approach to investing.
Our approach is best described as fundamental value investing. We don't attempt to predict bull or bear markets or time sector performance. When the market presents us with value, we act.
In selecting securities, we focus on quality. We try to buy companies with good long-term prospects, with enduring competitive advantages, run by trustworthy and talented managers - and trading at reasonable prices.
We take a concentrated approach, preferring to hold larger positions in our best ideas. We are prepared to be underinvested in equities when valuation levels increase the risk of permanent loss of capital.
We are not contrarian for the sake of being contrarian, but our thought process is often at odds with popular consensus.