We are dedicated to value investing. When we invest, we insist that our assessment of the intrinsic value of the particular asset exceeds the price we pay by an amount that provides a reasonable margin of safety. At all times we maintain a focus on minimizing the probability of permanent capital impairment.

We seek to provide leading risk adjusted rates of return, compounded over a long-term time horizon. We recognize and accept that we will periodically underperform indexes and other managers, as poor relative performance for shorter periods is an inevitable part of achieving our longer-term goal.

Solid research is the foundation of our success. We depend on an accurate, timely, and deep understanding of our investments. We are committed to gaining this understanding based on fundamental research, hard work, and intellectual rigor. We will remain open to alternative views and new information. We aim to prevent biases from clouding our judgment.

IV. Intellectual Independence

We form opinions and build conviction based on our own proprietary efforts. We do not rely on validation from the broad investment community to justify our point of view and may, at times, hold investments that are contrary to general opinion, widely unloved, and possibly deeply disliked. We are willing to embrace a non-conforming point of view.

V. Commitment to Excellence

We are committed to excellence in all endeavors. We believe that hard work, preparation, effort and diligence promote long term success.