PORTFOLIO CONSTRUCTION

We build high-conviction, focused portfolios that reflect our long-term view through high active share and low turnover.

MONITORING & SELL DISCIPLINE

We use oversight and strict risk controls to help prevent large losses.

Risk management is an ongoing process, woven into all stages of portfolio management.

Our Investment Process

All investment professionals share the same objective of investing with the perspective of a long-term owner. As such, companies are individually researched, debated, and challenged by the investment team.