Our Objectives

Maximize Return, Mitigate Risk

We’re committed to delivering long-term, sustainable growth while mitigating risk (defined as a permanent loss of capital and a long-term loss of purchasing power)

Invest Responsibly

We always invest as if our kids are watching. Every decision made alongside you is driven by integrity, fairness & humility

Our Secret: We Prioritize Performance > Fees

We grow when you grow. Our unique fee structure puts investor interests first

Our Investment Strategy

Long-Term Equity Investments

When we can’t find Long-Term Equity Investments
We invest capital in Cash, Fixed Income or Other securities

We Invest in Fixed Income Securities
When yields materially exceed Cash and even earnings on Long-Term Equity Investments

& Other Trading Strategies
When arbitrage or materially discounted asset values are available and when hedging exposures and even taking positions against speculators is deemed prudent

Our Investment Strategy

We Look For Good Businesses
High return on capital, sustainable revenue growth, attractive margins and well capitalized

At Inexpensive Prices
We want a high return on our capital

With Patience
We will wait, indefinitely, to acquire a good business at an inexpensive price

Interim Investments

Approach

Data > Opinions

Long-Term View

Focused Portfolio

Our Process

Criteria

Productive, Growing Assets

Free Cash Flow > Reported Earnings

Attractive Returns on Operating Capital

Acquired at Discounted Prices