We integrate our investment principles into a single, proven investment process across all strategies.
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.
Assessing a business as if we were the owner creates long-term value and reduces company-specific risk.
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.