Investment Philosophy

Our investment philosophy is best described as fundamental investing. We do not attempt to predict bull or bear markets or time sector performance. When the market presents us with real value, we act.

When selecting securities, we focus on quality. We aim to buy companies with good long-term prospects, with enduring competitive advantages, run by trustworthy 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 market sectors that have become popular and where 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.

We believe that superior long-term investment results are achieved through the consistent application of a value-based investment philosophy.  Although it is a straightforward approach, it requires discipline, patience, even temperament and above all, focus.

Learn more about our Investment Process.

What We Focus On

  • Bottom-up analysis
  • Absolute returns, not returns relative to an index
  • Preservation of capital, minimizing risk of permanent loss of capital
  • Using common sense

What We Don’t Focus On

  • Momentum strategies
  • Technical analysis
  • Market timing
  • Following the crowd